Edgewise Therapeutics (NASDAQ:EWTX) Cut to “Sell” at Wall Street Zen

Wall Street Zen cut shares of Edgewise Therapeutics (NASDAQ:EWTX) from a hold rating to a sell rating in a report released on Saturday morning,Wall Street Zen reports.

Other research analysts have also issued research reports about the stock. Royal Bank Of Canada raised their price objective on shares of Edgewise Therapeutics from $48.00 to $59.00 and gave the company an “outperform” rating in a research note on Wednesday, June 17th. Wedbush upped their target price on Edgewise Therapeutics from $46.00 to $52.00 and gave the stock an “outperform” rating in a research report on Monday, June 1st. Evercore reaffirmed an “outperform” rating and set a $55.00 price target on shares of Edgewise Therapeutics in a research note on Monday, July 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research report on Friday, July 17th. Finally, Raymond James Financial reissued a “strong-buy” rating and issued a $66.00 price objective on shares of Edgewise Therapeutics in a research note on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $51.33.

Edgewise Therapeutics Stock Up 1.1%

Shares of EWTX opened at $39.79 on Friday. The firm has a market capitalization of $4.32 billion, a PE ratio of -21.51 and a beta of 0.32. The firm has a 50-day moving average price of $42.85 and a 200 day moving average price of $37.73. Edgewise Therapeutics has a 52-week low of $14.25 and a 52-week high of $48.51.

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

Insider Buying and Selling at Edgewise Therapeutics

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 completion of the sale, the chief executive officer directly 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 filing with the SEC, which is available at the SEC website. 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 the firm’s 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 sale, the chief marketing officer 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. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 238,329 shares of company stock worth $9,557,529. 21.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. First Light Asset Management LLC boosted its stake in shares of Edgewise Therapeutics by 9.3% during the 2nd quarter. First Light Asset Management LLC now owns 1,095,171 shares of the company’s stock worth $44,497,000 after acquiring an additional 93,325 shares in the last quarter. Engineers Gate Manager LP acquired a new position in shares of Edgewise Therapeutics in the 2nd quarter worth $271,000. Squarepoint Ops LLC acquired a new stake in shares of Edgewise Therapeutics during the second quarter worth $230,000. Allianz Asset Management GmbH acquired a new stake in shares of Edgewise Therapeutics during the second quarter worth $370,000. Finally, Corient Private Wealth LP purchased a new stake in shares of Edgewise Therapeutics during the second quarter valued at $502,000.

About Edgewise Therapeutics

Edgewise Therapeutics, Inc is a clinical-stage biotechnology company focused on developing small-molecule medicines for severe muscle disorders. The company’s research is centered on therapies intended to address the biological mechanisms that contribute to muscle damage and impaired function in diseases affecting skeletal and cardiac muscle.

Edgewise’s lead program is sevasemten (also known as EDG-5506), an orally administered investigational therapy designed to reduce contraction-related muscle injury by selectively modulating fast skeletal muscle contractility.