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

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) have been assigned a consensus recommendation of “Moderate Buy” from the nine ratings firms that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, six have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $47.30.

EWTX has been the topic of several analyst reports. Evercore reissued an “outperform” rating and set a $45.00 price target on shares of Edgewise Therapeutics in a research report on Thursday, February 26th. Truist Financial set a $52.00 target price on shares of Edgewise Therapeutics in a report on Wednesday, May 6th. JPMorgan Chase & Co. upped their target price on shares of Edgewise Therapeutics from $34.00 to $45.00 and gave the company an “overweight” rating in a report on Tuesday, March 17th. Wedbush upped their target price on shares of Edgewise Therapeutics from $46.00 to $52.00 and gave the company an “outperform” rating in a report on Monday, June 1st. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Monday, April 20th.

Insider Activity

In other news, CMO Joanne M. Donovan sold 50,000 shares of the company’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $38.57, for a total value of $1,928,500.00. Following the sale, the chief marketing officer directly owned 4,367 shares of the company’s stock, valued at approximately $168,435.19. This represents a 91.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders have sold 83,892 shares of company stock valued at $3,018,216. 21.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Seven Fleet Capital Management LP grew its stake in Edgewise Therapeutics by 485.1% in the 1st quarter. Seven Fleet Capital Management LP now owns 11,701 shares of the company’s stock valued at $369,000 after buying an additional 9,701 shares during the last quarter. Parallel Advisors LLC grew its stake in Edgewise Therapeutics by 64.9% in 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 last quarter. Glenmede Trust Co. NA acquired a new position in Edgewise Therapeutics in the 1st quarter valued at about $606,000. Janus Henderson Group PLC grew its stake in Edgewise Therapeutics by 29.5% in the 1st quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company’s stock valued at $186,289,000 after buying an additional 1,348,706 shares during the last quarter. Finally, Ally Bridge Group NY LLC grew its stake in Edgewise Therapeutics by 392.7% in the 1st quarter. Ally Bridge Group NY LLC now owns 161,000 shares of the company’s stock valued at $5,072,000 after buying an additional 216,000 shares during the last quarter.

Edgewise Therapeutics Price Performance

Shares of NASDAQ:EWTX opened at $42.30 on Friday. The company’s 50-day moving average price is $34.31 and its two-hundred day moving average price is $30.35. Edgewise Therapeutics has a one year low of $12.15 and a one year high of $42.46. The stock has a market capitalization of $4.55 billion, a PE ratio of -25.48 and a beta of 0.27.

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

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.