Wall Street brokerages expect Editas Medicine, Inc. (NASDAQ:EDIT) to announce $2.55 million in sales for the current quarter, Zacks reports. Two analysts have made estimates for Editas Medicine’s earnings. The lowest sales estimate is $2.00 million and the highest is $3.10 million. Editas Medicine posted sales of $960,000.00 in the same quarter last year, which suggests a positive year over year growth rate of 165.6%. The company is scheduled to report its next quarterly earnings report on Monday, November 6th.
According to Zacks, analysts expect that Editas Medicine will report full-year sales of $2.55 million for the current fiscal year, with estimates ranging from $9.80 million to $23.28 million. For the next year, analysts forecast that the firm will report sales of $23.31 million per share, with estimates ranging from $15.00 million to $39.03 million. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for Editas Medicine.
Editas Medicine (NASDAQ:EDIT) last released its earnings results on Wednesday, August 9th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.64) by $0.01. Editas Medicine had a negative return on equity of 67.75% and a negative net margin of 2,091.36%. The firm had revenue of $3.10 million during the quarter, compared to analysts’ expectations of $2.20 million. During the same period in the prior year, the business earned ($0.54) earnings per share. The business’s quarterly revenue was down 8.8% compared to the same quarter last year.
EDIT has been the topic of several research analyst reports. Cann initiated coverage on Editas Medicine in a report on Monday, July 17th. They set a “market perform” rating on the stock. Zacks Investment Research raised Editas Medicine from a “hold” rating to a “buy” rating and set a $19.00 price target on the stock in a report on Wednesday, July 12th. Oppenheimer Holdings, Inc. reiterated a “market perform” rating on shares of Editas Medicine in a report on Tuesday, July 18th. SunTrust Banks, Inc. initiated coverage on Editas Medicine in a report on Thursday, July 13th. They set a “hold” rating and a $17.00 price target on the stock. Finally, J P Morgan Chase & Co set a $27.00 price target on Editas Medicine and gave the company a “hold” rating in a report on Wednesday, August 9th. Five analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. Editas Medicine currently has an average rating of “Buy” and an average target price of $25.03.
Editas Medicine (NASDAQ:EDIT) traded down 5.16% during mid-day trading on Wednesday, reaching $17.83. The company’s stock had a trading volume of 1,305,164 shares. The company has a 50-day moving average price of $17.56 and a 200-day moving average price of $19.10. Editas Medicine has a 12-month low of $12.43 and a 12-month high of $29.20. The firm’s market cap is $729.71 million.
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In other Editas Medicine news, insider Katrine Bosley sold 16,666 shares of the stock in a transaction on Friday, August 11th. The stock was sold at an average price of $20.02, for a total value of $333,653.32. Following the completion of the sale, the insider now owns 1,431,095 shares in the company, valued at approximately $28,650,521.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Boris Nikolic purchased 35,000 shares of the business’s stock in a transaction on Friday, June 2nd. The stock was acquired at an average price of $14.07 per share, with a total value of $492,450.00. Following the purchase, the director now directly owns 35,000 shares in the company, valued at approximately $492,450. The disclosure for this purchase can be found here.
A number of large investors have recently modified their holdings of EDIT. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Editas Medicine during the first quarter worth about $269,000. Victory Capital Management Inc. increased its position in Editas Medicine by 90.6% in the first quarter. Victory Capital Management Inc. now owns 42,272 shares of the company’s stock valued at $944,000 after buying an additional 20,092 shares during the period. Trexquant Investment LP bought a new position in Editas Medicine during the first quarter valued at approximately $542,000. TD Asset Management Inc. increased its position in Editas Medicine by 9.0% in the first quarter. TD Asset Management Inc. now owns 33,770 shares of the company’s stock valued at $754,000 after buying an additional 2,800 shares during the period. Finally, Swiss National Bank increased its position in Editas Medicine by 33.2% in the first quarter. Swiss National Bank now owns 40,100 shares of the company’s stock valued at $895,000 after buying an additional 10,000 shares during the period. Institutional investors and hedge funds own 67.94% of the company’s stock.
Editas Medicine Company Profile
Editas Medicine, Inc is a genome editing company. It is engaged in treating patients with genetically defined diseases by correcting their disease-causing genes. It operates through developing and commercializing genome editing technology segment. It is developing a genome editing platform based on clustered, regularly interspaced short palindromic repeats (CRISPR) technology.
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