Editas Medicine (NASDAQ:EDIT) Announces Earnings Results

Editas Medicine (NASDAQ:EDIT) released its quarterly earnings results on Monday. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.21, FiscalAI reports. Editas Medicine had a negative net margin of 430.84% and a negative return on equity of 277.29%. The company had revenue of $24.74 million for the quarter, compared to analyst estimates of $8.77 million.

Editas Medicine Trading Up 5.5%

Shares of NASDAQ EDIT opened at $2.00 on Monday. The stock has a fifty day simple moving average of $2.00 and a two-hundred day simple moving average of $2.57. Editas Medicine has a 1-year low of $0.91 and a 1-year high of $4.54. The firm has a market cap of $195.24 million, a price-to-earnings ratio of -0.84 and a beta of 2.16.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in EDIT. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Editas Medicine by 122.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,600,000 shares of the company’s stock worth $3,016,000 after acquiring an additional 1,430,000 shares during the period. Acadian Asset Management LLC raised its stake in Editas Medicine by 288.5% in the 1st quarter. Acadian Asset Management LLC now owns 752,162 shares of the company’s stock valued at $869,000 after acquiring an additional 558,567 shares during the period. Geode Capital Management LLC lifted its holdings 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 purchasing an additional 20,521 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings 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 purchasing an additional 140,916 shares during the last quarter. Finally, Bridgeway Capital Management LLC boosted its position in Editas Medicine by 500.0% during the second quarter. Bridgeway Capital Management LLC now owns 120,000 shares of the company’s stock worth $264,000 after purchasing an additional 100,000 shares during the period. Hedge funds and other institutional investors own 71.90% of the company’s stock.

Analyst Ratings Changes

EDIT has been the subject of a number of recent analyst reports. Chardan Capital upgraded Editas Medicine from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 13th. Weiss Ratings reissued a “sell (e+)” rating on shares of Editas Medicine in a report on Wednesday, January 21st. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $5.00.

About Editas Medicine

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.