Analysts Set Edgewise Therapeutics, Inc. (NASDAQ:EWTX) PT at $47.92

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) have earned a consensus recommendation of “Moderate Buy” from the eleven analysts that are covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, eight have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $47.9167.

Several brokerages have recently issued reports on EWTX. Leerink Partners set a $52.00 target price on Edgewise Therapeutics in a report on Tuesday, June 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Monday, April 20th. Raymond James Financial restated a “strong-buy” rating and set a $66.00 price target on shares of Edgewise Therapeutics in a report on Monday, June 1st. HC Wainwright reaffirmed a “buy” rating and issued a $45.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday, June 16th. Finally, Truist Financial set a $52.00 price objective on Edgewise Therapeutics in a report on Wednesday, May 6th.

Insider Buying and Selling at Edgewise Therapeutics

In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 50,000 shares of Edgewise Therapeutics stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $38.57, for a total value of $1,928,500.00. Following the completion of the transaction, the chief marketing officer directly owned 4,367 shares of the company’s stock, valued at $168,435.19. This trade represents a 91.97% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Alan J. Russell sold 200,000 shares of the business’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $39.41, for a total transaction of $7,882,000.00. Following the completion of the sale, the insider owned 24,555 shares in the company, valued at approximately $967,712.55. This trade represents a 89.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 255,230 shares of company stock worth $9,974,147 in the last 90 days. 21.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Morgan Stanley lifted its position in Edgewise Therapeutics by 234.7% in the fourth quarter. Morgan Stanley now owns 2,910,881 shares of the company’s stock worth $72,234,000 after buying an additional 2,041,203 shares during the last quarter. UBS Group AG raised its stake in shares of Edgewise Therapeutics by 1,755.0% in the fourth quarter. UBS Group AG now owns 2,117,073 shares of the company’s stock valued at $52,535,000 after acquiring an additional 2,002,945 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of Edgewise Therapeutics by 29.5% in the 1st quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company’s stock worth $186,289,000 after acquiring an additional 1,348,706 shares during the last quarter. Norges Bank purchased a new position in shares of Edgewise Therapeutics during the 4th quarter worth about $18,645,000. Finally, Sofinnova Investments Inc. boosted its stake in shares of Edgewise Therapeutics by 3,185.7% during the 2nd quarter. Sofinnova Investments Inc. now owns 716,873 shares of the company’s stock worth $9,398,000 after purchasing an additional 695,055 shares during the period.

Edgewise Therapeutics Stock Performance

EWTX opened at $39.76 on Wednesday. The stock has a market capitalization of $4.28 billion, a price-to-earnings ratio of -23.95 and a beta of 0.27. The company has a fifty day moving average of $37.13 and a 200 day moving average of $32.41. Edgewise Therapeutics has a fifty-two week low of $12.30 and a fifty-two week high of $48.40.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.46) EPS for the quarter, topping the consensus estimate of ($0.50) by $0.04. On average, equities research analysts forecast that Edgewise Therapeutics will post -2.01 earnings per share for the current year.

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.