Edgewise Therapeutics (NASDAQ:EWTX) Rating Increased to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Edgewise Therapeutics (NASDAQ:EWTX) from a sell rating to a hold rating in a research note issued to investors on Sunday.

Other equities research analysts have also issued reports about the company. Wedbush dropped their target price on Edgewise Therapeutics from $35.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, November 7th. Royal Bank Of Canada increased their price objective on shares of Edgewise Therapeutics from $49.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday, November 7th. Piper Sandler reiterated an “overweight” rating on shares of Edgewise Therapeutics in a research report on Monday, February 9th. JPMorgan Chase & Co. upped their target price on shares of 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 restated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Edgewise Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $36.67.

Edgewise Therapeutics Trading Down 1.2%

Shares of Edgewise Therapeutics stock opened at $30.01 on Friday. The stock has a market capitalization of $3.18 billion, a price-to-earnings ratio of -18.99 and a beta of 0.27. Edgewise Therapeutics has a twelve month low of $10.60 and a twelve month high of $31.29. The business’s 50 day simple moving average is $26.29 and its 200-day simple moving average is $20.11.

Insider Buying and Selling

In other Edgewise Therapeutics news, Director Badreddin Edris sold 115,471 shares of the business’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $29.44, for a total transaction of $3,399,466.24. Following the sale, the director directly owned 19,820 shares in the company, valued at approximately $583,500.80. The trade was a 85.35% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 23.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Braidwell LP boosted its stake in shares of Edgewise Therapeutics by 111.9% during the 2nd quarter. Braidwell LP now owns 5,210,831 shares of the company’s stock worth $68,314,000 after acquiring an additional 2,752,023 shares in the last quarter. Morgan Stanley lifted its holdings in shares of Edgewise Therapeutics by 234.7% during the fourth quarter. Morgan Stanley now owns 2,910,881 shares of the company’s stock valued at $72,234,000 after purchasing an additional 2,041,203 shares during the last quarter. UBS Group AG lifted its holdings in shares of Edgewise Therapeutics by 1,755.0% during the fourth quarter. UBS Group AG now owns 2,117,073 shares of the company’s stock valued at $52,535,000 after purchasing an additional 2,002,945 shares during the last quarter. Bellevue Group AG boosted its position in shares of Edgewise Therapeutics by 94.3% in the 2nd quarter. Bellevue Group AG now owns 2,775,997 shares of the company’s stock valued at $36,393,000 after purchasing an additional 1,347,068 shares during the period. Finally, Norges Bank purchased a new position in Edgewise Therapeutics in the 4th quarter worth about $18,645,000.

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.