JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Edgewise Therapeutics (NASDAQ:EWTX) Stock

Edgewise Therapeutics (NASDAQ:EWTX) had its target price hoisted by analysts at JPMorgan Chase & Co. from $34.00 to $45.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 45.65% from the company’s previous close.

Several other equities research analysts have also recently commented on EWTX. Wedbush restated an “outperform” rating and issued a $32.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday. Raymond James Financial set a $46.00 price target on shares of Edgewise Therapeutics in a research note on Tuesday, March 10th. Evercore reiterated an “outperform” rating and issued a $45.00 price objective on shares of Edgewise Therapeutics in a report on Thursday, February 26th. Wall Street Zen lowered shares of Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, February 28th. Finally, Piper Sandler reaffirmed an “overweight” rating on shares of Edgewise Therapeutics in a research report on Monday, February 9th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $37.36.

Edgewise Therapeutics Price Performance

Shares of EWTX traded up $1.12 during midday trading on Tuesday, hitting $30.90. The stock had a trading volume of 352,530 shares, compared to its average volume of 981,430. The company has a 50 day simple moving average of $28.66 and a two-hundred day simple moving average of $22.43. Edgewise Therapeutics has a twelve month low of $10.60 and a twelve month high of $31.82. The firm has a market cap of $3.31 billion, a price-to-earnings ratio of -19.02 and a beta of 0.26.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Thursday, February 26th. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.43) by ($0.04). Analysts forecast that Edgewise Therapeutics will post -1.45 EPS for the current fiscal year.

Insider Activity

In other news, Director Badreddin Edris sold 115,471 shares of Edgewise Therapeutics 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 in the company, valued at approximately $583,500.80. The trade was a 85.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 23.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of large investors have recently added to or reduced their stakes in EWTX. Seven Fleet Capital Management LP acquired a new position in shares of Edgewise Therapeutics in the fourth quarter valued at $50,000. Invesco Ltd. raised its position in shares of Edgewise Therapeutics by 14.2% in the fourth quarter. Invesco Ltd. now owns 75,438 shares of the company’s stock valued at $1,872,000 after purchasing an additional 9,382 shares during the period. Oracle Investment Management Inc. acquired a new stake in shares of Edgewise Therapeutics during the 4th quarter worth about $951,000. KVP Capital Advisors LP bought a new stake in shares of Edgewise Therapeutics during the 4th quarter worth about $3,300,000. Finally, XTX Topco Ltd bought a new stake in shares of Edgewise Therapeutics during the 4th quarter worth about $1,380,000.

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.