Wall Street Zen Downgrades Edgewise Therapeutics (NASDAQ:EWTX) to Sell

Edgewise Therapeutics (NASDAQ:EWTX) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday.

A number of other brokerages have also recently weighed in on EWTX. Weiss Ratings reiterated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research report on Wednesday, January 21st. JPMorgan Chase & Co. increased 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. Wedbush cut their price target on shares of Edgewise Therapeutics from $35.00 to $32.00 and set an “outperform” rating for the company in a report on Friday, November 7th. Finally, Royal Bank Of Canada raised 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. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $36.67.

Edgewise Therapeutics Stock Up 7.0%

NASDAQ:EWTX opened at $29.10 on Friday. The firm has a market capitalization of $3.08 billion, a PE ratio of -18.42 and a beta of 0.27. Edgewise Therapeutics has a 12-month low of $10.60 and a 12-month high of $30.25. The firm has a 50-day moving average price of $25.62 and a 200 day moving average price of $19.54.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.39) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.01. On average, research analysts expect that Edgewise Therapeutics will post -1.45 EPS for the current year.

Insiders Place Their Bets

In other Edgewise Therapeutics news, insider Alan J. Russell sold 100,000 shares of the company’s stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of $21.12, for a total transaction of $2,112,000.00. Following the transaction, the insider owned 23,400 shares of the company’s stock, valued at approximately $494,208. This represents a 81.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Badreddin Edris sold 115,471 shares of Edgewise Therapeutics stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $29.44, for a total value of $3,399,466.24. Following the completion of the sale, the director directly owned 19,820 shares of the company’s stock, valued at $583,500.80. This trade represents a 85.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 23.20% of the company’s stock.

Hedge Funds Weigh In On Edgewise Therapeutics

Hedge funds have recently added to or reduced their stakes in the company. Braidwell LP raised its holdings in 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 purchasing an additional 2,752,023 shares during the last quarter. UBS Group AG grew its position in shares of Edgewise Therapeutics by 1,755.0% during the 4th quarter. UBS Group AG now owns 2,117,073 shares of the company’s stock worth $52,535,000 after buying an additional 2,002,945 shares during the period. Bellevue Group AG raised its stake in shares of Edgewise Therapeutics by 94.3% during the second quarter. Bellevue Group AG now owns 2,775,997 shares of the company’s stock worth $36,393,000 after buying an additional 1,347,068 shares during the last quarter. Sofinnova Investments Inc. lifted its holdings in Edgewise Therapeutics by 3,185.7% in the second quarter. Sofinnova Investments Inc. now owns 716,873 shares of the company’s stock valued at $9,398,000 after buying an additional 695,055 shares during the period. Finally, MPM Bioimpact LLC lifted its holdings in Edgewise Therapeutics by 55.7% in the second quarter. MPM Bioimpact LLC now owns 1,720,741 shares of the company’s stock valued at $22,559,000 after buying an additional 615,297 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.