Precision BioSciences (DTIL) Tops Q2 Earnings and Revenue Estimates

Group 1: Earnings Performance - Precision BioSciences reported quarterly earnings of $3.46 per share, significantly beating the Zacks Consensus Estimate of a loss of$ 0.77 per share, and improving from a loss of $3 per share a year ago, representing an earnings surprise of 549.35% [1] - The company posted revenues of$ 49.9 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 487.04%, compared to year-ago revenues of $19.79 million [2] - Over the last four quarters, Precision BioSciences has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times [2] Group 2: Stock Performance and Outlook - Precision BioSciences shares have declined approximately 13.1% since the beginning of the year, while the S&P 500 has gained 15.8% [3] - The current consensus EPS estimate for the upcoming quarter is -$ 0.79 on $8.5 million in revenues, and -$ 0.94 on $44 million in revenues for the current fiscal year [7] - The Zacks Rank for Precision BioSciences is currently 3 (Hold), indicating that the shares are expected to perform in line with the market in the near future [6] Group 3: Industry Context - The Medical - Biomedical and Genetics industry, to which Precision BioSciences belongs, is currently in the top 35% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact investor decisions [5]