Edge Therapeutics (EDGE) Trading Down 7.2%

Edge Therapeutics Inc (NASDAQ:EDGE)’s share price dropped 7.2% during mid-day trading on Wednesday . The stock traded as low as $1.01 and last traded at $1.03. Approximately 1,305,969 shares were traded during trading, an increase of 11% from the average daily volume of 1,171,674 shares. The stock had previously closed at $1.11.

EDGE has been the topic of several research reports. ValuEngine raised Edge Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, May 2nd. JMP Securities lowered Edge Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Wednesday, March 28th. Credit Suisse Group lowered Edge Therapeutics from an “outperform” rating to an “underperform” rating and set a $17.00 target price on the stock. in a research note on Thursday, March 29th. Finally, BidaskClub raised Edge Therapeutics from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, March 7th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. Edge Therapeutics has an average rating of “Hold” and a consensus price target of $14.50.

Edge Therapeutics (NASDAQ:EDGE) last posted its quarterly earnings results on Tuesday, May 1st. The biotechnology company reported ($0.67) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.14).

Hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC acquired a new stake in Edge Therapeutics in the 4th quarter valued at about $103,000. Element Capital Management LLC acquired a new stake in Edge Therapeutics in the 1st quarter valued at about $130,000. Algert Global LLC acquired a new stake in Edge Therapeutics in the 1st quarter valued at about $132,000. Wells Fargo & Company MN raised its position in Edge Therapeutics by 1,028.3% in the 1st quarter. Wells Fargo & Company MN now owns 113,765 shares of the biotechnology company’s stock valued at $134,000 after purchasing an additional 103,682 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its position in Edge Therapeutics by 11.8% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 89,594 shares of the biotechnology company’s stock valued at $840,000 after purchasing an additional 9,424 shares in the last quarter. 33.11% of the stock is currently owned by institutional investors.

Edge Therapeutics Company Profile

Edge Therapeutics, Inc, a clinical-stage biotechnology company, discovers, develops, and seeks to commercialize hospital-based therapies for acute life-threatening neurological and other conditions. Its lead product includes EG-1962, a polymer-based microparticle used for the treatment of aneurysmal subarachnoid hemorrhage.

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