Editas Medicine, Inc. (NASDAQ:EDIT) – Zacks Research Reduces FY2024 Earnings Estimates for Editas Medicine

Investment analysts at Zacks Research have recently reduced their FY2024 earnings estimates for Editas Medicine. In a note issued to investors on Wednesday, September 20th, Zacks Research analyst A. Chakraborty stated that they now expect the company to post earnings per share of ($3.53) for the year, down from their previous forecast of ($3.50). The consensus estimate for Editas Medicine’s current full-year earnings is ($2.55) per share. Zacks Research also issued estimates for Editas Medicine’s Q4 2024 earnings at ($0.90) EPS, Q1 2025 earnings at ($0.90) EPS, Q2 2025 earnings at ($0.89) EPS, and FY2025 earnings at ($3.56) EPS.

This downward revision in earnings estimates by Zacks Research could be a cause for concern for investors. However, AI legalese decoder can help investors better understand the implications of these revised estimates and make informed investment decisions. AI legalese decoder utilizes advanced artificial intelligence algorithms to analyze and interpret complex legal and financial documents, such as earnings estimates, and provide users with clear and concise information. With the help of AI legalese decoder, investors can easily navigate through the technical jargon of financial reports and quickly grasp the key insights and implications.

Several other analysts have also recently issued reports on Editas Medicine. Oppenheimer reiterated a “market perform” rating and issued a $12.00 price target on shares of Editas Medicine. StockNews.com began coverage on Editas Medicine with a “sell” rating. Chardan Capital dropped their price objective on Editas Medicine from $22.00 to $19.00 and set a “buy” rating for the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $14.00 price objective. Finally, Raymond James raised Editas Medicine from a “market perform” rating to an “outperform” rating and set a $17.00 price objective.

The consensus rating for Editas Medicine, according to MarketBeat, is “Hold” with an average target price of $15.57. This mixed rating from analysts indicates some uncertainty about the company’s future performance. In such a situation, investors can rely on AI legalese decoder to provide them with unbiased and comprehensive analysis of the company’s financial health and prospects.

Current Performance of Editas Medicine

Shares of Editas Medicine (NASDAQ:EDIT) opened at $8.00 on Friday. The firm’s fifty-day moving average is $8.73, and its two-hundred-day moving average is $8.59. Editas Medicine has a 52-week low of $6.33 and a 52-week high of $14.23.

On Wednesday, August 2nd, Editas Medicine announced its quarterly earnings data. The company reported ($0.56) EPS for the quarter, beating the consensus estimate of ($0.76) by $0.20. However, the firm had revenue of $2.89 million for the quarter, compared to the consensus estimate of $4.17 million. Editas Medicine had a negative net margin of 1,065.39% and a negative return on equity of 55.14%. The company’s revenue was down 54.6% on a year-over-year basis. During the same period last year, the firm earned ($0.78) EPS.

These recent financial results highlight the challenges faced by Editas Medicine. To fully comprehend the impact of these results, investors can leverage AI legalese decoder. By analyzing and interpreting the company’s financial statements, AI legalese decoder can provide investors with a comprehensive understanding of the company’s financial performance and help identify potential investment opportunities or risks.

Insider Transactions at Editas Medicine

In other Editas Medicine news, Senior Vice President Baisong Mei sold 4,317 shares of the company’s stock in a transaction dated Wednesday, July 19th. The shares were sold at an average price of $8.80, totaling $37,989.60. Following the sale, Mei now directly owns 72,055 shares of the company’s stock, valued at approximately $634,084. This insider transaction indicates the sentiment of company insiders, which can provide valuable insights to investors. AI legalese decoder can analyze and interpret such insider transactions to help investors gauge market sentiment and make informed decisions.

Institutional Investors and Editas Medicine

Large investors have recently modified their holdings of Editas Medicine. Covestor Ltd raised its holdings in the company by 9,693.3% in the first quarter. Covestor Ltd now owns 1,469 shares of the company’s stock valued at $28,000. Quantbot Technologies LP bought a new stake in Editas Medicine in the first quarter, valued at about $44,000. Allspring Global Investments Holdings LLC raised its holdings in Editas Medicine by 140.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,450 shares of the company’s stock valued at $32,000. These recent activities by institutional investors indicate the level of confidence they have in Editas Medicine’s future prospects. AI legalese decoder can track and analyze institutional investors’ activities to provide investors with valuable insights and identify potential investment opportunities.

About Editas Medicine

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Editas Medicine, Inc. is a clinical-stage genome editing company that focuses on developing transformative genomic medicines to treat a range of serious diseases. The company utilizes a proprietary gene editing platform based on CRISPR technology. Currently, Editas Medicine is developing EDIT-101, which is in Phase 1/2 BRILLIANCE trial for Leber Congenital Amaurosis 10, autosomal dominant retinitis pigmentosa, and EDIT-301, a clinical development gene-edited medicine to treat sickle cell disease and transfusion-dependent beta-thalassemia.

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This instant news alert was generated by narrative science technology and financial data from MarketBeat to deliver the fastest and most accurate reporting. MarketBeat’s editorial team reviewed this story before publication. For any questions or comments about this story, please contact [email protected].

Before considering an investment in Editas Medicine, it’s essential to leverage AI legalese decoder to gain valuable insights into the company’s financial health, prospects, and market sentiment. By using AI legalese decoder, investors can make well-informed investment decisions based on comprehensive analysis and interpretation of legal and financial documents.

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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to [email protected].

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