{ }
Symbol EDIT
Name Editas Medicine, Inc.
Currency USD
Sector Health Care
IndustryGroup Pharmaceuticals, Biotechnology & Life Sciences
Industry Biotechnology
Market NASDAQ Global Select
Country United States
State MA
City Cambridge
Zipcode 2141
Website http://www.editasmedicine.com
Editas Medicine will lay off 180 employees, about two-thirds of its workforce, as it shifts focus to “in vivo” gene editing after failing to find a partner for its sickle cell therapy. The company is ending development of its lead CRISPR medicine and will share more preclinical data in early 2025.
Editas Medicine reported a Q3 loss of $0.75 per share, slightly better than the expected loss of $0.76, but revenues plummeted to $0.06 million, missing estimates by 99.13%. The company has seen a 71.3% decline in shares this year, with a current Zacks Rank of #3 (Hold), indicating expected performance in line with the market. Future stock movements will depend on earnings estimate revisions, with current consensus estimates at -$0.67 EPS and $13.31 million in revenues for the next quarter.
Editas Medicine is seeking a partner or considering out-licensing its lead gene editing therapy, reni-cel, aimed at treating sickle cell disease and beta thalassemia. This shift comes as the company pivots from previous strategies and aims to reduce spending while advancing its research. Despite promising preclinical data, Editas faces challenges in bringing reni-cel to market, prompting a focus on in vivo gene editing for future treatments.

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