EDIT - Why Editas Medicine Stock Soared as Much as 42% Higher This Week
2024-03-02 21:49:55 ET
Shares of Editas Medicine (NASDAQ: EDIT) charged sharply higher this week, soaring as much as 41.6%, according to data from S&P Global Market Intelligence . By the time the market closed on Friday, the stock was still up 34.8%.
The catalyst that vaulted the gene editing specialist higher was the company's quarterly report, which included a surprise announcement.
On Wednesday, Editas Medicine released its fourth-quarter results, which were better than investors had hoped. The company generated revenue of $60 million and a loss per share of $0.23. Financial results generally take a back seat to other announcements with small drug developers, but these were notable, as analysts' consensus estimates were calling for revenue of $7.94 million and a loss per share of $0.54, so Editas sailed past expectations.
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Why Editas Medicine Stock Soared as Much as 42% Higher This Week