Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) have been assigned a consensus rating of “Moderate Buy” from the eleven analysts that are covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation, six have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $36.00.

EWTX has been the subject of several recent analyst reports. Wedbush cut their target price on Edgewise Therapeutics from $35.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, November 7th. Royal Bank Of Canada upped their price objective on Edgewise Therapeutics from $49.00 to $50.00 and gave the stock an “outperform” rating in a research report on Friday, November 7th. Wall Street Zen cut Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, December 27th. The Goldman Sachs Group assumed coverage on shares of Edgewise Therapeutics in a report on Thursday, September 25th. They issued a “neutral” rating and a $20.00 target price for the company. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Wednesday, October 8th.

Edgewise Therapeutics Stock Up 4.9%

EWTX opened at $28.73 on Wednesday. The stock has a market capitalization of $3.04 billion, a price-to-earnings ratio of -18.18 and a beta of 0.27. Edgewise Therapeutics has a twelve month low of $10.60 and a twelve month high of $30.48. The company has a 50-day simple moving average of $24.15 and a 200 day simple moving average of $18.15.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its earnings results on Thursday, November 6th. The company reported ($0.39) EPS for the quarter, beating the consensus estimate of ($0.40) by $0.01. Sell-side analysts anticipate that Edgewise Therapeutics will post -1.45 EPS for the current fiscal year.

Insider Buying and Selling

In other Edgewise Therapeutics news, insider Alan J. Russell sold 100,000 shares of the business’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 sale, the insider owned 23,400 shares of the company’s stock, valued at approximately $494,208. The trade was a 81.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jonathan C. Fox purchased 10,700 shares of the company’s stock in a transaction dated Tuesday, November 11th. The stock was purchased at an average price of $18.64 per share, with a total value 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. The trade was a 82.30% increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 23.20% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

A number of hedge funds have recently made changes to their positions in EWTX. Braidwell LP grew its holdings in shares of Edgewise Therapeutics by 111.9% during the second quarter. Braidwell LP now owns 5,210,831 shares of the company’s stock worth $68,314,000 after purchasing an additional 2,752,023 shares during the last quarter. Bellevue Group AG grew its holdings in Edgewise Therapeutics by 94.3% during the 2nd quarter. Bellevue Group AG now owns 2,775,997 shares of the company’s stock worth $36,393,000 after acquiring an additional 1,347,068 shares during the last quarter. Sofinnova Investments Inc. increased its position in Edgewise Therapeutics by 3,185.7% in the 2nd quarter. Sofinnova Investments Inc. now owns 716,873 shares of the company’s stock valued at $9,398,000 after acquiring an additional 695,055 shares during the period. MPM Bioimpact LLC raised its stake in shares of Edgewise Therapeutics by 55.7% during the second quarter. MPM Bioimpact LLC now owns 1,720,741 shares of the company’s stock valued at $22,559,000 after acquiring an additional 615,297 shares during the last quarter. Finally, Sio Capital Management LLC acquired a new position in shares of Edgewise Therapeutics during the second quarter worth $7,076,000.

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.