Zacks Investment Research cut shares of Edge Therapeutics Inc. (NASDAQ:EDGE) from a hold rating to a sell rating in a research report sent to investors on Monday.
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 12.47 on Monday. Edge Therapeutics has a 52 week low of $6.23 and a 52 week high of $14.84. The stock has a 50 day moving average price of $10.93 and a 200-day moving average price of $9.97. The firm’s market capitalization is $360.57 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 transaction, the insider now directly owns 260,479 shares of the company’s stock, valued at approximately $2,669,909.75. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 44.29% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp increased its stake in Edge Therapeutics by 61.6% in the second quarter. State Street Corp now owns 158,208 shares of the company’s stock worth $1,600,000 after buying an additional 60,295 shares during the last quarter. Rhumbline Advisers bought a new stake in Edge Therapeutics during the second quarter worth $134,000. Raymond James & Associates bought a new stake in Edge Therapeutics during the second quarter worth $233,000. Teachers Advisors Inc. increased its stake in Edge Therapeutics by 209.9% in the second quarter. Teachers Advisors Inc. now owns 26,203 shares of the company’s stock worth $265,000 after buying an additional 17,747 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. increased its stake in Edge Therapeutics by 83.4% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 136,781 shares of the company’s stock worth $1,383,000 after buying an additional 62,217 shares during the last quarter. 49.35% of the stock is currently owned by hedge funds and other institutional investors.
About Edge Therapeutics
Edge Therapeutics, Inc is a clinical-stage biotechnology company that discovers, develops and seeks to commercialize, hospital-based therapies capable of transforming treatment paradigms in the management of life-threatening neurological and other conditions. Edge is evaluating EG-1962, its lead product candidate, in the Phase 3 NEWTON 2 study in adult patients with aneurysmal subarachnoid hemorrhage (aSAH).