Edgewise Therapeutics (NASDAQ:EWTX) Upgraded at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Edgewise Therapeutics (NASDAQ:EWTX) to a hold rating in a report released on Wednesday morning,Zacks.com reports.

EWTX has been the subject of several other research reports. Royal Bank Of Canada boosted their price objective on Edgewise Therapeutics from $48.00 to $49.00 and gave the company an “outperform” rating in a report on Friday, August 8th. HC Wainwright started coverage on Edgewise Therapeutics in a report on Monday, June 30th. They issued a “buy” rating and a $42.00 price target for the company. JPMorgan Chase & Co. reduced their price target on Edgewise Therapeutics from $40.00 to $30.00 and set an “overweight” rating for the company in a report on Tuesday, August 19th. Finally, Raymond James Financial started coverage on Edgewise Therapeutics in a report on Wednesday, July 30th. They issued a “strong-buy” rating and a $46.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $38.83.

Edgewise Therapeutics Stock Up 7.8%

Shares of EWTX stock opened at $16.05 on Wednesday. The stock has a market cap of $1.69 billion, a PE ratio of -10.35 and a beta of 0.26. The business has a 50-day simple moving average of $14.31 and a 200-day simple moving average of $15.18. Edgewise Therapeutics has a 52-week low of $10.60 and a 52-week high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.42) by $0.08. Sell-side analysts anticipate that Edgewise Therapeutics will post -1.45 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Alan J. Russell sold 100,000 shares of the stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $14.60, for a total value of $1,460,000.00. Following the completion of the sale, the insider owned 23,400 shares of the company’s stock, valued at approximately $341,640. This trade represents a 81.04% 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 this link. Also, General Counsel John R. Moore sold 2,098 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $13.39, for a total value of $28,092.22. Following the completion of the sale, the general counsel directly owned 10,214 shares of the company’s stock, valued at approximately $136,765.46. This represents a 17.04% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 116,267 shares of company stock worth $1,677,815 in the last three months. Company insiders own 23.20% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC grew its position in Edgewise Therapeutics by 2,243.2% in the first quarter. GAMMA Investing LLC now owns 30,954 shares of the company’s stock worth $681,000 after acquiring an additional 29,633 shares during the period. Aberdeen Group plc grew its position in Edgewise Therapeutics by 75.8% in the first quarter. Aberdeen Group plc now owns 313,025 shares of the company’s stock worth $6,887,000 after acquiring an additional 134,982 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Edgewise Therapeutics by 231.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 279,125 shares of the company’s stock worth $7,453,000 after acquiring an additional 194,831 shares during the period. Jennison Associates LLC purchased a new position in Edgewise Therapeutics in the first quarter worth approximately $2,832,000. Finally, Ameriprise Financial Inc. purchased a new position in Edgewise Therapeutics in the fourth quarter worth approximately $603,000.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics, Inc, a biopharmaceutical company, discovers, develops, and commercializes therapies for the treatment of muscle disorders. Its lead product candidate, EDG-5506, an orally administered small molecule that is in Phase II clinical trials, designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy and Becker muscular dystrophy.