Zacks Investment Research upgraded shares of Edge Therapeutics Inc. (NASDAQ:EDGE) from a sell rating to a hold rating in a research report released on Tuesday.
According to Zacks, “Edge Therapeutics, Inc. is a biotechnology company which discovers, develops and commercializes hospital-based therapies for acute life-threatening neurological conditions. Its lead product candidate which are in preclinical trial EG-1962, a polymer-based microparticle used for the treatment of aneurysmal subarachnoid hemorrhage, EG-1964, to prevent recurrent bleeding after treatment for cSDH and EG-1963, to prevent rebleeding following surgeries outside the brain. Edge Therapeutics, Inc. is headquartered in Berkeley Heights, New Jersey. “
Shares of Edge Therapeutics (NASDAQ:EDGE) opened at 12.37 on Tuesday. The company has a 50 day moving average price of $10.85 and a 200 day moving average price of $9.89. Edge Therapeutics has a 12-month low of $6.23 and a 12-month high of $14.84. The company’s market capitalization is $357.68 million.
In other Edge Therapeutics news, insider Brian A. Leuthner sold 7,500 shares of the company’s stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $10.25, for a total value of $76,875.00. Following the completion of the sale, the insider now directly owns 260,479 shares in the company, valued at approximately $2,669,909.75. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 44.29% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the stock. The Manufacturers Life Insurance Company bought a new stake in shares of Edge Therapeutics during the third quarter valued at about $130,000. TLP Group LLC bought a new stake in shares of Edge Therapeutics during the third quarter valued at about $102,000. Morgan Stanley boosted its stake in shares of Edge Therapeutics by 9.8% in the third quarter. Morgan Stanley now owns 22,549 shares of the company’s stock valued at $235,000 after buying an additional 2,020 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Edge Therapeutics by 4.2% in the third quarter. Northern Trust Corp now owns 155,157 shares of the company’s stock valued at $1,615,000 after buying an additional 6,310 shares during the last quarter. Finally, California State Teachers Retirement System boosted its stake in shares of Edge Therapeutics by 0.9% in the third quarter. California State Teachers Retirement System now owns 34,367 shares of the company’s stock valued at $358,000 after buying an additional 300 shares during the last quarter. Institutional investors own 48.51% of the company’s stock.
Edge Therapeutics Company Profile
Edge Therapeutics, Inc is a clinical-stage biotechnology company. The Company discovers, develops and seeks to commercialize hospital-based therapies capable of transforming treatment paradigms in the management of acute, life-threatening conditions. The Company’s product candidates include EG-1962 and EG-1964.