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

Scotiabank lowered shares of Edgewise Therapeutics (NASDAQ:EWTX) from a sector outperform rating to a sector perform rating in a research note issued to investors on Wednesday, Marketbeat reports. Scotiabank currently has $14.00 price target on the stock, down from their prior price target of $50.00.

A number of other analysts have also weighed in on EWTX. Royal Bank of Canada reiterated an “outperform” rating and issued a $56.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday, March 4th. Evercore ISI upped their price target 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 initiated coverage on Edgewise Therapeutics in a research note on Wednesday, January 22nd. They set a “hold” rating and a $30.00 price objective for the company. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Edgewise Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $40.38.

Edgewise Therapeutics Trading Down 15.2 %

Shares of Edgewise Therapeutics stock opened at $11.51 on Wednesday. The firm’s 50 day simple moving average is $25.20 and its two-hundred day simple moving average is $28.41. The firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of -7.67 and a beta of 0.22. Edgewise Therapeutics has a 12-month low of $11.50 and a 12-month high of $38.12.

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

Insiders Place Their Bets

In related news, Director Orbimed Advisors Llc purchased 496,771 shares of the company’s stock in a transaction that occurred on Thursday, April 3rd. The shares were purchased at an average price of $20.13 per share, with a total value of $10,000,000.23. Following the purchase, the director now owns 14,809,075 shares of the company’s stock, valued at $298,106,679.75. The trade was a 3.47 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Kevin Koch sold 8,636 shares of the business’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $30.03, for a total transaction of $259,339.08. Following the completion of the sale, the chief executive officer now directly owns 14,478 shares of the company’s stock, valued at approximately $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 quarter, insiders sold 34,836 shares of company stock worth $986,245. Company insiders own 24.11% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

Several institutional investors have recently modified their holdings of EWTX. Glenmede Trust Co. NA purchased a new position in Edgewise Therapeutics in the 3rd quarter valued at about $483,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Edgewise Therapeutics by 5.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 84,294 shares of the company’s stock valued at $2,250,000 after acquiring an additional 4,426 shares during the last quarter. Janus Henderson Group PLC lifted its position in shares of Edgewise Therapeutics by 74.8% in the third quarter. Janus Henderson Group PLC now owns 4,558,519 shares of the company’s stock valued at $121,616,000 after acquiring an additional 1,951,220 shares in the last quarter. Parkman Healthcare Partners LLC boosted its stake in shares of Edgewise Therapeutics by 14.4% in the third quarter. Parkman Healthcare Partners LLC now owns 657,070 shares of the company’s stock worth $17,537,000 after acquiring an additional 82,553 shares during the last quarter. Finally, State Street Corp increased its position in shares of Edgewise Therapeutics by 1.2% during the third quarter. State Street Corp now owns 1,685,115 shares of the company’s stock worth $44,976,000 after purchasing an additional 20,020 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.