Edgewise Therapeutics’ (EWTX) “Outperform” Rating Reiterated at Wedbush

Wedbush reaffirmed their outperform rating on shares of Edgewise Therapeutics (NASDAQ:EWTX) in a report released on Tuesday,Benzinga reports. They currently have a $32.00 price target on the stock.

A number of other analysts have also issued reports on EWTX. Weiss Ratings reiterated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Wednesday, January 21st. Evercore restated an “outperform” rating and issued a $45.00 target price on shares of Edgewise Therapeutics in a research note on Thursday, February 26th. Piper Sandler reaffirmed an “overweight” rating on shares of Edgewise Therapeutics in a report on Monday, February 9th. Wall Street Zen lowered shares of Edgewise Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, February 28th. Finally, Raymond James Financial set a $46.00 price objective on shares of Edgewise Therapeutics in a research report on Tuesday, March 10th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $37.36.

Edgewise Therapeutics Stock Performance

EWTX stock opened at $30.05 on Tuesday. Edgewise Therapeutics has a 1 year low of $10.60 and a 1 year high of $31.82. The firm has a market cap of $3.22 billion, a P/E ratio of -18.44 and a beta of 0.26. The stock has a 50-day simple moving average of $29.02 and a 200-day simple moving average of $22.65.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings results on Thursday, February 26th. The company reported ($0.47) EPS for the quarter, missing the consensus estimate of ($0.43) by ($0.04). On average, equities research analysts predict that Edgewise Therapeutics will post -1.45 EPS for the current year.

Insiders Place Their Bets

In other Edgewise Therapeutics news, Director Badreddin Edris sold 115,471 shares of the firm’s stock in a transaction on Wednesday, January 21st. The shares were 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 $583,500.80. This trade represents a 85.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 23.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Several large investors have recently modified their holdings of the stock. Bessemer Group Inc. increased its holdings in Edgewise Therapeutics by 1,170.3% in the third quarter. Bessemer Group Inc. now owns 2,350 shares of the company’s stock valued at $38,000 after buying an additional 2,165 shares during the last quarter. Canada Pension Plan Investment Board bought a new position in Edgewise Therapeutics during the 2nd quarter worth approximately $45,000. Jones Financial Companies Lllp bought a new position in Edgewise Therapeutics during the 1st quarter worth approximately $47,000. Seven Fleet Capital Management LP acquired a new position in shares of Edgewise Therapeutics in the 4th quarter worth approximately $50,000. Finally, Steward Partners Investment Advisory LLC increased its holdings in shares of Edgewise Therapeutics by 23.9% in the 4th 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 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.