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Editas (EDIT) to Report Q3 Earnings: What's in the Cards?
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Editas Medicine, Inc. (EDIT - Free Report) is scheduled to report third-quarter 2021 results on Nov 8, before market opens.
The company’s earnings surprise history has been mixed so far, with its earnings beating estimates in two of the trailing four quarters and missing the same on the other two occasions, delivering an earnings surprise of 21.95%, on average. In the last-reported quarter, Editas reported an earnings beat of 4.71%.
Shares of Editas have plunged 45% so far this year compared with the industry’s decrease of 10.2%.
Image Source: Zacks Investment Research
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.
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. In September 2021, Editas announced initial data from the phase I/II BRILLIANCE study evaluating EDIT-101 for the treatment of blindness due to LCA10.
Preliminary results from the study were based on safety and efficacy data from the first two cohorts – the adult low-dose cohort and the adult mid-dose cohort. We expect management to provide more updates on the candidate’s progress at the upcoming earnings call.
Please note that, last August, 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.
Editas is evaluating the safety and efficacy of another pipeline candidate, EDIT-301, for treating sickle cell disease. The company plans to dose the first patient in the phase I/II RUBY study by the end of 2021.
Editas also plans to submit an investigational new drug filing to the FDA to begin clinical studies on EDIT-301 for the treatment of beta-thalassemia by 2021-end. Investors will be keen to get more updates on the progress of this 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 has an Earnings ESP of -1.31% as the Most Accurate Estimate currently stands at a loss of 87 cents per share while the Zacks Consensus Estimate is pegged at a loss of 86 cents.
Here are a few stocks you may want to consider, as our model shows that these have the right combination of elements to beat on earnings this reporting cycle:
Gemini Therapeutics, Inc. has an Earnings ESP of +17.61 % and a Zacks Rank #2, currently.
Ardelyx, Inc. (ARDX - Free Report) has an Earnings ESP of +2.22% and a Zacks Rank #3 at present.
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Editas (EDIT) to Report Q3 Earnings: What's in the Cards?
Editas Medicine, Inc. (EDIT - Free Report) is scheduled to report third-quarter 2021 results on Nov 8, before market opens.
The company’s earnings surprise history has been mixed so far, with its earnings beating estimates in two of the trailing four quarters and missing the same on the other two occasions, delivering an earnings surprise of 21.95%, on average. In the last-reported quarter, Editas reported an earnings beat of 4.71%.
Shares of Editas have plunged 45% so far this year compared with the industry’s decrease of 10.2%.
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.
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. In September 2021, Editas announced initial data from the phase I/II BRILLIANCE study evaluating EDIT-101 for the treatment of blindness due to LCA10.
Preliminary results from the study were based on safety and efficacy data from the first two cohorts – the adult low-dose cohort and the adult mid-dose cohort. We expect management to provide more updates on the candidate’s progress at the upcoming earnings call.
Please note that, last August, 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.
Editas is evaluating the safety and efficacy of another pipeline candidate, EDIT-301, for treating sickle cell disease. The company plans to dose the first patient in the phase I/II RUBY study by the end of 2021.
Editas also plans to submit an investigational new drug filing to the FDA to begin clinical studies on EDIT-301 for the treatment of beta-thalassemia by 2021-end. Investors will be keen to get more updates on the progress of this 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 has an Earnings ESP of -1.31% as the Most Accurate Estimate currently stands at a loss of 87 cents per share while the Zacks Consensus Estimate is pegged at a loss of 86 cents.
Zacks Rank: Editas currently carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Editas Medicine, Inc. Price and EPS Surprise
Editas Medicine, Inc. price-eps-surprise | 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 elements to beat on earnings this reporting cycle:
Gemini Therapeutics, Inc. has an Earnings ESP of +17.61 % and a Zacks Rank #2, currently.
Ardelyx, Inc. (ARDX - Free Report) has an Earnings ESP of +2.22% and a Zacks Rank #3 at present.