Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Receives $50.33 Consensus Price Target from Brokerages

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) has received a consensus recommendation of “Moderate Buy” from the eleven research firms that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation, eight have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $50.3333.

Several analysts have recently issued reports on EWTX shares. The Goldman Sachs Group increased their price objective on Edgewise Therapeutics from $32.00 to $36.00 and gave the company a “neutral” rating in a research note on Tuesday, August 11th. Royal Bank Of Canada raised their target price on shares of Edgewise Therapeutics from $48.00 to $59.00 and gave the company an “outperform” rating in a report on Wednesday, June 17th. Evercore reiterated an “outperform” rating and set a $55.00 price target on shares of Edgewise Therapeutics in a report on Monday, July 20th. Raymond James Financial reiterated a “strong-buy” rating and set a $66.00 target price on shares of Edgewise Therapeutics in a research note on Monday, June 1st. Finally, Guggenheim raised their price target on Edgewise Therapeutics from $41.00 to $51.00 and gave the company a “buy” rating in a research note on Monday, July 6th.

Insiders Place Their Bets

In other news, General Counsel John Moore sold 5,016 shares of Edgewise Therapeutics stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $43.82, for a total value of $219,801.12. Following the transaction, the general counsel directly owned 17,697 shares of the company’s stock, valued at $775,482.54. The trade was a 22.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Alan J. Russell sold 200,000 shares of the company’s stock in a transaction on Wednesday, July 1st. The shares were 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 of the company’s stock, valued at approximately $967,712.55. This trade represents a 89.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 238,329 shares of company stock worth $9,557,529. Insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of EWTX. Parallel Advisors LLC grew its position in 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 buying an additional 406 shares during the last quarter. Canada Pension Plan Investment Board purchased a new stake in shares of Edgewise Therapeutics in the second quarter valued at about $45,000. Jones Financial Companies Lllp acquired a new position in shares of 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 acquired a new position in Edgewise Therapeutics during the 4th quarter worth approximately $50,000.

Edgewise Therapeutics Trading Down 1.0%

EWTX stock opened at $43.39 on Thursday. The business’s fifty day moving average price is $42.39 and its 200 day moving average price is $36.45. Edgewise Therapeutics has a 12-month low of $13.69 and a 12-month high of $48.40. The company has a market capitalization of $4.71 billion, a PE ratio of -23.45 and a beta of 0.32.

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