Editas Medicine posts narrower Q3 loss, stock rebounds with 16% surge By Investing.com
2 min read
© Reuters.
Shares of Editas Medicine (NASDAQ:) experienced a significant upswing on Friday, rebounding 16% after the company reported a narrower Q3 loss and a surge in revenue, marking its largest biennial growth rate. This comes as a recovery from the firm’s 4.9% yearly dip.
The gene editing company’s Q3 financials exceeded market expectations. It posted a reduced loss of $45 million, beating FactSet’s predicted loss of 59 cents per share. Additionally, the company saw its research and development revenues leap to $5.3 million, surpassing the forecasted $3.7 million.
Despite this positive earnings report, Editas Medicine noted a decrease in cash and securities, which dwindled to $446.4 million from $480 million in June. However, the company assured investors that its current stockpile will fund operations until Q3 2025.
CEO O’Neill highlighted significant advancements made in Q3 with EDIT-301, including patient enrollment and dosing, indicating progress towards a Biologics License Application (BLA) filing. The developments with EDIT-301 are expected to further bolster the company’s position in the gene-editing field.
InvestingPro Insights
In light of recent developments, InvestingPro provides some critical insights into Editas Medicine’s financial health and market performance. From InvestingPro’s data, Editas Medicine has a market cap of $659.47M USD, indicating its size and influence in the gene-editing field. The company’s P/E Ratio is at -2.81, suggesting it’s not profitable over the last twelve months, aligning with InvestingPro Tip #8.
InvestingPro’s real-time data also shows a significant return over the last week with a 12.3% increase in the company’s stock price, echoing InvestingPro Tip #2. This is a key metric for investors to monitor as it signals potential recovery and growth in the company’s market value.
In addition, InvestingPro Tip #0 points out that Editas Medicine holds more cash than debt on its balance sheet, which is a reassuring sign for investors, especially considering the company’s assurance that its current stockpile will fund operations until Q3 2025.
To get more insights into Editas Medicine and other companies, consider exploring InvestingPro’s platform, which houses over 100 additional tips and real-time data metrics.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
