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

Scotiabank downgraded shares of Edgewise Therapeutics (NASDAQ:EWTX) from a sector outperform rating to a sector perform rating in a research report sent to investors on Wednesday, MarketBeat reports. Scotiabank currently has $14.00 price target on the stock.

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

Edgewise Therapeutics Trading Down 22.9 %

Shares of EWTX opened at $15.52 on Wednesday. The firm has a market cap of $1.48 billion, a PE ratio of -10.35 and a beta of 0.22. Edgewise Therapeutics has a 12 month low of $12.18 and a 12 month high of $38.12. The stock has a fifty day moving average price of $25.81 and a 200-day moving average price of $28.55.

Edgewise Therapeutics (NASDAQ:EWTX) last issued 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). As a group, research analysts forecast that Edgewise Therapeutics will post -1.45 EPS for the current year.

Insider Activity at Edgewise Therapeutics

In other news, CMO Joanne M. Donovan sold 25,000 shares of Edgewise Therapeutics stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $27.63, for a total transaction of $690,750.00. Following the completion of the transaction, the chief marketing officer now directly owns 16,358 shares of the company’s stock, valued at $451,971.54. The trade was a 60.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kevin Koch sold 8,636 shares of the 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 sale, the chief executive officer now directly owns 14,478 shares in the company, valued at $434,774.34. This trade represents a 37.36 % 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. 24.11% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of EWTX. Glenmede Trust Co. NA purchased a new stake in shares of Edgewise Therapeutics in the third quarter valued at approximately $483,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in 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 worth $2,250,000 after acquiring an additional 4,426 shares during the period. Janus Henderson Group PLC lifted its holdings in Edgewise Therapeutics by 74.8% during the third quarter. Janus Henderson Group PLC now owns 4,558,519 shares of the company’s stock valued at $121,616,000 after purchasing an additional 1,951,220 shares in the last quarter. Parkman Healthcare Partners LLC grew its position 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 valued at $17,537,000 after purchasing an additional 82,553 shares during the period. Finally, State Street Corp increased its stake 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.