Edgewise Therapeutics (NASDAQ:EWTX) Upgraded to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Edgewise Therapeutics (NASDAQ:EWTX) from a sell rating to a hold rating in a report published on Saturday,Wall Street Zen reports.

A number of other equities analysts have also recently weighed in on the company. HC Wainwright restated a “buy” rating and issued a $45.00 price target on shares of Edgewise Therapeutics in a report on Tuesday, June 16th. Leerink Partners set a $52.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday, June 16th. The Goldman Sachs Group boosted their target price on shares of Edgewise Therapeutics from $32.00 to $36.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 11th. Raymond James Financial restated a “strong-buy” rating and issued a $66.00 target price on shares of Edgewise Therapeutics in a research note on Monday, June 1st. Finally, JPMorgan Chase & Co. raised their price target on shares of Edgewise Therapeutics from $53.00 to $60.00 and gave the company an “overweight” rating in a report on Thursday, August 20th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $50.33.

Edgewise Therapeutics Price Performance

NASDAQ EWTX opened at $43.07 on Friday. Edgewise Therapeutics has a 1-year low of $13.69 and a 1-year high of $48.40. The firm has a market capitalization of $4.68 billion, a P/E ratio of -23.28 and a beta of 0.32. The business’s 50-day simple moving average is $42.20 and its 200-day simple moving average is $36.12.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.53) EPS for the quarter, missing the consensus estimate of ($0.47) by ($0.06). On average, equities research analysts expect that Edgewise Therapeutics will post -2.09 EPS for the current fiscal year.

Insider Activity at Edgewise Therapeutics

In other Edgewise Therapeutics news, insider Alan J. Russell sold 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $39.41, for a total transaction of $7,882,000.00. Following the sale, the insider owned 24,555 shares in the company, valued at $967,712.55. This represents a 89.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Kevin Koch sold 17,971 shares of the stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $43.68, for a total value of $784,973.28. Following the transaction, the chief executive officer directly owned 52,488 shares in the company, valued at approximately $2,292,675.84. This represents a 25.51% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 238,329 shares of company stock worth $9,557,529. 21.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. Parallel Advisors LLC lifted its stake in Edgewise Therapeutics by 64.9% during the first quarter. Parallel Advisors LLC now owns 1,032 shares of the company’s stock worth $33,000 after purchasing an additional 406 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in Edgewise Therapeutics during the second quarter valued at $45,000. Jones Financial Companies Lllp acquired a new stake in shares of Edgewise Therapeutics during the first quarter worth $47,000. KBC Group NV acquired a new stake in shares of Edgewise Therapeutics during the first quarter worth $49,000. Finally, Seven Fleet Capital Management LP bought a new position in shares of Edgewise Therapeutics in the 4th quarter worth about $50,000.

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.