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Editas (EDIT) to Report Q1 Earnings: What's in the Cards?
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We expect investors to focus on Editas Medicine, Inc.’s (EDIT - Free Report) progress with its CRISPR-based experimental candidate EDIT-101 and other pipeline candidates when it reports first-quarter 2021 earnings results.
The company’s earnings surprise record has been mixed so far, with its earnings beating estimates in three of the trailing four quarters and missing the same on the other occasion, the average beat being 38.51%. In the last-reported quarter, Editas reported a negative earnings surprise of 21.95%.
Shares of Editas have plunged 44.3% so far this year compared with the industry’s decrease of 1.5%.
Let’s see how things are shaping up for the quarter to be reported.
Factors at Play
With no approved product in its portfolio at the moment, pipeline development remains the key focus for Editas. The company’s top line mainly comprises of collaboration revenues and other research and development revenues. In the last-reported quarter, collaboration revenues declined year over year, a trend most likely to have continued in the to-be-reported quarter.
The company is developing its lead pipeline candidate, EDIT-101, which employs CRISPR gene editing to treat Leber congenital amaurosis type 10 (LCA10) — a rare genetic illness that causes blindness. Editas has initiated dosing in the adult mid-dose cohort of the BRILLIANCE study which is evaluating EDIT-101 for LCA10. We expect management to provide more updates on the candidate’s progress at the upcoming earnings call.
Please note, that in August 2020, Editas terminated its agreement with Allergan [now part of AbbVie (ABBV - Free Report) ] and regained the full global rights to develop and commercialize its ocular medicines including EDIT-101.
Meanwhile, In January 2020, the FDA cleared the initiation of the safety phase of Editas’ clinical study on another pipeline candidate, EDIT-301, for treating sickle cell disease (“SCD”). The company has commenced the phase I/II RUBY study to assess the safety and efficacy of EDIT-301 for SCD. Investors will be keen to get more updates on the same at the upcoming earnings call.
The activities related to the development of EDIT-101 and other pipeline candidates are likely to have escalated operating expenses in the to-be-reported quarter.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for Editas this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. Unfortunately, that is not the case here as you will see below. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
Earnings ESP: Editas’ Earnings ESP is 0.00% as both the Most Accurate Estimate and the Zacks Consensus Estimate are pegged at a loss of 76 cents per share.
Zacks Rank: Editas currently carries a Zacks Rank #3.
Gilead Sciences (GILD - Free Report) has an Earnings ESP of +6.00% and a Zacks Rank #3. The company is scheduled to report earnings on Apr 29.
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Editas (EDIT) to Report Q1 Earnings: What's in the Cards?
We expect investors to focus on Editas Medicine, Inc.’s (EDIT - Free Report) progress with its CRISPR-based experimental candidate EDIT-101 and other pipeline candidates when it reports first-quarter 2021 earnings results.
The company’s earnings surprise record has been mixed so far, with its earnings beating estimates in three of the trailing four quarters and missing the same on the other occasion, the average beat being 38.51%. In the last-reported quarter, Editas reported a negative earnings surprise of 21.95%.
Shares of Editas have plunged 44.3% so far this year compared with the industry’s decrease of 1.5%.
Let’s see how things are shaping up for the quarter to be reported.
Factors at Play
With no approved product in its portfolio at the moment, pipeline development remains the key focus for Editas. The company’s top line mainly comprises of collaboration revenues and other research and development revenues. In the last-reported quarter, collaboration revenues declined year over year, a trend most likely to have continued in the to-be-reported quarter.
The company is developing its lead pipeline candidate, EDIT-101, which employs CRISPR gene editing to treat Leber congenital amaurosis type 10 (LCA10) — a rare genetic illness that causes blindness. Editas has initiated dosing in the adult mid-dose cohort of the BRILLIANCE study which is evaluating EDIT-101 for LCA10. We expect management to provide more updates on the candidate’s progress at the upcoming earnings call.
Please note, that in August 2020, Editas terminated its agreement with Allergan [now part of AbbVie (ABBV - Free Report) ] and regained the full global rights to develop and commercialize its ocular medicines including EDIT-101.
Meanwhile, In January 2020, the FDA cleared the initiation of the safety phase of Editas’ clinical study on another pipeline candidate, EDIT-301, for treating sickle cell disease (“SCD”). The company has commenced the phase I/II RUBY study to assess the safety and efficacy of EDIT-301 for SCD. Investors will be keen to get more updates on the same at the upcoming earnings call.
The activities related to the development of EDIT-101 and other pipeline candidates are likely to have escalated operating expenses in the to-be-reported quarter.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for Editas this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. Unfortunately, that is not the case here as you will see below. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
Earnings ESP: Editas’ Earnings ESP is 0.00% as both the Most Accurate Estimate and the Zacks Consensus Estimate are pegged at a loss of 76 cents per share.
Zacks Rank: Editas currently carries a Zacks Rank #3.
Editas Medicine, Inc. Price and Consensus
Editas Medicine, Inc. price-consensus-chart | Editas Medicine, Inc. Quote
Stocks to Consider
Here are a few stocks you may want to consider, as our model shows that these have the right combination of an earnings beat.
Axsome Therapeutics, Inc. (AXSM - Free Report) with an Earnings ESP of +23.83% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Gilead Sciences (GILD - Free Report) has an Earnings ESP of +6.00% and a Zacks Rank #3. The company is scheduled to report earnings on Apr 29.
Time to Invest in Legal Marijuana
If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027.
After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%
You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.
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