Brokerages Set Edgewise Therapeutics, Inc. (NASDAQ:EWTX) PT at $36.00

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) have been given a consensus rating of “Moderate Buy” by the ten ratings firms that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, six have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $36.6667.

Several research analysts have commented on the stock. 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 report on Friday, November 14th. Royal Bank Of Canada lifted their price objective on shares of Edgewise Therapeutics from $49.00 to $50.00 and gave the stock an “outperform” rating in a research report on Friday, November 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Wednesday. Wedbush cut their price target on Edgewise Therapeutics from $35.00 to $32.00 and set an “outperform” rating on the stock in a research note on Friday, November 7th. Finally, Wall Street Zen raised Edgewise Therapeutics from a “sell” rating to a “hold” rating in a research report on Friday.

Edgewise Therapeutics Price Performance

EWTX stock opened at $28.61 on Wednesday. The business’s 50-day moving average is $24.62 and its two-hundred day moving average is $18.42. The firm has a market capitalization of $3.03 billion, a P/E ratio of -18.11 and a beta of 0.27. Edgewise Therapeutics has a 1 year low of $10.60 and a 1 year high of $30.48.

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

Insider Activity at Edgewise Therapeutics

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

Hedge Funds Weigh In On Edgewise Therapeutics

Several large investors have recently bought and sold shares of the stock. Braidwell LP grew its holdings 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 purchasing an additional 2,752,023 shares during the last quarter. Bellevue Group AG boosted its position 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. Sofinnova Investments Inc. grew its stake in Edgewise Therapeutics by 3,185.7% during the 2nd quarter. Sofinnova Investments Inc. now owns 716,873 shares of the company’s stock worth $9,398,000 after buying an additional 695,055 shares during the last quarter. MPM Bioimpact LLC increased its position in Edgewise Therapeutics by 55.7% during the second quarter. MPM Bioimpact LLC now owns 1,720,741 shares of the company’s stock worth $22,559,000 after buying an additional 615,297 shares during the period. Finally, Sio Capital Management LLC acquired a new position in Edgewise Therapeutics during the second quarter worth approximately $7,076,000.

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.