Zacks: Brokerages Expect Editas Medicine, Inc. (EDIT) Will Announce Quarterly Sales of $1.87 Million
Equities research analysts predict that Editas Medicine, Inc. (NASDAQ:EDIT) will report $1.87 million in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for Editas Medicine’s earnings. The lowest sales estimate is $500,000.00 and the highest is $3.10 million. Editas Medicine reported sales of $960,000.00 in the same quarter last year, which indicates a positive year over year growth rate of 94.8%. The company is expected to issue its next quarterly earnings report on Monday, November 6th.
According to Zacks, analysts expect that Editas Medicine will report full year sales of $1.87 million for the current fiscal year, with estimates ranging from $4.80 million to $23.28 million. For the next financial year, analysts expect that the firm will report sales of $23.31 million per share, with estimates ranging from $15.00 million to $39.03 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that cover Editas Medicine.
Editas Medicine (NASDAQ:EDIT) last announced 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). The business had revenue of $3.10 million during the quarter, compared to analyst estimates of $2.20 million. Editas Medicine had a negative net margin of 2,091.36% and a negative return on equity of 67.75%. The business’s revenue for the quarter was down 8.8% on a year-over-year basis. During the same period in the previous year, the company earned ($0.54) earnings per share.
A number of research firms have issued reports on EDIT. Morgan Stanley reaffirmed an “equal weight” rating and issued a $28.00 target price (up previously from $27.00) on shares of Editas Medicine in a report on Friday, October 6th. Zacks Investment Research downgraded Editas Medicine from a “hold” rating to a “sell” rating in a research report on Tuesday. ValuEngine upgraded Editas Medicine from a “sell” rating to a “hold” rating in a research report on Saturday, September 30th. Cann reiterated a “hold” rating on shares of Editas Medicine in a research report on Thursday, August 10th. Finally, J P Morgan Chase & Co set a $27.00 price objective on Editas Medicine and gave the stock a “hold” rating in a research report on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $25.88.
In other Editas Medicine news, insider Katrine Bosley sold 8,333 shares of the firm’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $24.78, for a total value of $206,491.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 51,665 shares of company stock valued at $1,083,165 in the last quarter. Corporate insiders own 19.40% of the company’s stock.
Several hedge funds have recently made changes to their positions in EDIT. IHT Wealth Management LLC bought a new stake in shares of Editas Medicine in the 2nd quarter worth approximately $107,000. DekaBank Deutsche Girozentrale bought a new stake in shares of Editas Medicine in the 2nd quarter worth approximately $127,000. Bank of America Corp DE lifted its position in shares of Editas Medicine by 72.2% in the 1st quarter. Bank of America Corp DE now owns 5,936 shares of the company’s stock worth $133,000 after acquiring an additional 2,489 shares during the period. Legal & General Group Plc lifted its position in shares of Editas Medicine by 308.4% in the 2nd quarter. Legal & General Group Plc now owns 8,654 shares of the company’s stock worth $145,000 after acquiring an additional 6,535 shares during the period. Finally, Creative Planning lifted its position in shares of Editas Medicine by 8,910.9% in the 2nd quarter. Creative Planning now owns 9,101 shares of the company’s stock worth $153,000 after acquiring an additional 9,000 shares during the period. Institutional investors own 69.37% of the company’s stock.
Shares of Editas Medicine (NASDAQ:EDIT) opened at 25.21 on Wednesday. The company’s 50 day moving average price is $22.61 and its 200 day moving average price is $22.61. The firm’s market capitalization is $1.03 billion. Editas Medicine has a 52-week low of $12.43 and a 52-week high of $28.50.
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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