Zacks: Brokerages Expect Editas Medicine, Inc. (NASDAQ:EDIT) Will Post Quarterly Sales of $5.44 Million

Brokerages forecast that Editas Medicine, Inc. (NASDAQ:EDITGet Rating) will report sales of $5.44 million for the current quarter, Zacks Investment Research reports. Five analysts have provided estimates for Editas Medicine’s earnings, with the highest sales estimate coming in at $10.00 million and the lowest estimate coming in at $2.20 million. Editas Medicine reported sales of $380,000.00 during the same quarter last year, which indicates a positive year-over-year growth rate of 1,331.6%. The business is scheduled to report its next earnings results on Monday, January 1st.

According to Zacks, analysts expect that Editas Medicine will report full year sales of $20.24 million for the current financial year, with estimates ranging from $6.77 million to $36.77 million. For the next year, analysts expect that the business will report sales of $35.71 million, with estimates ranging from $10.00 million to $65.00 million. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Editas Medicine.

Editas Medicine (NASDAQ:EDITGet Rating) last announced its quarterly earnings data on Wednesday, May 4th. The company reported ($0.74) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.07. The business had revenue of $6.80 million for the quarter, compared to analyst estimates of $3.85 million. Editas Medicine had a negative return on equity of 32.88% and a negative net margin of 721.60%. The company’s revenue was up 4.6% on a year-over-year basis. During the same period in the prior year, the company earned ($0.86) earnings per share.

EDIT has been the topic of several analyst reports. SVB Leerink dropped their target price on Editas Medicine from $41.00 to $27.00 and set a “market perform” rating on the stock in a report on Friday, February 25th. Evercore ISI lowered Editas Medicine to a “hold” rating and set a $15.00 target price on the stock. in a report on Friday, February 11th. Robert W. Baird dropped their target price on Editas Medicine from $44.00 to $33.00 in a report on Monday, April 18th. Barclays dropped their target price on Editas Medicine from $39.00 to $18.00 in a report on Friday, February 25th. Finally, Zacks Investment Research raised Editas Medicine from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a report on Thursday, February 3rd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $34.40.

Shares of EDIT stock opened at $11.63 on Wednesday. The stock’s 50-day simple moving average is $16.05 and its 200-day simple moving average is $22.24. The firm has a market capitalization of $798.29 million, a PE ratio of -4.26 and a beta of 2.06. Editas Medicine has a fifty-two week low of $9.71 and a fifty-two week high of $73.03.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale lifted its position in shares of Editas Medicine by 3.0% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 20,400 shares of the company’s stock valued at $545,000 after acquiring an additional 600 shares in the last quarter. Cetera Advisor Networks LLC lifted its position in shares of Editas Medicine by 8.4% in the third quarter. Cetera Advisor Networks LLC now owns 8,667 shares of the company’s stock valued at $356,000 after acquiring an additional 671 shares in the last quarter. CKW Financial Group purchased a new position in shares of Editas Medicine in the third quarter valued at approximately $28,000. Patriot Financial Group Insurance Agency LLC lifted its position in shares of Editas Medicine by 10.2% in the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 8,108 shares of the company’s stock valued at $215,000 after acquiring an additional 748 shares in the last quarter. Finally, Scotia Capital Inc. lifted its position in shares of Editas Medicine by 3.1% in the third quarter. Scotia Capital Inc. now owns 25,543 shares of the company’s stock valued at $1,049,000 after acquiring an additional 768 shares in the last quarter. Institutional investors and hedge funds own 75.48% of the company’s stock.

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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Earnings History and Estimates for Editas Medicine (NASDAQ:EDIT)

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