Edgewise Therapeutics (NASDAQ:EWTX) Releases Earnings Results, Misses Estimates By $0.06 EPS

Edgewise Therapeutics (NASDAQ:EWTX) issued its quarterly earnings data on Thursday. The company reported ($0.53) EPS for the quarter, missing the consensus estimate of ($0.47) by ($0.06), FiscalAI reports.

Edgewise Therapeutics Stock Down 1.3%

Shares of Edgewise Therapeutics stock traded down $0.57 during trading on Thursday, reaching $44.42. The company’s stock had a trading volume of 1,451,091 shares, compared to its average volume of 1,131,861. Edgewise Therapeutics has a 52-week low of $12.30 and a 52-week high of $48.40. The company has a market cap of $4.78 billion, a price-to-earnings ratio of -26.76 and a beta of 0.30. The firm’s 50-day moving average is $39.27 and its two-hundred day moving average is $34.02.

Wall Street Analysts Forecast Growth

EWTX has been the topic of several recent analyst reports. Wedbush increased their target price 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. Weiss Ratings restated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research report on Friday, July 17th. Truist Financial set a $52.00 price target on shares of Edgewise Therapeutics in a report on Wednesday, May 6th. Evercore reiterated an “outperform” rating and issued a $55.00 price objective on shares of Edgewise Therapeutics in a research report on Monday, July 20th. Finally, HC Wainwright reissued a “buy” rating and set a $45.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday, June 16th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $48.75.

Insider Activity at Edgewise Therapeutics

In related news, insider Alan J. Russell sold 200,000 shares of Edgewise Therapeutics stock in a transaction on Wednesday, July 1st. The shares were 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. This trade represents a 89.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of EWTX. Morgan Stanley increased its stake in shares of 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 period. Sofinnova Investments Inc. grew its holdings in Edgewise Therapeutics by 3,185.7% in the 2nd quarter. Sofinnova Investments Inc. now owns 716,873 shares of the company’s stock worth $9,398,000 after acquiring an additional 695,055 shares during the last quarter. Marshall Wace LLP purchased a new position in shares of Edgewise Therapeutics in the fourth quarter valued at about $16,925,000. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Edgewise Therapeutics during the fourth quarter valued at about $15,892,000. Finally, Siren L.L.C. boosted its holdings in shares of Edgewise Therapeutics by 16.2% during the fourth quarter. Siren L.L.C. now owns 4,529,990 shares of the company’s stock worth $112,412,000 after purchasing an additional 632,891 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.