Wall Street Zen Upgrades Edgewise Therapeutics (NASDAQ:EWTX) to “Hold”

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

A number of other equities research analysts have also weighed in on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research report on Friday, July 17th. HC Wainwright reaffirmed a “buy” rating and issued a $45.00 price target on shares of Edgewise Therapeutics in a research note on Tuesday, June 16th. Leerink Partners set a $52.00 price objective on shares of Edgewise Therapeutics in a report on Tuesday, June 16th. Oppenheimer started coverage on shares of Edgewise Therapeutics in a research note on Thursday, July 9th. They set an “outperform” rating and a $51.00 target price on the stock. Finally, Royal Bank Of Canada boosted their price target on shares of Edgewise Therapeutics from $48.00 to $59.00 and gave the company an “outperform” rating in a research report on Wednesday, June 17th. 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 stock. According to data from MarketBeat, Edgewise Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $50.33.

Edgewise Therapeutics Stock Performance

Edgewise Therapeutics stock opened at $43.07 on Friday. The firm has a market cap of $4.68 billion, a P/E ratio of -23.28 and a beta of 0.32. Edgewise Therapeutics has a 1-year low of $13.69 and a 1-year high of $48.40. The firm has a 50-day moving average of $42.20 and a 200-day moving average of $36.16.

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

Insider Transactions at Edgewise Therapeutics

In other news, CMO Joanne M. Donovan sold 6,522 shares of the business’s stock in a transaction on Wednesday, August 12th. The shares were 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 in the company, valued at approximately $506,204.40. The trade was a 36.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel John Moore sold 5,016 shares of the company’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $43.82, for a total transaction of $219,801.12. Following the completion of the sale, the general counsel directly owned 17,697 shares in the company, valued at $775,482.54. This represents a 22.08% 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. Insiders have sold a total of 238,329 shares of company stock worth $9,557,529 in the last ninety days. 21.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of EWTX. Janus Henderson Group PLC boosted its holdings in Edgewise Therapeutics by 29.5% in the first quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company’s stock worth $186,289,000 after acquiring an additional 1,348,706 shares in the last quarter. Persistent Asset Partners Ltd purchased a new stake in shares of Edgewise Therapeutics in the second quarter worth $2,821,000. California State Teachers Retirement System increased its holdings in shares of Edgewise Therapeutics by 45.7% during the first quarter. California State Teachers Retirement System now owns 73,419 shares of the company’s stock valued at $2,313,000 after acquiring an additional 23,027 shares in the last quarter. GSA Capital Partners LLP purchased a new position in shares of Edgewise Therapeutics in the 2nd quarter worth about $1,807,000. Finally, State of New Jersey Common Pension Fund D bought a new position in Edgewise Therapeutics in the 4th quarter worth about $446,000.

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.