Brokerages Set Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Price Target at $47.92

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) has been given an average recommendation of “Moderate Buy” by the eleven ratings firms that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, one has given a hold rating, eight have given a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $48.75.

A number of analysts have recently issued reports on the stock. Royal Bank Of Canada boosted their target price on shares of Edgewise Therapeutics from $48.00 to $59.00 and gave the company an “outperform” rating in a research note on Wednesday, June 17th. Wedbush raised their price target on shares of Edgewise Therapeutics from $46.00 to $52.00 and gave the stock an “outperform” rating in a research note on Monday, June 1st. Truist Financial set a $52.00 price objective on shares of Edgewise Therapeutics in a report on Wednesday, May 6th. Guggenheim boosted their price objective on shares of Edgewise Therapeutics from $41.00 to $51.00 and gave the company a “buy” rating in a research report on Monday, July 6th. Finally, The Goldman Sachs Group upped their target price on shares of Edgewise Therapeutics from $20.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 17th.

Edgewise Therapeutics Stock Performance

EWTX opened at $39.58 on Wednesday. The stock’s 50 day moving average price is $37.33 and its 200-day moving average price is $32.67. Edgewise Therapeutics has a one year low of $12.30 and a one year high of $48.40. The stock has a market cap of $4.26 billion, a price-to-earnings ratio of -23.84 and a beta of 0.27.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.46) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.50) by $0.04. As a group, analysts predict that Edgewise Therapeutics will post -2.01 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CMO Joanne M. Donovan sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $38.57, for a total value of $1,928,500.00. Following the completion of the sale, the chief marketing officer owned 4,367 shares in the company, valued at approximately $168,435.19. The trade was a 91.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Alan J. Russell sold 200,000 shares of the firm’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $39.41, for a total value of $7,882,000.00. Following the transaction, the insider owned 24,555 shares in the company, valued at $967,712.55. The trade was a 89.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 255,230 shares of company stock valued at $9,974,147 in the last quarter. 21.30% of the stock is owned by company insiders.

Institutional Trading of Edgewise Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the company. Seven Fleet Capital Management LP grew its holdings in Edgewise Therapeutics by 485.1% during the 1st quarter. Seven Fleet Capital Management LP now owns 11,701 shares of the company’s stock worth $369,000 after acquiring an additional 9,701 shares in the last quarter. Parallel Advisors LLC raised its holdings in shares of Edgewise Therapeutics by 64.9% in the 1st quarter. Parallel Advisors LLC now owns 1,032 shares of the company’s stock valued at $33,000 after purchasing an additional 406 shares in the last quarter. Glenmede Trust Co. NA bought a new stake in shares of Edgewise Therapeutics in the 1st quarter valued at about $606,000. Janus Henderson Group PLC lifted its position 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 purchasing an additional 1,348,706 shares during the period. Finally, Ally Bridge Group NY LLC boosted its stake in shares of Edgewise Therapeutics by 392.7% during the first quarter. Ally Bridge Group NY LLC now owns 161,000 shares of the company’s stock valued at $5,072,000 after purchasing an additional 216,000 shares in the last quarter.

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.