Zacks Research Lowers Earnings Estimates for Editas Medicine

Editas Medicine, Inc. (NASDAQ:EDIT) – Equities research analysts at Zacks Research dropped their FY2024 earnings estimates for shares of Editas Medicine in a report issued on Tuesday, January 21st. Zacks Research analyst A. Chakraborty now forecasts that the company will post earnings of ($3.04) per share for the year, down from their previous estimate 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.

Editas Medicine (NASDAQ:EDIT) last issued its earnings results on Monday, November 4th. The company reported ($0.75) EPS for the quarter, meeting analysts’ consensus estimates of ($0.75). The company had revenue of $0.06 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.55) earnings per share.

A number of other equities research analysts have also recently issued reports on the company. JPMorgan Chase & Co. cut Editas Medicine from a “neutral” rating to an “underweight” rating in a research note on Monday, December 16th. Evercore ISI cut their price objective on shares of Editas Medicine from $7.00 to $5.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Barclays decreased their target price on shares of Editas Medicine from $5.00 to $3.00 and set an “equal weight” rating for the company in a research report on Friday, December 13th. Robert W. Baird cut their price target on Editas Medicine from $10.00 to $8.00 and set an “outperform” rating on the stock in a report on Friday, December 13th. Finally, Royal Bank of Canada reduced their price objective on Editas Medicine from $5.00 to $4.00 and set a “sector perform” rating for the company in a research report on Friday, December 13th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Editas Medicine presently has a consensus rating of “Hold” and a consensus target price of $7.00.

Editas Medicine Price Performance

NASDAQ:EDIT opened at $1.38 on Friday. The firm has a market capitalization of $113.92 million, a P/E ratio of -0.54 and a beta of 1.95. The business has a 50 day simple moving average of $1.64 and a 200 day simple moving average of $3.12. Editas Medicine has a 12-month low of $1.12 and a 12-month high of $11.58.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company grew its holdings in shares of Editas Medicine by 10.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 33,599 shares of the company’s stock worth $157,000 after acquiring an additional 3,089 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in Editas Medicine by 20.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 24,485 shares of the company’s stock worth $83,000 after purchasing an additional 4,089 shares in the last quarter. China Universal Asset Management Co. Ltd. raised 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 worth $54,000 after buying an additional 6,202 shares during the period. Signaturefd LLC lifted its stake in Editas Medicine by 494.8% during the third quarter. Signaturefd LLC now owns 9,326 shares of the company’s stock valued at $32,000 after buying an additional 7,758 shares in the last quarter. Finally, Ballentine Partners LLC acquired a new position in shares of Editas Medicine in the third quarter worth about $36,000. 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.