Editas Medicine (NASDAQ:EDIT) Issues Earnings Results

Key Points

• Editas Medicine beat quarterly expectations, reporting an adjusted loss of $0.15 per share versus the consensus loss estimate of $0.27. Revenue reached $11.89 million, substantially above analyst estimates of $2.85 million, though the company remained unprofitable.
• Shares fell 0.5% to $2.75 following the results. The stock has traded between $1.66 and $4.54 over the past year, with a market capitalization of approximately $270 million.
• Analyst sentiment remains mixed but leans positive, with a consensus “Moderate Buy” rating and an average price target of $5.40. CEO Gilmore Neil O’Neill recently sold 15,380 shares under a pre-arranged trading plan.

Editas Medicine (NASDAQ:EDIT - Get Free Report) announced its quarterly earnings results on Wednesday. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.27) by $0.12, FiscalAI reports. The business had revenue of $11.89 million for the quarter, compared to analyst estimates of $2.85 million. Editas Medicine had a negative return on equity of 677.39% and a negative net margin of 281.59%.

Editas Medicine Stock Down 0.5%

Editas Medicine stock traded down $0.01 during mid-day trading on Wednesday, reaching $2.75. 1,935,184 shares of the company's stock were exchanged, compared to its average volume of 2,030,220. Editas Medicine has a twelve month low of $1.66 and a twelve month high of $4.54. The company has a market cap of $269.73 million, a P/E ratio of -2.24 and a beta of 2.14. The company has a fifty day moving average of $2.94 and a 200-day moving average of $2.63.

Analyst Ratings Changes

A number of research analysts have commented on EDIT shares. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Editas Medicine in a research report on Friday, July 17th. Chardan Capital upped their price objective on shares of Editas Medicine from $3.50 to $4.00 and gave the stock a "buy" rating in a report on Tuesday, May 5th. TD Cowen reaffirmed a "buy" rating on shares of Editas Medicine in a research report on Wednesday, May 27th. Finally, Wall Street Zen downgraded shares of Editas Medicine from a "hold" rating to a "sell" rating in a report on Sunday, May 10th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Editas Medicine has a consensus rating of "Moderate Buy" and an average target price of $5.40.

Insider Activity at Editas Medicine

In other news, CEO Gilmore Neil O'neill sold 15,380 shares of the company's stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $2.70, for a total transaction of $41,526.00. Following the sale, the chief executive officer owned 248,313 shares of the company's stock, valued at approximately $670,445.10. This represents a 5.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 21,503 shares of company stock valued at $57,910 in the last three months. Insiders own 3.10% of the company's stock.

Institutional Investors Weigh In On Editas Medicine

A number of hedge funds have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD boosted its stake in shares of Editas Medicine by 7.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 92,397 shares of the company's stock valued at $190,000 after buying an additional 6,177 shares during the period. BNP Paribas Financial Markets grew its holdings in Editas Medicine by 33.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 27,168 shares of the company's stock worth $94,000 after acquiring an additional 6,787 shares in the last quarter. Victory Capital Management Inc. purchased a new stake in shares of Editas Medicine in the 3rd quarter valued at approximately $36,000. Captrust Financial Advisors purchased a new stake in shares of Editas Medicine during the 2nd quarter worth $26,000. Finally, Sei Investments Co. purchased a new position in Editas Medicine in the third quarter valued at $46,000. Institutional investors and hedge funds own 71.90% of the company's stock.

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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