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

Scotiabank cut shares of Edgewise Therapeutics (NASDAQ:EWTX) from a sector outperform rating to a sector perform rating in a research report released on Wednesday, Marketbeat Ratings reports. Scotiabank currently has $14.00 price objective on the stock.

A number of other research analysts have also recently weighed in on EWTX. Evercore ISI boosted their price objective on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a research report 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 report on Tuesday, March 4th. Finally, Stifel Nicolaus began coverage on Edgewise Therapeutics in a research report on Wednesday, January 22nd. They set a “hold” rating and a $30.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Edgewise Therapeutics currently has an average rating of “Moderate Buy” and an average price target of $40.88.

Edgewise Therapeutics Trading Down 22.9 %

Shares of NASDAQ EWTX opened at $15.52 on Wednesday. Edgewise Therapeutics has a 12-month low of $12.18 and a 12-month high of $38.12. The firm’s 50-day moving average price is $25.81 and its 200-day moving average price is $28.55. The stock has a market capitalization of $1.48 billion, a price-to-earnings ratio of -10.35 and a beta of 0.22.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings data 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). On average, equities analysts predict that Edgewise Therapeutics will post -1.45 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CMO Joanne M. Donovan sold 25,000 shares of the stock in a transaction that occurred 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 owns 16,358 shares of the company’s stock, valued at $451,971.54. This represents a 60.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Alan J. Russell sold 1,200 shares of Edgewise Therapeutics stock in a transaction 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 sale, the insider now directly owns 14,863 shares of the company’s stock, valued at approximately $447,822.19. This trade represents a 7.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,836 shares of company stock worth $986,245 in the last three months. Corporate insiders own 24.11% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Summit Investment Advisors Inc. lifted its position in shares of Edgewise Therapeutics by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 7,594 shares of the company’s stock worth $203,000 after purchasing an additional 482 shares during the period. Alliancebernstein L.P. lifted its holdings in Edgewise Therapeutics by 1.7% during the fourth quarter. Alliancebernstein L.P. now owns 77,260 shares of the company’s stock worth $2,063,000 after buying an additional 1,300 shares during the period. Diadema Partners LP bought a new stake in Edgewise Therapeutics during the 4th quarter valued at $36,000. Rhumbline Advisers increased its holdings in shares of Edgewise Therapeutics by 1.5% in the 4th quarter. Rhumbline Advisers now owns 102,397 shares of the company’s stock valued at $2,734,000 after acquiring an additional 1,525 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Edgewise Therapeutics by 4.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,313 shares of the company’s stock worth $1,103,000 after acquiring an additional 1,595 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.