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

Edgewise Therapeutics (NASDAQ:EWTX) was downgraded by equities researchers at Scotiabank from a “sector outperform” rating to a “sector perform” rating in a research note issued on Wednesday,Briefing.com Automated Import reports. They currently have a $14.00 target price on the stock. Scotiabank’s target price would indicate a potential downside of 6.64% from the stock’s previous close.

A number of other brokerages have also commented on EWTX. Evercore ISI upped their price objective on Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, December 17th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $56.00 price target on shares of Edgewise Therapeutics in a research report on Tuesday, March 4th. Finally, Stifel Nicolaus assumed coverage on shares of Edgewise Therapeutics in a research note on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Edgewise Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $40.88.

Edgewise Therapeutics Price Performance

Edgewise Therapeutics stock traded down $5.13 during mid-day trading on Wednesday, hitting $15.00. 9,902,892 shares of the company’s stock traded hands, compared to its average volume of 1,005,447. Edgewise Therapeutics has a fifty-two week low of $12.26 and a fifty-two week high of $38.12. The stock has a market cap of $1.43 billion, a price-to-earnings ratio of -10.03 and a beta of 0.22. The firm has a 50 day simple moving average of $26.04 and a two-hundred day simple moving average of $28.64.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings results on Monday, March 3rd. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.03). On average, research analysts anticipate that Edgewise Therapeutics will post -1.45 earnings per share for the current fiscal year.

Insider Buying and Selling at Edgewise Therapeutics

In other news, CEO Kevin Koch sold 8,636 shares of Edgewise Therapeutics stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $30.03, for a total value of $259,339.08. Following the transaction, the chief executive officer now owns 14,478 shares in the company, valued at approximately $434,774.34. This trade represents a 37.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CMO Joanne M. Donovan sold 25,000 shares of the business’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $27.63, for a total value of $690,750.00. Following the transaction, the chief marketing officer now directly owns 16,358 shares of the company’s stock, valued at $451,971.54. This trade represents a 60.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,836 shares of company stock worth $986,245 over the last three months. Corporate insiders own 24.11% of the company’s stock.

Institutional Inflows and Outflows

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

Edgewise Therapeutics Company Profile

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.