Analysts Set Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Target Price at $38.44

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) have been assigned a consensus rating of “Moderate Buy” from the ten ratings firms that are presently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, six have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $38.4444.

EWTX has been the topic of several research reports. HC Wainwright raised Edgewise Therapeutics to a “strong-buy” rating in a research report on Thursday, February 26th. JPMorgan Chase & Co. raised their target price on Edgewise Therapeutics from $34.00 to $45.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 17th. Raymond James Financial set a $46.00 target price on Edgewise Therapeutics in a research report on Tuesday, March 10th. Stifel Nicolaus set a $25.00 target price on Edgewise Therapeutics in a research report on Thursday, February 26th. Finally, Wall Street Zen cut Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, February 28th.

Edgewise Therapeutics Stock Performance

Shares of NASDAQ:EWTX opened at $32.82 on Monday. The stock has a market capitalization of $3.52 billion, a price-to-earnings ratio of -20.13 and a beta of 0.24. The stock’s 50-day simple moving average is $30.36 and its two-hundred day simple moving average is $24.69. Edgewise Therapeutics has a 52-week low of $11.28 and a 52-week high of $34.00.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its earnings results on Thursday, February 26th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.43) by ($0.04). As a group, equities analysts forecast that Edgewise Therapeutics will post -1.45 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Badreddin Edris sold 115,471 shares of the stock in a transaction that occurred 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 approximately $583,500.80. This represents a 85.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CMO Joanne M. Donovan sold 28,662 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $32.31, for a total transaction of $926,069.22. The SEC filing for this sale provides additional information. Company insiders own 23.20% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of EWTX. Aberdeen Group plc raised its position in shares of Edgewise Therapeutics by 39.8% during the 3rd quarter. Aberdeen Group plc now owns 619,878 shares of the company’s stock valued at $10,054,000 after purchasing an additional 176,559 shares during the period. SG Americas Securities LLC raised its position in shares of Edgewise Therapeutics by 797.9% during the 4th quarter. SG Americas Securities LLC now owns 88,723 shares of the company’s stock valued at $2,202,000 after purchasing an additional 78,842 shares during the period. HighVista Strategies LLC raised its position in shares of Edgewise Therapeutics by 198.5% during the 3rd quarter. HighVista Strategies LLC now owns 208,101 shares of the company’s stock valued at $3,375,000 after purchasing an additional 138,378 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in shares of Edgewise Therapeutics during the 3rd quarter valued at $929,000. Finally, GSA Capital Partners LLP raised its position in shares of Edgewise Therapeutics by 315.2% during the 3rd quarter. GSA Capital Partners LLP now owns 113,243 shares of the company’s stock valued at $1,837,000 after purchasing an additional 85,967 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.