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

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

Other research analysts have also issued reports about the stock. Royal Bank Of Canada raised their price target on shares of Edgewise Therapeutics from $49.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday, November 7th. Wedbush cut their price objective on shares of Edgewise Therapeutics from $35.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, November 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Wednesday. JPMorgan Chase & Co. upped their price target on Edgewise Therapeutics from $33.00 to $34.00 and gave the stock an “overweight” rating in a research note on Friday, November 14th. Finally, The Goldman Sachs Group assumed coverage on Edgewise Therapeutics in a research note on Thursday, September 25th. They issued a “neutral” rating and a $20.00 price objective for the company. One 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat, Edgewise Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $36.67.

Edgewise Therapeutics Price Performance

NASDAQ EWTX opened at $28.61 on Friday. The stock has a market capitalization of $3.03 billion, a P/E ratio of -18.11 and a beta of 0.27. The business has a 50 day simple moving average of $24.62 and a 200 day simple moving average of $18.42. Edgewise Therapeutics has a one year low of $10.60 and a one year high of $30.48.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.01. Equities analysts expect that Edgewise Therapeutics will post -1.45 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Jonathan C. Fox bought 10,700 shares of the business’s stock in a transaction that occurred on Tuesday, November 11th. The shares were bought at an average price of $18.64 per share, with a total value of $199,448.00. Following the completion of the transaction, the director directly owned 23,702 shares in the company, valued at approximately $441,805.28. This represents a 82.30% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Alan J. Russell sold 100,000 shares of the company’s stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of $21.12, for a total value of $2,112,000.00. Following the sale, the insider owned 23,400 shares of the company’s stock, valued at $494,208. This trade represents a 81.04% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 23.20% of the company’s stock.

Hedge Funds Weigh In On Edgewise Therapeutics

Hedge funds have recently bought and sold shares of the company. Jones Financial Companies Lllp purchased a new stake in shares of Edgewise Therapeutics in the first quarter valued at about $47,000. Bessemer Group Inc. grew its position in Edgewise Therapeutics by 1,170.3% in the 3rd quarter. Bessemer Group Inc. now owns 2,350 shares of the company’s stock worth $38,000 after purchasing an additional 2,165 shares in the last quarter. Canada Pension Plan Investment Board purchased a new stake in Edgewise Therapeutics in the 2nd quarter valued at about $45,000. Strs Ohio bought a new position in shares of Edgewise Therapeutics during the 1st quarter worth approximately $84,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Edgewise Therapeutics by 28.2% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,062 shares of the company’s stock worth $53,000 after buying an additional 894 shares in the last quarter.

Edgewise Therapeutics Company Profile

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.