Editas Medicine (NASDAQ:EDIT) Announces Earnings Results, Beats Expectations By $0.21 EPS

Key Points

• Earnings and revenue beat: Editas reported EPS of ($0.06), beating consensus by $0.21, and posted revenue of $24.74 million versus analyst estimates of $8.77 million.
• Still deeply unprofitable despite the beats: the company has a negative return on equity (−277.29%) and a negative net margin (−430.84%); the stock trades around $2 with a market cap near $195 million and an average analyst target of $5.00.

Editas Medicine (NASDAQ:EDIT - Get Free Report) announced its earnings results on Monday. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.27) by $0.21, FiscalAI reports. Editas Medicine had a negative return on equity of 277.29% and a negative net margin of 430.84%.The business had revenue of $24.74 million for the quarter, compared to analyst estimates of $8.77 million.

Editas Medicine Price Performance

Shares of NASDAQ EDIT opened at $2.00 on Monday. The firm has a market cap of $195.24 million, a price-to-earnings ratio of -0.84 and a beta of 2.16. The stock's fifty day moving average price is $2.00 and its two-hundred day moving average price is $2.57. Editas Medicine has a one year low of $0.91 and a one year high of $4.54.

Hedge Funds Weigh In On Editas Medicine

Several institutional investors and hedge funds have recently modified their holdings of EDIT. Victory Capital Management Inc. bought a new position in Editas Medicine during the third quarter worth about $36,000. Captrust Financial Advisors bought a new stake in Editas Medicine in the 2nd quarter valued at about $26,000. Sei Investments Co. acquired a new position in shares of Editas Medicine during the 3rd quarter worth approximately $46,000. StoneX Group Inc. acquired a new position in shares of Editas Medicine during the 4th quarter worth approximately $33,000. Finally, CIBC Bancorp USA Inc. bought a new position in shares of Editas Medicine during the third quarter worth approximately $57,000. 71.90% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on EDIT shares. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Editas Medicine in a research note on Wednesday, January 21st. Chardan Capital upgraded Editas Medicine from a "hold" rating to a "strong-buy" rating in a report on Thursday, November 13th. Two research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Editas Medicine has an average rating of "Moderate Buy" and an average target price of $5.00.

Editas Medicine Company Profile

Editas Medicine is a clinical-stage biotechnology company focused on translating the power of gene editing into a new class of transformative genomic medicines. Founded in 2013 and headquartered in Cambridge, Massachusetts, the company leverages proprietary CRISPR/Cas9 and CRISPR/Cas12a (Cpf1) platforms to develop therapies aimed at correcting disease-causing genetic mutations. Editas Medicine's research and development efforts span multiple therapeutic areas, including inherited retinal diseases, hemoglobinopathies, and oncology.

The company's pipeline includes EDIT-101, a lead candidate designed to treat Leber congenital amaurosis type 10 (LCA10), which has entered early-stage clinical trials, and EDIT-301, targeting sickle cell disease and β-thalassemia using an ex vivo editing approach.

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