Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Receives $47.30 Consensus Price Target from Analysts

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) has been given a consensus recommendation of “Moderate Buy” by the nine ratings firms that are currently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation, six have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $47.30.

A number of brokerages have weighed in on EWTX. Wall Street Zen cut Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. HC Wainwright reissued a “buy” rating and set a $45.00 price target on shares of Edgewise Therapeutics in a report on Tuesday, June 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Monday, April 20th. The Goldman Sachs Group raised their price target on Edgewise Therapeutics from $20.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, June 17th. Finally, Raymond James Financial reissued a “strong-buy” rating and set a $66.00 price target on shares of Edgewise Therapeutics in a report on Monday, June 1st.

Edgewise Therapeutics Trading Down 0.6%

Shares of NASDAQ EWTX opened at $41.46 on Friday. Edgewise Therapeutics has a twelve month low of $12.30 and a twelve month high of $43.93. The stock has a 50 day moving average of $34.63 and a two-hundred day moving average of $30.55. The stock has a market cap of $4.46 billion, a P/E ratio of -24.98 and a beta of 0.27.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.46) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.50) by $0.04. As a group, research analysts predict that Edgewise Therapeutics will post -2.01 earnings per share for the current year.

Insiders Place Their Bets

In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 50,000 shares of Edgewise Therapeutics stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $38.57, for a total value of $1,928,500.00. Following the sale, the chief marketing officer owned 4,367 shares of the company’s stock, valued at approximately $168,435.19. The trade was a 91.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders sold 83,892 shares of company stock valued at $3,018,216. 21.30% of the stock is currently owned by insiders.

Institutional Trading of Edgewise Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of EWTX. Parallel Advisors LLC grew its stake in shares of Edgewise Therapeutics by 64.9% during the 1st quarter. Parallel Advisors LLC now owns 1,032 shares of the company’s stock valued at $33,000 after buying an additional 406 shares during the period. Canada Pension Plan Investment Board purchased a new stake in Edgewise Therapeutics during the 2nd quarter worth $45,000. Jones Financial Companies Lllp purchased a new stake in Edgewise Therapeutics during the 1st quarter worth $47,000. KBC Group NV acquired a new position in Edgewise Therapeutics in the 1st quarter worth $49,000. Finally, Seven Fleet Capital Management LP acquired a new position in Edgewise Therapeutics in the 4th quarter worth $50,000.

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.