Edgewise Therapeutics (NASDAQ:EWTX) Downgraded to "Sector Perform" Rating by Scotiabank

Scotiabank lowered shares of Edgewise Therapeutics (NASDAQ:EWTX - Free Report) from a sector outperform rating to a sector perform rating in a research report sent to investors on Wednesday morning, Marketbeat.com reports. They currently have $14.00 price target on the stock, down from their previous price target of $50.00.

Several other research firms have also issued reports on EWTX. Evercore ISI increased their target price on Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an "outperform" rating in a research note on Tuesday, December 17th. Royal Bank of Canada reissued an "outperform" rating and issued a $56.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday, March 4th. Finally, Stifel Nicolaus began coverage on shares of Edgewise Therapeutics in a research note on Wednesday, January 22nd. They set a "hold" rating and a $30.00 target price on the stock. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $40.38.

Edgewise Therapeutics Price Performance

Shares of NASDAQ:EWTX traded up $0.20 during midday trading on Wednesday, reaching $11.71. 4,093,873 shares of the company's stock were exchanged, compared to its average volume of 1,090,528. The firm's 50 day simple moving average is $25.20 and its two-hundred day simple moving average is $28.54. Edgewise Therapeutics has a fifty-two week low of $10.63 and a fifty-two week high of $38.12. The stock has a market cap of $1.23 billion, a price-to-earnings ratio of -7.81 and a beta of 0.32.

Remove Ads

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last released its quarterly earnings results on Monday, March 3rd. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.39) by ($0.03). Equities research analysts predict that Edgewise Therapeutics will post -1.45 earnings per share for the current fiscal year.

Insider Activity at Edgewise Therapeutics

In other Edgewise Therapeutics news, insider Alan J. Russell sold 1,200 shares of the stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $30.13, for a total value of $36,156.00. Following the transaction, the insider now directly owns 14,863 shares in the company, valued at $447,822.19. This represents a 7.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Orbimed Advisors Llc acquired 496,771 shares of the business's stock in a transaction on Thursday, April 3rd. The shares were bought at an average cost of $20.13 per share, for a total transaction of $10,000,000.23. Following the acquisition, the director now owns 14,809,075 shares of the company's stock, valued at $298,106,679.75. This represents a 3.47 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 34,836 shares of company stock valued at $986,245 over the last quarter. 24.11% of the stock is owned by insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Several large investors have recently bought and sold shares of EWTX. Franklin Resources Inc. increased its position in shares of Edgewise Therapeutics by 84.2% during the third quarter. Franklin Resources Inc. now owns 45,223 shares of the company's stock worth $1,207,000 after purchasing an additional 20,674 shares in the last quarter. Amundi lifted its stake in Edgewise Therapeutics by 127.2% in the fourth quarter. Amundi now owns 341,687 shares of the company's stock valued at $8,686,000 after buying an additional 191,267 shares during the last quarter. Victory Capital Management Inc. acquired a new stake in shares of Edgewise Therapeutics in the fourth quarter valued at approximately $576,000. XTX Topco Ltd purchased a new position in shares of Edgewise Therapeutics during the third quarter worth approximately $755,000. Finally, Moody Aldrich Partners LLC increased its holdings in shares of Edgewise Therapeutics by 24.3% in the 4th quarter. Moody Aldrich Partners LLC now owns 187,932 shares of the company's stock valued at $5,018,000 after acquiring an additional 36,775 shares during the period.

About Edgewise Therapeutics

Edgewise Therapeutics, Inc, a biopharmaceutical company, discovers, develops, and commercializes therapies for the treatment of muscle disorders. Its lead product candidate, EDG-5506, an orally administered small molecule that is in Phase II clinical trials, designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy and Becker muscular dystrophy.