Editas Medicine Inc (NASDAQ:EDIT)’s stock price shot up 9.5% during trading on Tuesday following a better than expected earnings announcement. The stock traded as high as $22.45 and last traded at $22.32, 1,028,100 shares changed hands during mid-day trading. An increase of 35% from the average session volume of 761,012 shares. The stock had previously closed at $20.39.
The company reported ($0.66) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.73) by $0.07. Editas Medicine had a negative return on equity of 47.46% and a negative net margin of 412.70%. The business had revenue of $3.90 million during the quarter, compared to analyst estimates of $4.72 million. During the same quarter in the previous year, the business earned ($0.32) earnings per share. The company’s revenue for the quarter was down 73.1% compared to the same quarter last year.
Several brokerages have issued reports on EDIT. Morgan Stanley set a $29.00 target price on Editas Medicine and gave the company a “hold” rating in a research report on Friday, August 9th. BidaskClub lowered Editas Medicine from a “sell” rating to a “strong sell” rating in a research report on Thursday, October 10th. Chardan Capital restated a “buy” rating and set a $55.00 target price on shares of Editas Medicine in a research report on Thursday, July 25th. Finally, ValuEngine lowered Editas Medicine from a “buy” rating to a “hold” rating in a research report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $35.50.
In other Editas Medicine news, CEO Cynthia Collins sold 5,193 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $25.83, for a total transaction of $134,135.19. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.94% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Kavar Capital Partners LLC purchased a new stake in shares of Editas Medicine in the second quarter valued at approximately $25,000. Capital Investment Advisory Services LLC purchased a new stake in shares of Editas Medicine in the second quarter valued at approximately $25,000. Tower Research Capital LLC TRC purchased a new stake in shares of Editas Medicine in the third quarter valued at approximately $25,000. Steward Partners Investment Advisory LLC purchased a new stake in shares of Editas Medicine in the second quarter valued at approximately $27,000. Finally, BSW Wealth Partners purchased a new stake in shares of Editas Medicine in the second quarter valued at approximately $28,000. Hedge funds and other institutional investors own 89.81% of the company’s stock.
The company has a debt-to-equity ratio of 0.07, a current ratio of 4.45 and a quick ratio of 4.45. The stock has a market cap of $1.01 billion, a PE ratio of -9.58 and a beta of 2.47. The business has a fifty day moving average of $21.21 and a 200-day moving average of $23.34.
Editas Medicine Company Profile (NASDAQ:EDIT)
Editas Medicine, Inc operates as a clinical stage genome editing company. The company focuses on developing transformative genomic medicines to treat a range of serious diseases. It develops a proprietary genome editing platform based on CRISPR technology to target genetically addressable diseases and therapeutic areas.
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