Brokers Issue Forecasts for Editas Medicine FY2024 Earnings

Editas Medicine, Inc. (NASDAQ:EDIT) – Research analysts at Cantor Fitzgerald lowered their FY2024 earnings per share estimates for shares of Editas Medicine in a research note issued to investors on Tuesday, November 5th. Cantor Fitzgerald analyst E. Schmidt now anticipates that the company will post earnings per share of ($3.05) for the year, down from their previous estimate of ($2.96). The consensus estimate for Editas Medicine’s current full-year earnings is ($2.90) per share.

Editas Medicine (NASDAQ:EDIT) last announced its earnings results on Monday, November 4th. The company reported ($0.75) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.75). Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%. The company had revenue of $0.06 million during the quarter, compared to analysts’ expectations of $3.93 million. During the same quarter in the previous year, the business posted ($0.55) earnings per share. Editas Medicine’s quarterly revenue was down 98.9% on a year-over-year basis.

EDIT has been the subject of several other reports. Chardan Capital reiterated a “buy” rating and issued a $12.00 price target on shares of Editas Medicine in a research note on Tuesday, November 5th. Raymond James downgraded Editas Medicine from an “outperform” rating to a “market perform” rating in a research report on Monday, November 4th. Evercore ISI upgraded Editas Medicine from an “in-line” rating to an “outperform” rating in a research report on Wednesday. Bank of America raised shares of Editas Medicine from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $13.00 to $15.00 in a research report on Thursday, August 8th. Finally, Wells Fargo & Company decreased their target price on shares of Editas Medicine from $9.00 to $7.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $9.08.

Editas Medicine Stock Down 1.6 %

NASDAQ EDIT opened at $3.12 on Friday. Editas Medicine has a 12-month low of $2.70 and a 12-month high of $11.69. The firm has a 50-day moving average price of $3.39 and a two-hundred day moving average price of $4.47. The company has a market capitalization of $257.55 million, a P/E ratio of -1.22 and a beta of 2.01.

Hedge Funds Weigh In On Editas Medicine

A number of institutional investors have recently added to or reduced their stakes in EDIT. Signaturefd LLC boosted its position in Editas Medicine by 494.8% in the third quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock valued at $32,000 after buying an additional 7,758 shares in the last quarter. Ballentine Partners LLC acquired a new stake in shares of Editas Medicine during the 3rd quarter valued at $36,000. Arcadia Investment Management Corp MI acquired a new stake in shares of Editas Medicine during the 3rd quarter valued at $39,000. Koss Olinger Consulting LLC bought a new stake in Editas Medicine during the 2nd quarter worth $47,000. Finally, China Universal Asset Management Co. Ltd. increased its holdings in Editas Medicine by 64.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 15,863 shares of the company’s stock worth $54,000 after purchasing an additional 6,202 shares in the last quarter. 71.90% of the stock is currently owned by institutional investors and hedge funds.

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.