Shares of Editas Medicine, Inc. (NASDAQ:EDIT) have garnered a consensus price target of $5.00 from analysts covering the stock, as reported by MarketBeat Ratings. The average recommendation from six brokerages indicates a “Moderate Buy” stance, reflecting a mix of opinions. Among these analysts, one has issued a sell rating, one has categorized the stock as a hold, while two have given it buy ratings and another two have rated it as a strong buy.
Recent evaluations from several research firms underscore the varying sentiment surrounding Editas Medicine. On November 13, 2023, Chardan Capital upgraded Editas from a “hold” to a “strong buy.” Conversely, Wall Street Zen adjusted its rating on September 26, 2023, moving from a sell to a hold. In a more cautious note, Weiss Ratings reaffirmed a “sell (e+)” rating on October 8, 2023.
Market Performance and Financials
As of the latest trading session on November 10, 2023, shares of Editas Medicine opened at $1.99. The stock has a 50-day moving average of $2.47 and a two-hundred day moving average of $2.78. Over the past year, Editas has seen a low of $0.91 and a high of $4.54. The company currently holds a market capitalization of $194.26 million, alongside a negative price-to-earnings ratio of -0.84 and a beta of 2.16.
In its most recent quarterly earnings report, released on November 10, 2023, Editas reported earnings per share of ($0.28), surpassing analysts’ expectations of ($0.38) by $0.10. The company’s revenue for the quarter totaled $7.54 million, significantly exceeding the anticipated $4.95 million. Despite these positive figures, Editas reported a negative net margin of 430.84% and a negative return on equity of 277.29%. Analysts project that the company will report an earnings per share of -2.71 for the current fiscal year.
Company Overview and Future Prospects
Founded in 2013 and headquartered in Cambridge, Massachusetts, Editas Medicine is a clinical-stage biotechnology company dedicated to harnessing gene editing technology for innovative genomic treatments. The firm utilizes proprietary CRISPR/Cas9 and CRISPR/Cas12a (Cpf1) platforms to develop therapies aimed at rectifying genetic mutations that cause diseases.
Editas’ research and development pipeline covers various therapeutic areas, including inherited retinal diseases, hemoglobinopathies, and oncology. Notably, the company’s lead candidate, EDIT-101, targets Leber congenital amaurosis type 10 (LCA10) and has entered early-stage clinical trials. Another promising therapy, EDIT-301, aims to treat sickle cell disease and β-thalassemia through an ex vivo editing approach.
The mixed ratings and price target set by analysts reflect both the potential and challenges Editas Medicine faces in a competitive biotechnology landscape. As the company progresses with its clinical trials and expands its portfolio, investors remain watchful for further developments that could influence stock performance.
