EDIT - Why Editas Medicine Was Winning on Wednesday
Shares of Editas Medicine (NASDAQ: EDIT) were rocketing more than 13% higher in late-afternoon trading on Wednesday, and it was little wonder. The company scored twin beats in its latest set of quarterly results, with one line item in particular being a standout.
Prior to market open that day, Editas took the wraps off its second-quarter figures. The genome editing company's revenue was $6.3 million. That's rather impressive for a clinical-stage biotech , and well up from the roughly $379,000 Editas posted in the second quarter of 2021. Net loss narrowed, but only slightly, coming in at $53.5 million ($0.78 per share) versus the year-ago shortfall of $55.3 million.
Analysts weren't expecting that level of top-line improvement. On average, those following Editas stock were forecasting the company would earn less than $4.3 million in revenue. They also believed it would post a marginally deeper net loss of $0.81 per share.
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Why Editas Medicine Was Winning on Wednesday