FY2024 EPS Estimate for Editas Medicine Lowered by Analyst

Editas Medicine, Inc. (NASDAQ:EDIT) – Research analysts at Zacks Research cut their FY2024 earnings per share estimates for Editas Medicine in a research report issued to clients and investors on Tuesday, January 21st. Zacks Research analyst A. Chakraborty now expects that the company will earn ($3.04) per share for the year, down from their prior forecast of ($2.77). The consensus estimate for Editas Medicine’s current full-year earnings is ($2.73) per share. Zacks Research also issued estimates for Editas Medicine’s Q4 2024 earnings at ($0.71) EPS, Q1 2025 earnings at ($0.73) EPS, Q2 2025 earnings at ($0.72) EPS, Q3 2025 earnings at ($0.70) EPS, Q4 2025 earnings at ($0.71) EPS, FY2025 earnings at ($2.87) EPS, Q1 2026 earnings at ($0.65) EPS, Q2 2026 earnings at ($0.63) EPS, Q3 2026 earnings at ($0.61) EPS, Q4 2026 earnings at ($0.58) EPS and FY2026 earnings at ($2.46) EPS.

A number of other equities analysts have also recently issued reports on the company. Bank of America cut Editas Medicine from a “buy” rating to an “underperform” rating and cut their price objective for the stock from $13.00 to $1.00 in a report on Monday, November 25th. Truist Financial cut shares of Editas Medicine from a “buy” rating to a “hold” rating in a research note on Friday, December 13th. Wells Fargo & Company downgraded shares of Editas Medicine from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $7.00 to $4.00 in a research note on Wednesday, December 11th. Robert W. Baird lowered their target price on Editas Medicine from $10.00 to $8.00 and set an “outperform” rating for the company in a research note on Friday, December 13th. Finally, JPMorgan Chase & Co. downgraded Editas Medicine from a “neutral” rating to an “underweight” rating in a research report on Monday, December 16th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $7.00.

Editas Medicine Stock Down 2.1 %

NASDAQ EDIT opened at $1.38 on Friday. The company’s 50 day moving average is $1.64 and its 200-day moving average is $3.10. The firm has a market cap of $113.92 million, a P/E ratio of -0.54 and a beta of 1.95. Editas Medicine has a 12-month low of $1.12 and a 12-month high of $11.58.

Editas Medicine (NASDAQ:EDIT) last released its 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). The company had revenue of $0.06 million during the quarter, compared to analyst estimates of $3.93 million. Editas Medicine had a negative return on equity of 80.13% and a negative net margin of 340.96%. Editas Medicine’s quarterly revenue was down 98.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.55) earnings per share.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. boosted its position in shares of Editas Medicine by 133.2% in the third quarter. Jacobs Levy Equity Management Inc. now owns 529,834 shares of the company’s stock worth $1,807,000 after acquiring an additional 302,652 shares during the last quarter. Millennium Management LLC boosted its position in Editas Medicine by 10.0% during the 2nd quarter. Millennium Management LLC now owns 2,459,629 shares of the company’s stock worth $11,486,000 after purchasing an additional 223,012 shares during the period. Stifel Financial Corp increased its holdings in Editas Medicine by 37.9% in the 3rd quarter. Stifel Financial Corp now owns 624,876 shares of the company’s stock valued at $2,131,000 after purchasing an additional 171,656 shares in the last quarter. Caxton Associates LP purchased a new position in Editas Medicine in the second quarter valued at about $600,000. Finally, Jennison Associates LLC boosted its position in shares of Editas Medicine by 90.4% in the third quarter. Jennison Associates LLC now owns 237,745 shares of the company’s stock worth $811,000 after buying an additional 112,857 shares during the period. Institutional investors and hedge funds own 71.90% of the company’s stock.

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.