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Editas Medicine Up 24.94% To $11.07 After Earnings Beat

Wednesday, February 28, 2024 02:08 PM | InvestorsObserver Analysts

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Editas Medicine Up 24.94% To $11.07 After Earnings Beat

Editas Medicine Inc (EDIT) reported better than expected earnings this morning for Q4 2023.

Editas Medicine's earnings came in at an EPS loss of $0.23 per share, 57.00% higher than estimates for an EPS loss of $0.54 per share. The firm's loss per share narrowed by 74% since reporting a loss of $0.88 per share a year ago.

Revenues were upbeat at $60.1 million. That is an increase of 818.76% in revenues from the year-ago report and is 656.30% higher than consensus estimates set at $7.9 million.

The stock is up 24.94% to $11.07 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

Wall Street Analysts had an average rating of Buy on the stock prior to the report.

Trading in the five days leading up to the report earned Editas Medicine a Bullish Sentiment Rank from InvestorsObserver.

Editas Medicine has performed a little below average during the past few months. Before the report, Editas Medicine received a Long-Term Technical Rank by InvestorsObserver of 46, putting it in the bottom half of stocks. The firm set a 52-week low on October 23, 2023 at $6.08 and set a 52-week high on June 14, 2023 at $11.91.

Editas Medicine Inc is a gene-editing company. It is engaged in treating patients with genetically defined diseases by correcting disease-causing genes. The company focuses on developing a proprietary genome editing platform based on clustered, regularly interspaced short palindromic repeats (CRISPR)/ CRISPR-associated protein 9 (Cas9 technology). It has developed CRISPR/Cas9 technology which uses a protein-RNA (ribonucleic acid) complex composed of the Cas9 enzyme bound to a guide RNA molecule designed to recognize a DNA (deoxyribonucleic acid) sequence that requires repair. The company's only operating segment is developing and commercializing genome editing technology.

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