Scotiabank Downgrades Edgewise Therapeutics (NASDAQ:EWTX) 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 released on Wednesday, Marketbeat.com reports. The brokerage currently has $14.00 price target on the stock, down from their previous price target of $50.00.

EWTX has been the topic of a number of other reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $56.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday, March 4th. Stifel Nicolaus initiated coverage on shares of Edgewise Therapeutics in a research report on Wednesday, January 22nd. They set a “hold” rating and a $30.00 price target on the stock. Finally, Evercore ISI upped their price objective on Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, December 17th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $40.38.

Edgewise Therapeutics Price Performance

Shares of Edgewise Therapeutics stock opened at $11.51 on Wednesday. The stock’s 50 day simple moving average is $25.20 and its 200-day simple moving average is $28.41. The stock has a market cap of $1.10 billion, a P/E ratio of -7.67 and a beta of 0.22. Edgewise Therapeutics has a 1-year low of $11.50 and a 1-year high of $38.12.

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

Insider Activity

In related news, CEO Kevin Koch sold 8,636 shares of the stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $30.03, for a total transaction of $259,339.08. Following the transaction, the chief executive officer now owns 14,478 shares of the company’s stock, valued at approximately $434,774.34. This represents a 37.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Orbimed Advisors Llc bought 496,771 shares of the 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 completion of the acquisition, the director now directly owns 14,809,075 shares in the company, valued at $298,106,679.75. This trade represents a 3.47 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have sold 34,836 shares of company stock valued at $986,245. Company insiders own 24.11% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

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