Wall Street Zen Upgrades Edgewise Therapeutics (NASDAQ:EWTX) to “Hold”

Edgewise Therapeutics (NASDAQ:EWTX) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.

Other research analysts also recently issued reports about the company. JPMorgan Chase & Co. boosted their price target on Edgewise Therapeutics from $33.00 to $34.00 and gave the company an “overweight” rating in a report on Friday, November 14th. The Goldman Sachs Group initiated coverage on Edgewise Therapeutics in a research note on Thursday, September 25th. They issued a “neutral” rating and a $20.00 target price for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research report on Wednesday, October 8th. Raymond James Financial assumed 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. Finally, Royal Bank Of Canada increased their price objective on shares of Edgewise Therapeutics from $49.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday, November 7th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $38.33.

Edgewise Therapeutics Trading Up 1.9%

NASDAQ:EWTX opened at $22.67 on Friday. Edgewise Therapeutics has a 12-month low of $10.60 and a 12-month high of $35.50. The firm has a market cap of $2.40 billion, a price-to-earnings ratio of -14.35 and a beta of 0.30. The company’s 50-day moving average is $16.88 and its two-hundred day moving average is $15.14.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.39) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.01. On average, equities research analysts forecast that Edgewise Therapeutics will post -1.45 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Edgewise Therapeutics news, Director Jonathan C. Fox acquired 10,700 shares of the firm’s stock in a transaction on Tuesday, November 11th. The stock was bought at an average cost of $18.64 per share, for a total transaction of $199,448.00. Following the completion of the purchase, the director directly owned 23,702 shares in the company, valued at $441,805.28. This represents a 82.30% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Alan J. Russell sold 100,000 shares of the firm’s stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $21.12, for a total transaction of $2,112,000.00. Following the completion of the transaction, the insider directly owned 23,400 shares in the company, valued at approximately $494,208. This represents a 81.04% decrease in their position. The SEC filing for this sale provides additional information. 23.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Edgewise Therapeutics

Several large investors have recently added to or reduced their stakes in EWTX. Orbimed Advisors LLC lifted its stake in shares of Edgewise Therapeutics by 3.3% during the second quarter. Orbimed Advisors LLC now owns 15,518,492 shares of the company’s stock worth $203,447,000 after purchasing an additional 496,771 shares in the last quarter. RA Capital Management L.P. lifted its position in Edgewise Therapeutics by 5.3% during the 3rd quarter. RA Capital Management L.P. now owns 10,428,437 shares of the company’s stock worth $169,149,000 after acquiring an additional 525,804 shares in the last quarter. Paradigm Biocapital Advisors LP boosted its holdings in Edgewise Therapeutics by 0.5% in the 3rd quarter. Paradigm Biocapital Advisors LP now owns 6,170,131 shares of the company’s stock worth $100,080,000 after acquiring an additional 27,787 shares during the period. Braidwell LP boosted its holdings in Edgewise Therapeutics by 111.9% in the 2nd quarter. Braidwell LP now owns 5,210,831 shares of the company’s stock worth $68,314,000 after acquiring an additional 2,752,023 shares during the period. Finally, Cormorant Asset Management LP grew its position in Edgewise Therapeutics by 20.4% in the first quarter. Cormorant Asset Management LP now owns 4,101,992 shares of the company’s stock valued at $90,244,000 after acquiring an additional 695,458 shares in the last quarter.

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.