Published on 8 May 2023 on Zacks via Yahoo Finance
Editas (EDIT) Q1 Earnings Top, Pipeline in Focus, Stock Up
Editas Medicine, Inc. EDIT incurred a loss of 71 cents per share in the first quarter of 2023, narrower than the Zacks Consensus Estimate of a loss of 79 cents. The company had reported a loss of 74 cents per share in the year-ago quarter. The reported loss per share is also narrower than our estimate of a loss of 80 cents per share.
Collaboration and other research and development revenues, which comprise the company’s top line, were $9.9 million in the reported quarter, up 45.5% from $6.8 million reported in the year-ago quarter. The Zacks Consensus Estimate for revenues was $5 million. The top line also beat our estimate of $3 million.
Editas’ stock jumped 12.04% on Friday and 6.55% during the pre-market hours today, following the better-than-expected performance in the first quarter of 2023. In the past year, shares of Editas have lost 12.1% against the industry’s 2.4% rise.