Edgewise Therapeutics (NASDAQ:EWTX) Upgraded at Wall Street Zen

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

Other analysts have also recently issued research reports about the company. JPMorgan Chase & Co. boosted 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. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Edgewise Therapeutics in a research report on Wednesday, January 21st. Wedbush reduced their price objective on shares of 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 raised their target price on shares of Edgewise Therapeutics from $49.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, November 7th. Finally, Piper Sandler reissued an “overweight” rating on shares of Edgewise Therapeutics in a research report on Monday, February 9th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $36.67.

Edgewise Therapeutics Stock Down 1.2%

EWTX stock opened at $30.01 on Friday. The firm has a 50 day moving average of $26.29 and a two-hundred day moving average of $20.07. Edgewise Therapeutics has a 12 month low of $10.60 and a 12 month high of $31.29. The company has a market capitalization of $3.18 billion, a price-to-earnings ratio of -18.99 and a beta of 0.27.

Insiders Place Their Bets

In related news, Director Badreddin Edris sold 115,471 shares of the business’s 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 transaction, the director directly owned 19,820 shares in the company, valued at $583,500.80. The trade was a 85.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 23.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

Several large investors have recently modified their holdings of the stock. Jones Financial Companies Lllp bought a new position in shares of Edgewise Therapeutics during the 1st quarter worth approximately $47,000. Bessemer Group Inc. raised its stake in Edgewise Therapeutics by 1,170.3% during the third quarter. Bessemer Group Inc. now owns 2,350 shares of the company’s stock worth $38,000 after acquiring an additional 2,165 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its holdings in shares of Edgewise Therapeutics by 23.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,854 shares of the company’s stock valued at $71,000 after acquiring an additional 550 shares during the period. Canada Pension Plan Investment Board acquired a new stake in shares of Edgewise Therapeutics in the 2nd quarter valued at $45,000. Finally, Strs Ohio bought a new stake in shares of Edgewise Therapeutics in the 1st quarter worth about $84,000.

About Edgewise Therapeutics

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.