Edgewise Therapeutics (NASDAQ:EWTX) Stock Rating Lowered 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 presently have a $14.00 price objective on the stock. Scotiabank’s price objective points to a potential downside of 6.64% from the stock’s current price.

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

Edgewise Therapeutics Stock Down 25.5 %

NASDAQ:EWTX traded down $5.13 during trading hours on Wednesday, hitting $15.00. 9,902,892 shares of the company traded hands, compared to its average volume of 1,005,447. The firm’s 50-day simple moving average is $26.04 and its 200-day simple moving average is $28.64. The company has a market cap of $1.43 billion, a PE ratio of -10.03 and a beta of 0.22. Edgewise Therapeutics has a one year low of $12.26 and a one year high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its earnings results on Monday, March 3rd. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.03). As a group, equities research analysts expect that Edgewise Therapeutics will post -1.45 EPS for the current year.

Insider Transactions at Edgewise Therapeutics

In other news, CMO Joanne M. Donovan sold 25,000 shares of the stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $27.63, for a total transaction of $690,750.00. Following the transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Kevin Koch sold 8,636 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 14,478 shares of the company’s stock, valued at $434,774.34. The trade was a 37.36 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,836 shares of company stock valued at $986,245. 24.11% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Edgewise Therapeutics in the 4th quarter valued at $2,404,000. GF Fund Management CO. LTD. purchased a new position in Edgewise Therapeutics during the 4th quarter valued at about $53,000. Neo Ivy Capital Management purchased a new position in shares of Edgewise Therapeutics in the 4th quarter valued at approximately $259,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Edgewise Therapeutics by 231.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 279,125 shares of the company’s stock valued at $7,453,000 after purchasing an additional 194,831 shares during the period. Finally, Woodline Partners LP boosted its position in shares of Edgewise Therapeutics by 7.5% during the fourth quarter. Woodline Partners LP now owns 567,218 shares of the company’s stock valued at $15,145,000 after purchasing an additional 39,379 shares in the last quarter.

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.