Edgewise Therapeutics (NASDAQ:EWTX) Rating Lowered to “Sector Perform” at Scotiabank

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

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

Edgewise Therapeutics Trading Down 25.5 %

Shares of NASDAQ:EWTX traded down $5.13 on Wednesday, reaching $15.00. 9,902,892 shares of the company traded hands, compared to its average volume of 1,005,447. Edgewise Therapeutics has a 52 week low of $12.26 and a 52 week high of $38.12. The business’s 50-day simple moving average is $26.04 and its 200 day simple moving average is $28.64. The stock has a market capitalization of $1.43 billion, a P/E ratio of -10.03 and a beta of 0.22.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings results on Monday, March 3rd. The company reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.03). Sell-side analysts expect that Edgewise Therapeutics will post -1.45 EPS for the current fiscal year.

Insider Activity

In related news, insider Alan J. Russell sold 1,200 shares of the firm’s stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $30.13, for a total transaction of $36,156.00. Following the completion of the transaction, the insider now owns 14,863 shares of the company’s stock, valued at $447,822.19. This trade represents a 7.47 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CMO Joanne M. Donovan sold 25,000 shares of the 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 completion of the sale, the chief marketing officer now directly owns 16,358 shares in the company, valued at approximately $451,971.54. This represents a 60.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,836 shares of company stock worth $986,245. Insiders own 24.11% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of EWTX. Diadema Partners LP bought a new stake in shares of Edgewise Therapeutics during the fourth quarter valued at approximately $36,000. GF Fund Management CO. LTD. bought a new stake in shares of Edgewise Therapeutics in the 4th quarter worth $53,000. Aquatic Capital Management LLC purchased a new position in shares of Edgewise Therapeutics in the fourth quarter worth $77,000. Tower Research Capital LLC TRC lifted its holdings in shares of Edgewise Therapeutics by 1,097.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,676 shares of the company’s stock valued at $98,000 after purchasing an additional 3,369 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new position in Edgewise Therapeutics in the 4th quarter worth about $103,000.

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.