Edgewise Therapeutics (NASDAQ:EWTX) Rating Increased to Hold at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Edgewise Therapeutics (NASDAQ:EWTX) to a hold rating in a research report report published on Wednesday,Zacks.com reports.

Other research analysts have also recently issued reports about the stock. Raymond James Financial assumed coverage on shares of Edgewise Therapeutics in a research report on Wednesday, July 30th. They set a “strong-buy” rating and a $46.00 price target on the stock. JPMorgan Chase & Co. reduced their price target on shares of Edgewise Therapeutics from $40.00 to $30.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 19th. Royal Bank Of Canada increased their price target on shares of Edgewise Therapeutics from $48.00 to $49.00 and gave the company an “outperform” rating in a research report on Friday, August 8th. Finally, HC Wainwright started coverage on shares of Edgewise Therapeutics in a research report on Monday, June 30th. They set a “buy” rating and a $42.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Edgewise Therapeutics has a consensus rating of “Moderate Buy” and an average price target of $38.83.

Edgewise Therapeutics Price Performance

Shares of EWTX opened at $14.89 on Wednesday. The firm’s 50 day simple moving average is $14.26 and its 200 day simple moving average is $15.26. The company has a market capitalization of $1.57 billion, a P/E ratio of -9.61 and a beta of 0.26. Edgewise Therapeutics has a 1-year low of $10.60 and a 1-year high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.34) EPS for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.08. On average, equities analysts anticipate that Edgewise Therapeutics will post -1.45 earnings per share for the current year.

Insider Transactions at Edgewise Therapeutics

In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 2,862 shares of the firm’s stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $13.39, for a total transaction of $38,322.18. Following the completion of the transaction, the chief marketing officer owned 25,361 shares of the company’s stock, valued at approximately $339,583.79. This trade represents a 10.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Kevin Koch sold 7,972 shares of the firm’s stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $13.39, for a total value of $106,745.08. Following the transaction, the chief executive officer directly owned 30,615 shares of the company’s stock, valued at $409,934.85. This represents a 20.66% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 116,267 shares of company stock worth $1,677,815. Corporate insiders own 23.20% of the company’s stock.

Hedge Funds Weigh In On Edgewise Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in EWTX. Canada Pension Plan Investment Board purchased a new position in shares of Edgewise Therapeutics in the 2nd quarter worth about $45,000. Jones Financial Companies Lllp purchased a new position in shares of Edgewise Therapeutics in the 1st quarter worth about $47,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Edgewise Therapeutics by 28.2% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,062 shares of the company’s stock worth $53,000 after purchasing an additional 894 shares during the last quarter. Allostery Investments LP purchased a new position in shares of Edgewise Therapeutics in the 1st quarter worth about $66,000. Finally, Caitong International Asset Management Co. Ltd raised its position in shares of Edgewise Therapeutics by 55.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 3,194 shares of the company’s stock worth $70,000 after purchasing an additional 1,141 shares during the last quarter.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics, Inc, a biopharmaceutical company, discovers, develops, and commercializes therapies for the treatment of muscle disorders. Its lead product candidate, EDG-5506, an orally administered small molecule that is in Phase II clinical trials, designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy and Becker muscular dystrophy.