Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) have been given an average rating of “Moderate Buy” by the eleven ratings firms that are covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, one has issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $49.0833.

Several analysts have recently issued reports on the company. Guggenheim upped their price objective on Edgewise Therapeutics from $41.00 to $51.00 and gave the company a “buy” rating in a research report on Monday, July 6th. Truist Financial set a $52.00 price objective on Edgewise Therapeutics in a research report on Wednesday, May 6th. Evercore reissued an “outperform” rating and issued a $55.00 target price on shares of Edgewise Therapeutics in a research note on Monday, July 20th. HC Wainwright restated a “buy” rating and issued a $45.00 target price on shares of Edgewise Therapeutics in a report on Tuesday, June 16th. Finally, The Goldman Sachs Group raised their price target on shares of Edgewise Therapeutics from $32.00 to $36.00 and gave the stock a “neutral” rating in a research note on Tuesday.

Edgewise Therapeutics News Roundup

Here are the key news stories impacting Edgewise Therapeutics this week:

• Neutral Sentiment: The sales were made to cover tax-withholding obligations associated with the vesting of equity awards, rather than representing stated concerns about the company’s outlook. Insiders continued to hold shares after the transactions, which reduces the negative significance of the filings. CEO SEC filing General counsel SEC filing Insider SEC filing CMO SEC filing
• Negative Sentiment: The number of transactions and the reductions in individual holdings—ranging from roughly 16% to 36%—could create modest sentiment pressure because multiple executives sold shares while EWTX was trading at elevated levels. However, the tax-related purpose makes these filings a limited signal of insider sentiment.

Edgewise Therapeutics Stock Performance

EWTX stock opened at $44.17 on Friday. Edgewise Therapeutics has a 1 year low of $13.52 and a 1 year high of $48.40. The stock’s 50 day moving average price is $40.12 and its 200 day moving average price is $34.62. The firm has a market cap of $4.80 billion, a P/E ratio of -23.88 and a beta of 0.30.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.53) earnings per share for the quarter, missing the consensus estimate of ($0.47) by ($0.06). On average, research analysts predict that Edgewise Therapeutics will post -2.09 earnings per share for the current year.

Insider Activity

In related news, CEO Kevin Koch sold 17,971 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $43.68, for a total transaction of $784,973.28. Following the sale, the chief executive officer owned 52,488 shares in the company, valued at approximately $2,292,675.84. This trade represents a 25.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CMO Joanne M. Donovan sold 6,522 shares of Edgewise Therapeutics stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $43.85, for a total transaction of $285,989.70. Following the completion of the sale, the chief marketing officer directly owned 11,544 shares of the company’s stock, valued at $506,204.40. The trade was a 36.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 238,329 shares of company stock worth $9,557,529. Corporate insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Parallel Advisors LLC boosted its holdings in shares of Edgewise Therapeutics by 64.9% during the first quarter. Parallel Advisors LLC now owns 1,032 shares of the company’s stock worth $33,000 after purchasing an additional 406 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in Edgewise Therapeutics in the second quarter valued at $45,000. Jones Financial Companies Lllp purchased a new position in Edgewise Therapeutics during the first quarter worth about $47,000. KBC Group NV purchased a new position in Edgewise Therapeutics during the first quarter worth about $49,000. Finally, Seven Fleet Capital Management LP purchased a new position in Edgewise Therapeutics during the fourth quarter worth about $50,000.

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.