Editas Medicine, Inc. (EDIT) is a leading genome editing company engaged in translating the potential of the CRISPR/Cas12a and CRISPR/Cas9 genome editing platforms into a vigorous treatment pipeline for people with unmet medical needs.
The price of EDIT stock during the regular trading on February 28, 2022, was $17.1 with a surge of 1.30%. At the last check of aftermarket, the stock further escalated by 16.8%.
EDIT: Events and Happenings
On February 28, 2022, EDIT reported the issuance of a favorable decision for the specified patents for CRISPR/Cas9 editing by the US Patent and Trademark Office. The decision ended the CVC and Broad’s US patent interference, awaiting a Federal Circuit appeal.
EDIT: Key Financials
On February 24, 2022, EDIT released its financial statement for Q4 2021 ended December 31, 2021. Some of the key highlights are discussed here.
Revenue
Collaboration, research, and development revenues in Q4 2021 were $12.4 million in comparison to $11.4 million in the same quarter in 2020. The company observed a gain of $1.05 million in its year-over-year revenue. Also, the company topped the expectations of the analysts by $7.5 million.
EPS
Basic and diluted net loss in the fourth quarter of 2021 was $41.4 million or $0.61 per share versus $62.5 million or $1.00 per share for the same quarter in 2020. The company observed a decline in its net loss over the year. Also, it topped the analyst’s EPS estimates of $0.12.
On January 10, 2022, EDIT updated its CEO’s participation at the Virtual 40th Annual J.P. Morgan Healthcare Conference held on January 12, 2022. On December 20, 2021, EDIT announced the clearance of its investigational new drug application for EDIT-301 by the FDA. EDIT-301 is used in the treatment of transfusion-dependent beta-thalassemia, enabling initiation of its Phase 1/2 clinical trials in TDT patients.
On December 12, 2021, EDIT informed in the press release of the preclinical in-vitro and in-vivo data regarding modified iPSC-derived natural killer cell therapies using the company’s AsCas12a gene editing portfolio. It updated the results in the Virtual 63rd Annual Meeting and Exposition of the American Society of Hematology’s presentation.
Conclusion
EDIT stock is at a new low of 74% from the six months. The current market situation is favoring the stock as the company recently reported a favorable decision by the USPTO to the specified patents for CRISPR/Cas9 editing. In the first fiscal quarter of 2022, the company expects revenue of $3.86 million versus -$0.79 EPS.
