Leerink Partnrs Forecasts Editas Medicine FY2024 Earnings

Editas Medicine, Inc. (NASDAQ:EDIT) – Leerink Partnrs boosted their FY2024 earnings per share estimates for Editas Medicine in a research report issued on Monday, November 4th. Leerink Partnrs analyst M. Foroohar now forecasts that the company will post earnings per share of ($2.81) for the year, up from their prior estimate of ($2.87). The consensus estimate for Editas Medicine’s current full-year earnings is ($2.96) per share. Leerink Partnrs also issued estimates for Editas Medicine’s Q4 2024 earnings at ($0.48) EPS, FY2025 earnings at ($2.16) EPS and FY2026 earnings at ($1.75) EPS.

Editas Medicine (NASDAQ:EDIT) last posted its quarterly earnings results on Monday, November 4th. The company reported ($0.75) earnings per share (EPS) 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 business had revenue of $0.06 million during the quarter, compared to the consensus estimate of $3.93 million. During the same quarter last year, the firm posted ($0.55) EPS. Editas Medicine’s revenue was down 98.9% compared to the same quarter last year.

EDIT has been the subject of a number of other research reports. Evercore ISI upgraded Editas Medicine from an “in-line” rating to an “outperform” rating in a research note on Wednesday. Royal Bank of Canada decreased their price target on Editas Medicine from $8.00 to $5.00 and set a “sector perform” rating for the company in a report on Tuesday. Wells Fargo & Company lowered their price target on Editas Medicine from $9.00 to $7.00 and set an “overweight” rating for the company in a research report on Tuesday. Raymond James downgraded shares of Editas Medicine from an “outperform” rating to a “market perform” rating in a report on Monday. Finally, Chardan Capital reiterated a “buy” rating and issued a $12.00 target price on shares of Editas Medicine in a report on Tuesday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $9.08.

Editas Medicine Price Performance

NASDAQ:EDIT opened at $3.17 on Thursday. Editas Medicine has a one year low of $2.70 and a one year high of $11.69. The company has a market cap of $261.46 million, a PE ratio of -1.24 and a beta of 2.01. The firm has a 50-day moving average of $3.40 and a 200-day moving average of $4.49.

Institutional Trading of Editas Medicine

Hedge funds and other institutional investors have recently modified their holdings of the business. Signaturefd LLC raised its holdings in Editas Medicine by 494.8% during the 3rd quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock valued at $32,000 after acquiring an additional 7,758 shares during the period. Ballentine Partners LLC bought a new stake in shares of Editas Medicine during the 3rd quarter valued at $36,000. Arcadia Investment Management Corp MI purchased a new stake in Editas Medicine during the 3rd quarter worth about $39,000. Koss Olinger Consulting LLC bought a new position in Editas Medicine in the 2nd quarter worth about $47,000. Finally, China Universal Asset Management Co. Ltd. grew its holdings in Editas Medicine by 64.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 15,863 shares of the company’s stock valued at $54,000 after buying an additional 6,202 shares in the last quarter. Institutional investors 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.