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

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

Several other equities research analysts also recently issued reports on EWTX. JPMorgan Chase & Co. raised 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. Royal Bank Of Canada increased their price objective on shares of Edgewise Therapeutics from $49.00 to $50.00 and gave the company an “outperform” rating in a research report on Friday, November 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Wednesday. The Goldman Sachs Group initiated coverage on shares of Edgewise Therapeutics in a research note on Thursday, September 25th. They issued a “neutral” rating and a $20.00 price target on the stock. Finally, Wedbush lowered their price target on shares of Edgewise Therapeutics from $35.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, November 7th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $36.67.

Edgewise Therapeutics Stock Down 3.9%

Shares of NASDAQ EWTX opened at $28.61 on Friday. The business’s 50 day moving average price is $24.62 and its two-hundred day moving average price is $18.42. The company has a market cap of $3.03 billion, a PE ratio of -18.11 and a beta of 0.27. Edgewise Therapeutics has a twelve month low of $10.60 and a twelve month high of $30.48.

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

Insider Buying and Selling

In other Edgewise Therapeutics news, Director Badreddin Edris sold 115,471 shares of Edgewise Therapeutics stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $29.44, for a total value of $3,399,466.24. Following the completion of the sale, the director owned 19,820 shares in the company, valued at $583,500.80. The trade was a 85.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jonathan C. Fox acquired 10,700 shares of the business’s stock in a transaction on Tuesday, November 11th. The stock was acquired at an average cost of $18.64 per share, with a total value of $199,448.00. Following the acquisition, the director directly owned 23,702 shares in the company, valued at approximately $441,805.28. This trade represents a 82.30% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 23.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

Several institutional investors have recently made changes to their positions in the stock. California State Teachers Retirement System boosted its holdings in Edgewise Therapeutics by 2.4% in the second quarter. California State Teachers Retirement System now owns 36,878 shares of the company’s stock valued at $483,000 after acquiring an additional 850 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Edgewise Therapeutics by 28.2% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,062 shares of the company’s stock worth $53,000 after purchasing an additional 894 shares during the period. HighMark Wealth Management LLC boosted its stake in shares of Edgewise Therapeutics by 2.1% in the 3rd quarter. HighMark Wealth Management LLC now owns 53,179 shares of the company’s stock valued at $863,000 after purchasing an additional 1,114 shares during the last quarter. Creative Planning increased its position in shares of Edgewise Therapeutics by 6.7% during the third quarter. Creative Planning now owns 18,036 shares of the company’s stock worth $293,000 after buying an additional 1,126 shares during the period. Finally, Tower Research Capital LLC TRC increased its position in shares of Edgewise Therapeutics by 14.9% during the second quarter. Tower Research Capital LLC TRC now owns 9,148 shares of the company’s stock worth $120,000 after buying an additional 1,188 shares during the period.

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.