Edge Therapeutics Inc. (NASDAQ:EDGE) dropped 2.3% during mid-day trading on Wednesday . The stock traded as low as $9.20 and last traded at $9.77, with a volume of 83,576 shares. The stock had previously closed at $10.00.

EDGE has been the subject of several research analyst reports. Zacks Investment Research downgraded Edge Therapeutics from a “buy” rating to a “hold” rating in a research note on Tuesday. JMP Securities reduced their price objective on Edge Therapeutics from $34.00 to $18.00 and set a “market outperform” rating for the company in a research note on Wednesday, March 9th. Leerink Swann reissued an “outperform” rating and issued a $24.00 price objective (down from $27.00) on shares of Edge Therapeutics in a research note on Friday, March 11th. Finally, Credit Suisse Group AG reduced their price objective on Edge Therapeutics from $19.00 to $18.00 and set an “outperform” rating for the company in a research note on Monday, May 9th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Edge Therapeutics presently has a consensus rating of “Buy” and a consensus price target of $19.85.

The stock’s market capitalization is $281.51 million. The firm has a 50 day moving average price of $9.21 and a 200-day moving average price of $9.14.

Edge Therapeutics (NASDAQ:EDGE) last released its earnings results on Tuesday, May 3rd. The company reported ($0.32) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.02. On average, analysts anticipate that Edge Therapeutics Inc. will post ($1.50) earnings per share for the current fiscal year.

An institutional investor recently bought a new position in Edge Therapeutics stock. Eagle Asset Management Inc. bought a new position in Edge Therapeutics Inc. (NASDAQ:EDGE) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 877,984 shares of the company’s stock, valued at approximately $10,886,000. Eagle Asset Management Inc. owned approximately 3.05% of Edge Therapeutics as of its most recent filing with the SEC.

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.

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