Editas Medicine (NASDAQ:EDIT) Issues Quarterly Earnings Results

Editas Medicine (NASDAQ:EDIT - Get Free Report) released its quarterly earnings data on Wednesday. The company reported ($0.76) EPS for the quarter, missing the consensus estimate of ($0.63) by ($0.13), Briefing.com reports. Editas Medicine had a negative return on equity of 42.95% and a negative net margin of 196.12%. The business had revenue of $1.10 million during the quarter, compared to the consensus estimate of $11.14 million. During the same quarter in the previous year, the business posted ($0.71) earnings per share. Editas Medicine's quarterly revenue was down 88.9% compared to the same quarter last year.

Editas Medicine Trading Up 10.4 %

Shares of NASDAQ EDIT traded up $0.52 during trading hours on Thursday, hitting $5.56. 2,717,539 shares of the company traded hands, compared to its average volume of 1,843,758. The stock has a market capitalization of $457.23 million, a price-to-earnings ratio of -2.67 and a beta of 2.09. The company's 50 day moving average price is $7.03 and its 200 day moving average price is $8.24. Editas Medicine has a 12 month low of $4.91 and a 12 month high of $11.91.

Insider Activity

In other news, SVP Baisong Mei sold 20,327 shares of the business's stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $9.42, for a total transaction of $191,480.34. Following the transaction, the senior vice president now owns 141,543 shares of the company's stock, valued at approximately $1,333,335.06. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Editas Medicine news, CEO Gilmore Neil O'neill sold 77,824 shares of the company's stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $9.42, for a total value of $733,102.08. Following the transaction, the chief executive officer now owns 327,470 shares of the company's stock, valued at approximately $3,084,767.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Baisong Mei sold 20,327 shares of the company's stock in a transaction on Monday, March 4th. The shares were sold at an average price of $9.42, for a total value of $191,480.34. Following the completion of the transaction, the senior vice president now directly owns 141,543 shares in the company, valued at approximately $1,333,335.06. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

EDIT has been the topic of a number of analyst reports. StockNews.com raised Editas Medicine from a "sell" rating to a "hold" rating in a research report on Friday, March 1st. JPMorgan Chase & Co. lifted their price objective on Editas Medicine from $8.00 to $9.00 and gave the company a "neutral" rating in a research report on Tuesday, February 27th. Citigroup lowered their price objective on Editas Medicine from $16.00 to $15.00 and set a "buy" rating on the stock in a research report on Thursday. Morgan Stanley raised Editas Medicine from an "underweight" rating to an "equal weight" rating and set a $7.00 price target on the stock in a report on Thursday. Finally, Barclays lowered their price target on Editas Medicine from $11.00 to $9.00 and set an "equal weight" rating on the stock in a report on Thursday. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $13.90.

Editas Medicine Company Profile

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.