Zacks: Brokerages Expect Editas Medicine, Inc. (NASDAQ:EDIT) to Announce -$0.84 Earnings Per Share

Wall Street analysts predict that Editas Medicine, Inc. (NASDAQ:EDIT – Get Rating) will post earnings of ($0.84) per share for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for Editas Medicine’s earnings. The lowest EPS estimate is ($0.93) and the highest is ($0.72). Editas Medicine posted earnings of ($0.81) per share during the same quarter last year, which suggests a negative year over year growth rate of 3.7%. The business is expected to report its next quarterly earnings results on Monday, January 1st.

According to Zacks, analysts expect that Editas Medicine will report full year earnings of ($3.41) per share for the current financial year, with EPS estimates ranging from ($3.83) to ($2.85). For the next fiscal year, analysts anticipate that the company will report earnings of ($3.38) per share, with EPS estimates ranging from ($3.85) to ($2.90). Zacks’ EPS calculations are an average based on a survey of sell-side analysts that that provide coverage for Editas Medicine.

Editas Medicine (NASDAQ:EDIT – Get Rating) last issued its quarterly earnings results on Wednesday, May 4th. The company reported ($0.74) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.81) by $0.07. Editas Medicine had a negative return on equity of 32.88% and a negative net margin of 721.60%. The company had revenue of $6.80 million for the quarter, compared to analysts’ expectations of $3.85 million. During the same period last year, the firm earned ($0.86) EPS. The firm’s revenue for the quarter was up 4.6% on a year-over-year basis.

Several brokerages have recently issued reports on EDIT. Zacks Investment Research upgraded Editas Medicine from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a research report on Thursday, February 3rd. Robert W. Baird reduced their price objective on Editas Medicine from $44.00 to $33.00 in a research note on Monday, April 18th. Morgan Stanley raised their price objective on Editas Medicine from $16.00 to $17.00 and gave the stock an “underweight” rating in a research note on Tuesday, April 12th. Barclays reduced their price objective on Editas Medicine from $39.00 to $18.00 in a research note on Friday, February 25th. Finally, Chardan Capital reduced their price objective on Editas Medicine from $75.00 to $60.00 and set a “buy” rating for the company in a research note on Friday, February 25th. Two analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $34.40.

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Editas Medicine by 3.0% in the first quarter. Vanguard Group Inc. now owns 6,876,539 shares of the company’s stock worth $130,792,000 after buying an additional 202,642 shares during the period. BlackRock Inc. boosted its position in Editas Medicine by 15.5% during the first quarter. BlackRock Inc. now owns 6,275,270 shares of the company’s stock valued at $119,355,000 after purchasing an additional 841,894 shares during the last quarter. State Street Corp boosted its position in Editas Medicine by 51.7% during the fourth quarter. State Street Corp now owns 3,274,607 shares of the company’s stock valued at $86,941,000 after purchasing an additional 1,116,589 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Editas Medicine by 29.8% during the fourth quarter. JPMorgan Chase & Co. now owns 1,464,063 shares of the company’s stock valued at $38,871,000 after purchasing an additional 336,305 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in Editas Medicine by 2.1% during the fourth quarter. Geode Capital Management LLC now owns 1,220,371 shares of the company’s stock valued at $32,400,000 after purchasing an additional 25,283 shares during the last quarter. 75.48% of the stock is owned by institutional investors and hedge funds.

Shares of EDIT stock opened at $11.87 on Monday. Editas Medicine has a 1 year low of $9.71 and a 1 year high of $73.03. The stock has a market cap of $814.77 million, a PE ratio of -4.35 and a beta of 2.06. The business’s fifty day moving average is $16.25 and its 200-day moving average is $22.49.

Editas Medicine Company Profile (Get Rating)

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 clinical trial for Leber Congenital Amaurosis 10 that leads to inherited childhood blindness.

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