$2.55 Million in Sales Expected for Editas Medicine Inc (EDIT) This Quarter
Wall Street analysts expect Editas Medicine Inc (NASDAQ:EDIT) to announce $2.55 million in sales for the current fiscal quarter, Zacks Investment Research 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 would indicate a positive year over year growth rate of 165.6%. The business is expected to report its next 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 financial year, with estimates ranging from $9.80 million to $29.93 million. For the next financial 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 analysts that follow Editas Medicine.
Editas Medicine (NASDAQ:EDIT) last released its quarterly earnings data on Wednesday, August 9th. The company reported ($0.65) earnings per share for the quarter, missing the consensus estimate of ($0.64) by $0.01. The company had revenue of $3.10 million for the quarter, compared to the consensus estimate of $2.20 million. Editas Medicine had a negative return on equity of 54.18% and a negative net margin of 853.70%. The business’s revenue was down 8.8% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.54) earnings per share.
Several analysts have commented on the stock. Cann reiterated a “hold” rating on shares of Editas Medicine in a research report on Thursday, August 10th. J P Morgan Chase & Co set a $27.00 price objective on shares of Editas Medicine and gave the company a “hold” rating in a research report on Wednesday, August 9th. SunTrust Banks, Inc. began coverage on shares of Editas Medicine in a research report on Thursday, July 13th. They issued a “hold” rating and a $17.00 price objective for the company. Zacks Investment Research cut shares of Editas Medicine from a “buy” rating to a “hold” rating in a research report on Tuesday, July 18th. Finally, Oppenheimer Holdings, Inc. reiterated a “market perform” rating on shares of Editas Medicine in a research report on Tuesday, July 18th. Five investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $25.03.
In related news, insider Katrine Bosley sold 16,666 shares of the company’s stock in a transaction on Friday, August 11th. The shares were 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 transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Kevin Bitterman sold 1,000,000 shares of the company’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $17.00, for a total transaction of $17,000,000.00. The disclosure for this sale can be found here.
Several hedge funds have recently added to or reduced their stakes in EDIT. IHT Wealth Management LLC purchased a new stake in Editas Medicine during the second quarter worth approximately $107,000. DekaBank Deutsche Girozentrale purchased a new stake in Editas Medicine during the second quarter worth approximately $127,000. Bank of America Corp DE boosted its stake in Editas Medicine by 72.2% in the first quarter. Bank of America Corp DE now owns 5,936 shares of the company’s stock worth $133,000 after buying an additional 2,489 shares in the last quarter. Legal & General Group Plc boosted its stake in Editas Medicine by 308.4% in the second quarter. Legal & General Group Plc now owns 8,654 shares of the company’s stock worth $145,000 after buying an additional 6,535 shares in the last quarter. Finally, Creative Planning boosted its stake in Editas Medicine by 8,910.9% in the second quarter. Creative Planning now owns 9,101 shares of the company’s stock worth $153,000 after buying an additional 9,000 shares in the last quarter. Institutional investors and hedge funds own 67.94% of the company’s stock.
Shares of Editas Medicine (NASDAQ EDIT) opened at 20.65 on Wednesday. Editas Medicine has a 1-year low of $12.43 and a 1-year high of $29.20. The company’s market capitalization is $845.12 million. The stock’s 50 day moving average price is $17.42 and its 200 day moving average price is $19.08.
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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