Editas Medicine (EDIT - Free Report) closed the most recent trading day at $28, moving +1.97% from the previous trading session. This move outpaced the S&P 500's daily loss of 0.63%. Meanwhile, the Dow lost 0.43%, and the Nasdaq, a tech-heavy index, lost 1.04%.
Coming into today, shares of the genome editing company had lost 4.02% in the past month. In that same time, the Medical sector lost 6.18%, while the S&P 500 lost 6.28%.
Investors will be hoping for strength from EDIT as it approaches its next earnings release, which is expected to be November 7, 2018. On that day, EDIT is projected to report earnings of -$0.72 per share, which would represent a year-over-year decline of 12.5%. Meanwhile, our latest consensus estimate is calling for revenue of $6.58 million, up 4.7% from the prior-year quarter.
EDIT's full-year Zacks Consensus Estimates are calling for earnings of -$3 per share and revenue of $25.13 million. These results would represent year-over-year changes of -0.67% and +83.02%, respectively.
It is also important to note the recent changes to analyst estimates for EDIT. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. EDIT is currently sporting a Zacks Rank of #3 (Hold).
The Medical - Biomedical and Genetics industry is part of the Medical sector. This group has a Zacks Industry Rank of 77, putting it in the top 30% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.