Edgewise Therapeutics (NASDAQ:EWTX) Issues Earnings Results, Beats Expectations By $0.04 EPS

Edgewise Therapeutics (NASDAQ:EWTX) released its quarterly earnings results on Thursday. The company reported ($0.46) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.50) by $0.04, FiscalAI reports.

Edgewise Therapeutics Trading Down 0.7%

EWTX stock traded down $0.26 during mid-day trading on Friday, hitting $35.32. 1,015,652 shares of the company were exchanged, compared to its average volume of 1,305,196. The firm has a fifty day simple moving average of $31.52 and a 200 day simple moving average of $26.82. Edgewise Therapeutics has a twelve month low of $12.15 and a twelve month high of $39.96. The company has a market capitalization of $3.80 billion, a PE ratio of -21.28 and a beta of 0.25.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. HC Wainwright raised shares of Edgewise Therapeutics to a “strong-buy” rating in a report on Thursday, February 26th. Stifel Nicolaus set a $25.00 price objective on shares of Edgewise Therapeutics in a report on Thursday, February 26th. JPMorgan Chase & Co. raised their price objective on shares of Edgewise Therapeutics from $34.00 to $45.00 and gave the stock an “overweight” rating in a report on Tuesday, March 17th. Evercore reissued an “outperform” rating and set a $45.00 price objective on shares of Edgewise Therapeutics in a report on Thursday, February 26th. Finally, Wall Street Zen lowered shares of Edgewise Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, February 28th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $39.67.

Insider Activity

In other news, CMO Joanne M. Donovan sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $38.57, for a total value of $1,928,500.00. Following the transaction, the chief marketing officer directly owned 4,367 shares in the company, valued at approximately $168,435.19. This trade represents a 91.97% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders have sold 83,892 shares of company stock valued at $3,018,216. Company insiders own 23.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Orbimed Advisors LLC lifted its position in shares of Edgewise Therapeutics by 3.3% in the 2nd quarter. Orbimed Advisors LLC now owns 15,518,492 shares of the company’s stock worth $203,447,000 after buying an additional 496,771 shares during the last quarter. RA Capital Management L.P. lifted its position in shares of Edgewise Therapeutics by 5.3% in the 3rd quarter. RA Capital Management L.P. now owns 10,428,437 shares of the company’s stock worth $169,149,000 after buying an additional 525,804 shares during the last quarter. Paradigm Biocapital Advisors LP lifted its position in shares of Edgewise Therapeutics by 6.0% in the 4th quarter. Paradigm Biocapital Advisors LP now owns 6,541,210 shares of the company’s stock worth $162,320,000 after buying an additional 371,079 shares during the last quarter. Siren L.L.C. lifted its position in shares of Edgewise Therapeutics by 16.2% in the 4th quarter. Siren L.L.C. now owns 4,529,990 shares of the company’s stock worth $112,412,000 after buying an additional 632,891 shares during the last quarter. Finally, Morgan Stanley lifted its position in Edgewise Therapeutics by 234.7% in the 4th quarter. Morgan Stanley now owns 2,910,881 shares of the company’s stock valued at $72,234,000 after purchasing an additional 2,041,203 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.