FY2024 EPS Estimates for Editas Medicine Raised by Analyst

Editas Medicine, Inc. (NASDAQ:EDIT) – Analysts at Chardan Capital upped their FY2024 earnings estimates for shares of Editas Medicine in a note issued to investors on Wednesday, October 23rd. Chardan Capital analyst Y. Livshits now expects that the company will earn ($2.58) per share for the year, up from their previous estimate of ($2.89). Chardan Capital has a “Buy” rating and a $12.00 price objective on the stock. The consensus estimate for Editas Medicine’s current full-year earnings is ($2.98) per share.

Editas Medicine (NASDAQ:EDIT) last posted its earnings results on Wednesday, August 7th. The company reported ($0.82) EPS for the quarter, missing the consensus estimate of ($0.70) by ($0.12). Editas Medicine had a negative net margin of 288.59% and a negative return on equity of 62.61%. The business had revenue of $0.51 million during the quarter, compared to analyst estimates of $4.78 million. During the same quarter in the prior year, the business earned ($0.56) earnings per share. The firm’s revenue was down 82.2% compared to the same quarter last year.

Several other equities analysts have also recently commented on EDIT. Wells Fargo & Company lowered their target price on shares of Editas Medicine from $27.00 to $9.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Truist Financial dropped their target price on Editas Medicine from $20.00 to $12.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Barclays decreased their price target on Editas Medicine from $9.00 to $7.00 and set an “equal weight” rating for the company in a research note on Thursday, August 8th. Royal Bank of Canada reissued a “sector perform” rating and issued a $8.00 price objective on shares of Editas Medicine in a research note on Thursday, September 19th. Finally, Evercore ISI decreased their target price on Editas Medicine from $7.00 to $3.00 and set an “in-line” rating for the company in a research note on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $9.91.

Editas Medicine Stock Performance

Shares of EDIT opened at $3.26 on Monday. Editas Medicine has a one year low of $2.91 and a one year high of $11.69. The stock’s fifty day moving average is $3.55 and its 200-day moving average is $4.65. The firm has a market capitalization of $268.10 million, a price-to-earnings ratio of -1.55 and a beta of 1.99.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Signaturefd LLC boosted its stake in Editas Medicine by 494.8% in the 3rd quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock worth $32,000 after purchasing an additional 7,758 shares during the period. Headlands Technologies LLC raised its position in Editas Medicine by 481.7% during the first quarter. Headlands Technologies LLC now owns 9,493 shares of the company’s stock valued at $70,000 after buying an additional 7,861 shares during the period. EntryPoint Capital LLC acquired a new position in Editas Medicine during the first quarter valued at $72,000. Koss Olinger Consulting LLC purchased a new stake in Editas Medicine in the 2nd quarter worth about $47,000. Finally, HB Wealth Management LLC acquired a new stake in Editas Medicine during the 1st quarter worth about $76,000. 71.90% of the stock is owned by hedge funds and other institutional investors.

About Editas Medicine

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.