Edgewise Therapeutics (NASDAQ:EWTX) Raised 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 report issued to clients and investors on Friday.

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

Edgewise Therapeutics Stock Down 3.9%

NASDAQ EWTX opened at $28.61 on Friday. Edgewise Therapeutics has a fifty-two week low of $10.60 and a fifty-two week high of $30.48. The business has a fifty day moving average of $24.62 and a 200-day moving average of $18.46. The stock has a market cap of $3.03 billion, a price-to-earnings ratio of -18.11 and a beta of 0.27.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.39) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.01. As a group, analysts anticipate that Edgewise Therapeutics will post -1.45 EPS for the current year.

Insiders Place Their Bets

In other news, Director Badreddin Edris sold 115,471 shares of the company’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $29.44, for a total transaction of $3,399,466.24. Following the completion of the transaction, the director directly owned 19,820 shares of the company’s stock, valued at approximately $583,500.80. This represents a 85.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jonathan C. Fox bought 10,700 shares of the business’s stock in a transaction on Tuesday, November 11th. The shares were acquired at an average cost of $18.64 per share, for a total transaction of $199,448.00. Following the purchase, the director directly owned 23,702 shares in the company, valued at $441,805.28. This represents a 82.30% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 23.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Large investors have recently made changes to their positions in the business. Bessemer Group Inc. grew its holdings in shares of 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 acquiring an additional 2,165 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of Edgewise Therapeutics in the 2nd quarter valued at $45,000. Jones Financial Companies Lllp purchased a new position in Edgewise Therapeutics in the 1st quarter worth about $47,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in 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 during the period. Finally, Strs Ohio purchased a new stake in Edgewise Therapeutics during the first quarter valued at about $84,000.

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.