Editas Medicine, Inc. (EDIT Quick QuoteEDIT - Free Report) incurred a loss of 61 cents per share in the fourth quarter of 2021, narrower than the Zacks Consensus Estimate of a loss of 78 cents per share. The company had reported a loss of $1.00 per share in the year-ago quarter.

Collaboration, and other research and development revenues, comprising the company’s top line, came in at $12.5 million in the reported quarter compared with $11.4 million in the year-ago quarter. The top line comprehensively beat the Zacks Consensus Estimate of $4 million.

In the fourth quarter of 2021, research and development expenses were $37.5 million, down 39% from the year-ago figure. General and administrative expenses increased 4.4% to $16.5 million owing to lower professional service expenses.

Editas had cash, cash equivalents and investments worth $619.9 million as of Dec 31, 2021, compared with $657 million as of Sep 30, 2021.

Shares of Editas were up 10.1% on Thursday following the announcement of the better-than-expected earnings results. However, the stock has plunged 63.8% in the past year compared with the industry’s decrease of 39%.

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Full-Year Results

For 2021, Editas generated total revenues of $25.5 million compared with $90.7 million recorded in 2020.

For full-year 2021, the company reported a loss of $2.85 per share compared with net loss of $1.98 per share in 2020.

Pipeline & Other Updates

Editas has no approved product in its portfolio at the moment. Therefore, pipeline development remains in key focus for the company.

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. An update from the BRILLIANCE study is expected in the second half of 2022.

This apart, Editas is evaluating the safety and efficacy of another pipeline candidate, EDIT-301, for treating sickle cell disease.

In December 2021, the FDA cleared the investigational new drug application for EDIT-301 to treat transfusion-dependent beta thalassemia (“TDT”). The company plans to begin a phase I/II study to evaluate the safety, tolerability and preliminary efficacy of EDIT-301 for treating TDT patients. Dosing in the study is expected to begin later in 2022.

Zacks Rank & Other Stocks to Consider

Editas currently carries a Zacks Rank #2 (Buy). Other stocks worth considering in the biotech sector include Axsome Therapeutics, Inc. (AXSM Quick QuoteAXSM - Free Report) , Dynavax Technologies Corporation (DVAX Quick QuoteDVAX - Free Report) and Kaleido Biosciences, Inc. , all carrying the same Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Axsome Therapeutics’ loss per share estimates have narrowed 0.5% for 2022 over the past 60 days.

Earnings of Axsome Therapeutics have surpassed estimates in three of the trailing four quarters and missed the same on the other occasion.

Dynavax’s earnings estimates have been revised 10.3% upward for 2022 over the past 60 days. The stock has rallied 52.4% in the past year.

Earnings of Dynavax have surpassed estimates in each of the trailing four quarters.

Kaleido Biosciences’ loss per share estimates have narrowed 11.3% for 2022 over the past 60 days.

Earnings of Kaleido Biosciences have surpassed estimates in three of the trailing four quarters and missed the same on the other occasion.