Edgewise Therapeutics (NASDAQ:EWTX) Upgraded to Hold at Wall Street Zen

Edgewise Therapeutics (NASDAQ:EWTX) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Sunday.

Several other research firms have also recently issued reports on EWTX. Piper Sandler reiterated an “overweight” rating on shares of Edgewise Therapeutics in a report on Monday, February 9th. JPMorgan Chase & Co. boosted their price target on shares of Edgewise Therapeutics from $33.00 to $34.00 and gave the stock an “overweight” rating in a research note on Friday, November 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Wednesday, January 21st. Wedbush decreased their price objective on Edgewise Therapeutics from $35.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, November 7th. Finally, Royal Bank Of Canada increased their target price on Edgewise Therapeutics from $49.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, November 7th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $36.67.

Edgewise Therapeutics Trading Down 1.2%

NASDAQ:EWTX opened at $30.01 on Friday. The firm has a 50 day moving average of $26.29 and a 200-day moving average of $20.07. Edgewise Therapeutics has a 1 year low of $10.60 and a 1 year high of $31.29. The stock has a market capitalization of $3.18 billion, a P/E ratio of -18.99 and a beta of 0.27.

Insiders Place Their Bets

In other Edgewise Therapeutics news, Director Badreddin Edris sold 115,471 shares of the stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $29.44, for a total value of $3,399,466.24. Following the completion of the sale, the director directly owned 19,820 shares in the company, valued at $583,500.80. This represents a 85.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 23.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Braidwell LP increased its position in shares of Edgewise Therapeutics by 111.9% during the second quarter. Braidwell LP now owns 5,210,831 shares of the company’s stock worth $68,314,000 after acquiring an additional 2,752,023 shares in the last quarter. Morgan Stanley boosted its stake in Edgewise Therapeutics by 234.7% in the 4th quarter. Morgan Stanley now owns 2,910,881 shares of the company’s stock worth $72,234,000 after purchasing an additional 2,041,203 shares during the period. UBS Group AG increased its holdings in Edgewise Therapeutics by 1,755.0% during the 4th quarter. UBS Group AG now owns 2,117,073 shares of the company’s stock worth $52,535,000 after purchasing an additional 2,002,945 shares in the last quarter. Bellevue Group AG raised its stake in shares of Edgewise Therapeutics by 94.3% in the 2nd quarter. Bellevue Group AG now owns 2,775,997 shares of the company’s stock valued at $36,393,000 after purchasing an additional 1,347,068 shares during the period. Finally, Norges Bank bought a new stake in shares of Edgewise Therapeutics in the fourth quarter valued at about $18,645,000.

About Edgewise Therapeutics

Edgewise Therapeutics, Inc (NASDAQ: EWTX) is a clinical-stage biopharmaceutical company headquartered in Cambridge, Massachusetts, focused on the discovery and development of precision medicines for the treatment of rare diseases. The company leverages its expertise in small-molecule chemistry and ion channel biology to address severe, unmet medical needs, particularly in the areas of kidney disorders and neuromuscular diseases.

At the core of Edgewise’s pipeline is EWTX-101, a novel, orally available inhibitor of TRPC5, a calcium channel implicated in nephrotic syndromes such as focal segmental glomerulosclerosis (FSGS) and other proteinuric kidney diseases.