Edgewise Therapeutics (NASDAQ:EWTX) Given New $45.00 Price Target at JPMorgan Chase & Co.

Edgewise Therapeutics (NASDAQ:EWTX) had its target price increased by JPMorgan Chase & Co. from $34.00 to $45.00 in a report released on Tuesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

EWTX has been the subject of a number of other reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Edgewise Therapeutics in a research report on Wednesday, January 21st. Evercore reaffirmed an “outperform” rating and set a $45.00 price objective on shares of Edgewise Therapeutics in a report on Thursday, February 26th. Wall Street Zen lowered shares of Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. HC Wainwright upgraded shares of Edgewise Therapeutics to a “strong-buy” rating in a report on Thursday, February 26th. Finally, Wedbush reissued an “outperform” rating and set a $32.00 price target on shares of Edgewise Therapeutics in a research report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Edgewise Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.36.

Edgewise Therapeutics Trading Up 2.4%

Shares of EWTX stock opened at $30.50 on Tuesday. Edgewise Therapeutics has a 12 month low of $10.60 and a 12 month high of $31.82. The firm has a market capitalization of $3.27 billion, a PE ratio of -18.71 and a beta of 0.26. The firm has a fifty day simple moving average of $28.81 and a two-hundred day simple moving average of $22.55.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings data on Thursday, February 26th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.04). On average, equities analysts predict that Edgewise Therapeutics will post -1.45 earnings per share for the current fiscal year.

Insider Activity at Edgewise Therapeutics

In related news, Director Badreddin Edris sold 115,471 shares of the stock in a transaction that occurred on 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 directly owned 19,820 shares of the company’s stock, valued at approximately $583,500.80. This trade represents a 85.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 23.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Edgewise Therapeutics by 6.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 43,776 shares of the company’s stock worth $963,000 after purchasing an additional 2,463 shares during the period. Jones Financial Companies Lllp purchased a new stake in Edgewise Therapeutics during the first quarter worth about $47,000. Goldman Sachs Group Inc. increased its holdings in Edgewise Therapeutics by 5.7% during the first quarter. Goldman Sachs Group Inc. now owns 366,644 shares of the company’s stock worth $8,066,000 after buying an additional 19,753 shares during the last quarter. Strs Ohio bought a new stake in Edgewise Therapeutics in the first quarter worth about $84,000. Finally, Geode Capital Management LLC raised its position in Edgewise Therapeutics by 8.5% in the second quarter. Geode Capital Management LLC now owns 1,797,215 shares of the company’s stock worth $23,564,000 after acquiring an additional 141,551 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.