Edgewise Therapeutics (NASDAQ:EWTX) Earns Neutral Rating from Analysts at The Goldman Sachs Group

The Goldman Sachs Group started coverage on shares of Edgewise Therapeutics (NASDAQ:EWTX) in a report published on Thursday, MarketBeat Ratings reports. The brokerage issued a neutral rating and a $20.00 price objective on the stock.

EWTX has been the subject of a number of other reports. JPMorgan Chase & Co. cut their price target on Edgewise Therapeutics from $40.00 to $30.00 and set an “overweight” rating for the company in a research note on Tuesday, August 19th. Royal Bank Of Canada raised their price objective 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. Raymond James Financial assumed coverage on shares of Edgewise Therapeutics in a research report on Wednesday, July 30th. They issued a “strong-buy” rating and a $46.00 target price for the company. Finally, HC Wainwright assumed coverage on shares of Edgewise Therapeutics in a 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 given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Edgewise Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $38.83.

Edgewise Therapeutics Stock Up 7.8%

EWTX stock opened at $16.05 on Thursday. The company has a 50 day moving average of $14.31 and a two-hundred day moving average of $15.11. The company has a market cap of $1.69 billion, a price-to-earnings ratio of -10.35 and a beta of 0.26. Edgewise Therapeutics has a 12-month low of $10.60 and a 12-month high of $38.12.

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

Insider Activity

In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 2,862 shares of the company’s stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $13.39, for a total transaction of $38,322.18. Following the completion of the sale, the chief marketing officer directly owned 25,361 shares in the company, valued at $339,583.79. This represents a 10.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel John R. Moore sold 2,098 shares of Edgewise Therapeutics stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $13.39, for a total value of $28,092.22. Following the completion of the transaction, the general counsel owned 10,214 shares in the company, valued at $136,765.46. The trade was a 17.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 116,267 shares of company stock valued at $1,677,815 in the last quarter. 23.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Edgewise Therapeutics

Several hedge funds have recently added to or reduced their stakes in EWTX. China Universal Asset Management Co. Ltd. grew its holdings in Edgewise Therapeutics by 11.2% in the 2nd quarter. China Universal Asset Management Co. Ltd. now owns 21,120 shares of the company’s stock valued at $277,000 after buying an additional 2,127 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in shares of Edgewise Therapeutics by 14.9% in the second quarter. Tower Research Capital LLC TRC now owns 9,148 shares of the company’s stock valued at $120,000 after acquiring an additional 1,188 shares during the period. Exome Asset Management LLC grew its stake in shares of Edgewise Therapeutics by 74.2% in the second quarter. Exome Asset Management LLC now owns 124,470 shares of the company’s stock worth $1,632,000 after acquiring an additional 53,032 shares during the last quarter. Soleus Capital Management L.P. increased its position in Edgewise Therapeutics by 5.8% during the second quarter. Soleus Capital Management L.P. now owns 76,493 shares of the company’s stock worth $1,003,000 after acquiring an additional 4,193 shares during the period. Finally, Sofinnova Investments Inc. raised its stake in Edgewise Therapeutics by 3,185.7% during the 2nd quarter. Sofinnova Investments Inc. now owns 716,873 shares of the company’s stock valued at $9,398,000 after purchasing an additional 695,055 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.