Edgewise Therapeutics’ (EWTX) “Outperform” Rating Reiterated at Wedbush

Edgewise Therapeutics (NASDAQ:EWTX)‘s stock had its “outperform” rating reaffirmed by equities researchers at Wedbush in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $32.00 price objective on the stock. Wedbush’s price objective points to a potential upside of 7.45% from the company’s previous close.

Several other brokerages have also commented on EWTX. HC Wainwright raised shares of Edgewise Therapeutics to a “strong-buy” rating in a research report on Thursday, February 26th. Piper Sandler reissued an “overweight” rating on shares of Edgewise Therapeutics in a research report on Monday, February 9th. Raymond James Financial set a $46.00 price target on shares of Edgewise Therapeutics in a research note on Tuesday, March 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Wednesday, January 21st. Finally, Wall Street Zen downgraded shares of Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Edgewise Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $36.36.

Edgewise Therapeutics Price Performance

Shares of NASDAQ:EWTX opened at $29.78 on Tuesday. The business’s 50-day moving average is $28.66 and its 200 day moving average is $22.43. Edgewise Therapeutics has a 1 year low of $10.60 and a 1 year high of $31.82. The firm has a market capitalization of $3.19 billion, a P/E ratio of -18.27 and a beta of 0.26.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings results on Thursday, February 26th. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.43) by ($0.04). On average, analysts expect that Edgewise Therapeutics will post -1.45 EPS for the current year.

Insider Buying and Selling

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 transaction, the director owned 19,820 shares in the company, valued at approximately $583,500.80. This represents a 85.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 23.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Edgewise Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the business. Bessemer Group Inc. boosted its holdings in shares of Edgewise Therapeutics by 1,170.3% in the 3rd quarter. Bessemer Group Inc. now owns 2,350 shares of the company’s stock valued at $38,000 after acquiring an additional 2,165 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of Edgewise Therapeutics during the second quarter worth $45,000. Jones Financial Companies Lllp acquired a new position in Edgewise Therapeutics during the first quarter valued at $47,000. Seven Fleet Capital Management LP purchased a new stake in Edgewise Therapeutics in the fourth quarter valued at $50,000. Finally, Steward Partners Investment Advisory LLC boosted its holdings in Edgewise Therapeutics by 23.9% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,854 shares of the company’s stock valued at $71,000 after purchasing an additional 550 shares during the last quarter.

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.