Editas Medicine (NASDAQ:EDIT) Posts Earnings Results, Misses Expectations By $0.22 EPS

Key Points

• Editas Medicine reported a quarterly earnings loss of $(0.63) EPS, falling short of analysts' expectations by $(0.22).
• The company's revenue for the quarter was $3.58 million, significantly above the anticipated $1.81 million.
• Analysts have a consensus rating of "Hold" for Editas Medicine, with a raised average target price of $4.90, reflecting an increase in optimism among some equity research firms.

Editas Medicine (NASDAQ:EDIT - Get Free Report) announced its quarterly earnings data on Tuesday. The company reported ($0.63) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.41) by ($0.22), Zacks reports. Editas Medicine had a negative net margin of 701.06% and a negative return on equity of 139.24%. The business had revenue of $3.58 million during the quarter, compared to analysts' expectations of $1.81 million.

Editas Medicine Price Performance

NASDAQ EDIT traded up $0.79 during trading hours on Wednesday, reaching $3.08. 7,724,316 shares of the company's stock traded hands, compared to its average volume of 2,971,870. The firm has a market cap of $257.84 million, a PE ratio of -1.01 and a beta of 2.19. Editas Medicine has a 52-week low of $0.91 and a 52-week high of $4.19. The firm has a 50-day simple moving average of $2.49 and a 200 day simple moving average of $1.83.

Insider Transactions at Editas Medicine

In other Editas Medicine news, CEO Gilmore Neil O'neill sold 15,192 shares of Editas Medicine stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $1.72, for a total value of $26,130.24. Following the completion of the transaction, the chief executive officer directly owned 280,282 shares of the company's stock, valued at approximately $482,085.04. The trade was a 5.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 22,164 shares of company stock valued at $42,649 over the last three months. 1.90% of the stock is currently owned by insiders.

Institutional Trading of Editas Medicine

Large investors have recently made changes to their positions in the stock. Geode Capital Management LLC grew its position in Editas Medicine by 1.1% during the second quarter. Geode Capital Management LLC now owns 1,964,298 shares of the company's stock valued at $4,323,000 after buying an additional 20,521 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Editas Medicine by 122.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,600,000 shares of the company's stock valued at $3,016,000 after buying an additional 1,430,000 shares during the period. JPMorgan Chase & Co. grew its position in Editas Medicine by 15.2% during the second quarter. JPMorgan Chase & Co. now owns 1,065,722 shares of the company's stock valued at $2,345,000 after buying an additional 140,916 shares during the period. Finally, Acadian Asset Management LLC grew its position in Editas Medicine by 288.5% during the first quarter. Acadian Asset Management LLC now owns 752,162 shares of the company's stock valued at $869,000 after buying an additional 558,567 shares during the period. 71.90% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on EDIT shares. Robert W. Baird increased their price target on shares of Editas Medicine from $4.00 to $6.00 and gave the company an "outperform" rating in a research report on Wednesday. Cantor Fitzgerald raised shares of Editas Medicine from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, April 29th. Wall Street Zen raised shares of Editas Medicine from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, HC Wainwright started coverage on shares of Editas Medicine in a research report on Monday, April 28th. They set a "buy" rating and a $3.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $4.90.

About Editas Medicine

Editas Medicine, Inc, a clinical stage genome editing company, focuses on developing transformative genomic medicines to treat a range of serious diseases. It develops a proprietary gene editing platform based on CRISPR technology. The company develops EDIT-101, which is in Phase 1/2 BRILLIANCE trial for Leber Congenital Amaurosis; and reni-cel, a clinical development gene-edited medicine to treat sickle cell disease and transfusion-dependent beta-thalassemia.

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