Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) has earned an average rating of “Moderate Buy” from the ten ratings firms that are covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, two have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $36.6667.

Several analysts have issued reports on the stock. Wall Street Zen raised shares of Edgewise Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday. Wedbush reduced their target price on Edgewise Therapeutics from $35.00 to $32.00 and set an “outperform” rating on the stock in a research note on Friday, November 7th. Royal Bank Of Canada upped their target price on shares of Edgewise Therapeutics from $49.00 to $50.00 and gave the stock an “outperform” rating in a research note on Friday, November 7th. JPMorgan Chase & Co. increased their price target on Edgewise Therapeutics from $33.00 to $34.00 and gave the stock an “overweight” rating in a research report on Friday, November 14th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Wednesday, January 21st.

Insider Activity at Edgewise Therapeutics

In related news, Director Badreddin Edris sold 115,471 shares of Edgewise Therapeutics stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $29.44, for a total transaction of $3,399,466.24. Following the completion of the sale, the director owned 19,820 shares of the company’s stock, valued at $583,500.80. The trade was a 85.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 23.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in EWTX. Marshall Wace LLP purchased a new stake in Edgewise Therapeutics in the fourth quarter valued at $16,925,000. The Manufacturers Life Insurance Company lifted its holdings in shares of Edgewise Therapeutics by 3.4% in the 4th quarter. The Manufacturers Life Insurance Company now owns 36,759 shares of the company’s stock valued at $912,000 after buying an additional 1,221 shares during the period. Quarry LP purchased a new stake in shares of Edgewise Therapeutics in the fourth quarter worth about $144,000. Morgan Stanley grew its holdings in Edgewise Therapeutics by 234.7% during the fourth quarter. Morgan Stanley now owns 2,910,881 shares of the company’s stock worth $72,234,000 after acquiring an additional 2,041,203 shares during the period. Finally, Rafferty Asset Management LLC acquired a new stake in Edgewise Therapeutics during the fourth quarter worth about $244,000.

Edgewise Therapeutics Stock Down 1.2%

EWTX stock opened at $30.01 on Friday. Edgewise Therapeutics has a twelve month low of $10.60 and a twelve month high of $31.29. The stock has a market capitalization of $3.18 billion, a price-to-earnings ratio of -18.99 and a beta of 0.27. The firm’s fifty day simple moving average is $26.29 and its two-hundred day simple moving average is $20.07.

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.