HC Wainwright Reaffirms “Buy” Rating for Entrada Therapeutics (NASDAQ:TRDA)

Entrada Therapeutics (NASDAQ:TRDA)‘s stock had its “buy” rating reiterated by HC Wainwright in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $20.00 price objective on the stock. HC Wainwright’s price target would suggest a potential upside of 42.96% from the stock’s previous close.

TRDA has been the subject of several other research reports. Oppenheimer increased their price target on Entrada Therapeutics from $25.00 to $28.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Roth Mkm assumed coverage on Entrada Therapeutics in a report on Thursday, December 5th. They issued a “buy” rating and a $29.00 price target for the company. Finally, Roth Capital raised Entrada Therapeutics to a “strong-buy” rating in a report on Thursday, December 5th.

Entrada Therapeutics Price Performance

Shares of Entrada Therapeutics stock opened at $13.99 on Tuesday. The business has a 50 day simple moving average of $16.41 and a two-hundred day simple moving average of $16.57. Entrada Therapeutics has a 12 month low of $11.35 and a 12 month high of $21.79. The stock has a market capitalization of $523.51 million, a P/E ratio of 8.80 and a beta of -0.17.

Insider Buying and Selling

In related news, insider Natarajan Sethuraman sold 2,700 shares of the stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $20.04, for a total value of $54,108.00. Following the completion of the transaction, the insider now directly owns 160,888 shares in the company, valued at approximately $3,224,195.52. This represents a 1.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Kory James Wentworth sold 8,637 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $19.98, for a total value of $172,567.26. Following the completion of the transaction, the chief financial officer now owns 73,849 shares of the company’s stock, valued at $1,475,503.02. The trade was a 10.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 41,681 shares of company stock worth $851,199. Company insiders own 7.59% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Janus Henderson Group PLC grew its position in Entrada Therapeutics by 10.5% in the third quarter. Janus Henderson Group PLC now owns 1,711,459 shares of the company’s stock worth $27,358,000 after acquiring an additional 161,962 shares during the period. Geode Capital Management LLC boosted its position in shares of Entrada Therapeutics by 8.8% during the third quarter. Geode Capital Management LLC now owns 576,451 shares of the company’s stock worth $9,214,000 after buying an additional 46,512 shares during the period. State Street Corp boosted its position in shares of Entrada Therapeutics by 5.5% during the third quarter. State Street Corp now owns 469,601 shares of the company’s stock worth $7,504,000 after buying an additional 24,385 shares during the period. Jacobs Levy Equity Management Inc. boosted its position in shares of Entrada Therapeutics by 50.3% during the third quarter. Jacobs Levy Equity Management Inc. now owns 201,803 shares of the company’s stock worth $3,225,000 after buying an additional 67,559 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Entrada Therapeutics by 14.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 185,984 shares of the company’s stock worth $2,972,000 after buying an additional 23,643 shares during the period. 86.39% of the stock is currently owned by hedge funds and other institutional investors.

Entrada Therapeutics Company Profile

Entrada Therapeutics, Inc, a clinical-stage biotechnology company, develops endosomal escape vehicle (EEV) therapeutics for the treatment of multiple neuromuscular diseases. Its EEV platform develops a portfolio of oligonucleotide, antibody, and enzyme-based programs. Its therapeutic candidates, which include ENTR-601-44, which is in Phase I clinical trial for the treatment of Duchenne muscular dystrophy; and ENTR-701, which is in Phase 1/2 clinical trial for the treatment of myotonic dystrophy type 1.