Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Receives Average Rating of “Moderate Buy” from Brokerages

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) has been given an average rating of “Moderate Buy” by the eleven brokerages that are currently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $47.9167.

EWTX has been the subject of several analyst reports. Leerink Partners set a $52.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday, June 16th. JPMorgan Chase & Co. lifted their price target on shares of Edgewise Therapeutics from $34.00 to $45.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 17th. Wedbush boosted their price objective on shares of Edgewise Therapeutics from $46.00 to $52.00 and gave the stock an “outperform” rating in a report on Monday, June 1st. The Goldman Sachs Group boosted their price objective on shares of Edgewise Therapeutics from $20.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, June 17th. Finally, Truist Financial set a $52.00 price objective on shares of Edgewise Therapeutics in a research report on Wednesday, May 6th.

Edgewise Therapeutics Stock Performance

Edgewise Therapeutics stock opened at $39.73 on Wednesday. The stock’s 50 day moving average price is $36.91 and its 200 day moving average price is $32.18. The firm has a market capitalization of $4.27 billion, a PE ratio of -23.93 and a beta of 0.27. Edgewise Therapeutics has a one year low of $12.30 and a one year high of $48.40.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.46) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.50) by $0.04. On average, analysts forecast that Edgewise Therapeutics will post -2.01 earnings per share for the current fiscal year.

Insider Activity

In related news, CMO Joanne M. Donovan sold 50,000 shares of the business’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $38.57, for a total value of $1,928,500.00. Following the transaction, the chief marketing officer owned 4,367 shares in the company, valued at approximately $168,435.19. The trade was a 91.97% decrease 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 200,000 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $39.41, for a total value of $7,882,000.00. Following the completion of the transaction, the insider directly owned 24,555 shares of the company’s stock, valued at $967,712.55. This represents a 89.07% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 255,230 shares of company stock worth $9,974,147. Insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On Edgewise Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the business. Optimize Financial Inc grew its stake in Edgewise Therapeutics by 1.5% during the 4th quarter. Optimize Financial Inc now owns 27,679 shares of the company’s stock worth $687,000 after buying an additional 396 shares during the last quarter. Parallel Advisors LLC increased its stake in Edgewise Therapeutics by 64.9% during the 1st quarter. Parallel Advisors LLC now owns 1,032 shares of the company’s stock valued at $33,000 after buying an additional 406 shares during the period. Steward Partners Investment Advisory LLC increased its stake in shares of Edgewise Therapeutics by 23.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,854 shares of the company’s stock valued at $71,000 after acquiring an additional 550 shares during the period. California State Teachers Retirement System increased its position in shares of Edgewise Therapeutics by 2.4% during the 2nd quarter. California State Teachers Retirement System now owns 36,878 shares of the company’s stock valued at $483,000 after purchasing an additional 850 shares during the period. Finally, AlphaCentric Advisors LLC raised its position in Edgewise Therapeutics by 6.2% in the first quarter. AlphaCentric Advisors LLC now owns 15,615 shares of the company’s stock worth $492,000 after acquiring an additional 912 shares in the last quarter.

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.