FY2024 EPS Estimates for Editas Medicine Lowered by Analyst

Editas Medicine, Inc. (NASDAQ:EDIT) – Equities research analysts at Cantor Fitzgerald cut their FY2024 earnings per share estimates for Editas Medicine in a research report issued to clients and investors on Tuesday, November 5th. Cantor Fitzgerald analyst E. Schmidt now expects that the company will post earnings of ($3.05) per share for the year, down from their prior forecast of ($2.96). The consensus estimate for Editas Medicine’s current full-year earnings is ($2.96) per share.

Several other research analysts also recently issued reports on EDIT. Wells Fargo & Company reduced their price objective on Editas Medicine from $9.00 to $7.00 and set an “overweight” rating on the stock in a report on Tuesday. Evercore ISI raised Editas Medicine from an “in-line” rating to an “outperform” rating in a research note on Wednesday. Truist Financial decreased their price target on Editas Medicine from $12.00 to $8.00 and set a “buy” rating on the stock in a report on Tuesday. Chardan Capital reissued a “buy” rating and set a $12.00 price objective on shares of Editas Medicine in a report on Tuesday. Finally, Bank of America upgraded shares of Editas Medicine from a “neutral” rating to a “buy” rating and upped their target price for the company from $13.00 to $15.00 in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Editas Medicine has a consensus rating of “Hold” and an average price target of $9.08.

Editas Medicine Price Performance

EDIT opened at $3.12 on Friday. The stock has a market capitalization of $257.34 million, a P/E ratio of -1.22 and a beta of 2.01. The company’s 50 day simple moving average is $3.39 and its 200-day simple moving average is $4.47. Editas Medicine has a one year low of $2.70 and a one year high of $11.69.

Editas Medicine (NASDAQ:EDIT) last posted its quarterly earnings data on Monday, November 4th. The company reported ($0.75) earnings per share for the quarter, meeting the consensus estimate of ($0.75). Editas Medicine had a negative net margin of 340.96% and a negative return on equity of 72.15%. The firm had revenue of $0.06 million during the quarter, compared to analysts’ expectations of $3.93 million. During the same quarter last year, the company posted ($0.55) EPS. The company’s quarterly revenue was down 98.9% compared to the same quarter last year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Editas Medicine by 1.1% in the first quarter. Vanguard Group Inc. now owns 8,555,597 shares of the company’s stock worth $63,483,000 after purchasing an additional 93,740 shares during the period. Millennium Management LLC grew its holdings in shares of Editas Medicine by 10.0% in the 2nd quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock valued at $11,486,000 after buying an additional 223,012 shares during the period. Integral Health Asset Management LLC increased its position in shares of Editas Medicine by 50.0% in the 2nd quarter. Integral Health Asset Management LLC now owns 675,000 shares of the company’s stock valued at $3,152,000 after buying an additional 225,000 shares in the last quarter. Raymond James & Associates raised its stake in Editas Medicine by 49.7% during the 2nd quarter. Raymond James & Associates now owns 526,815 shares of the company’s stock worth $2,460,000 after buying an additional 174,993 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in Editas Medicine by 59.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 314,774 shares of the company’s stock worth $2,246,000 after acquiring an additional 116,803 shares in the last quarter. Institutional investors and hedge funds own 71.90% of the company’s stock.

Editas Medicine Company Profile

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.