Editas Medicine (NASDAQ:EDIT) Announces Quarterly Earnings Results

Editas Medicine (NASDAQ:EDIT) released its quarterly earnings data on Wednesday. The company reported ($0.55) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.16), Zacks reports. Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 80.13%.

Editas Medicine Price Performance

EDIT stock traded up $0.29 on Wednesday, reaching $2.05. 9,076,872 shares of the company traded hands, compared to its average volume of 4,624,690. The firm has a fifty day simple moving average of $1.44 and a 200-day simple moving average of $2.45. The company has a market cap of $169.22 million, a P/E ratio of -0.80 and a beta of 1.94. Editas Medicine has a one year low of $1.12 and a one year high of $9.60.

Analyst Ratings Changes

EDIT has been the subject of several analyst reports. Robert W. Baird dropped their price target on shares of Editas Medicine from $10.00 to $8.00 and set an “outperform” rating for the company in a research report on Friday, December 13th. Wells Fargo & Company cut Editas Medicine from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $7.00 to $4.00 in a research note on Wednesday, December 11th. Bank of America lowered Editas Medicine from a “buy” rating to an “underperform” rating and dropped their price target for the stock from $13.00 to $1.00 in a research note on Monday, November 25th. Stifel Nicolaus downgraded shares of Editas Medicine from a “buy” rating to a “hold” rating and reduced their price objective for the company from $11.00 to $3.00 in a research report on Friday, December 13th. Finally, Chardan Capital reaffirmed a “neutral” rating on shares of Editas Medicine in a research report on Friday, December 13th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $6.83.

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.