Edgewise Therapeutics (NASDAQ:EWTX) Price Target Raised to $60.00

Edgewise Therapeutics (NASDAQ:EWTX) had its target price boosted by JPMorgan Chase & Co. from $53.00 to $60.00 in a report published on Thursday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other equities analysts have also issued reports about the stock. HC Wainwright reaffirmed a “buy” rating and set a $45.00 price target on shares of Edgewise Therapeutics in a research report 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 began coverage on shares of Edgewise Therapeutics in a research report on Thursday, July 9th. They set an “outperform” rating and a $51.00 target price on the stock. Royal Bank Of Canada raised their target price on shares of Edgewise Therapeutics from $48.00 to $59.00 and gave the stock an “outperform” rating in a report on Wednesday, June 17th. Finally, Evercore reaffirmed an “outperform” rating and set a $55.00 target price on shares of Edgewise Therapeutics in a report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $50.33.

Edgewise Therapeutics Price Performance

Shares of EWTX opened at $44.18 on Thursday. The company has a market cap of $4.80 billion, a PE ratio of -23.88 and a beta of 0.30. The firm has a 50-day moving average of $41.15 and a 200-day moving average of $35.17. Edgewise Therapeutics has a one year low of $13.69 and a one year high of $48.40.

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

Insider Buying and Selling

In related news, CEO Kevin Koch sold 17,971 shares of the business’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $43.68, for a total value of $784,973.28. Following the completion of the transaction, the chief executive officer owned 52,488 shares of the company’s stock, valued at $2,292,675.84. The trade was a 25.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CMO Joanne M. Donovan sold 2,919 shares of the company’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $43.41, for a total transaction of $126,713.79. Following the sale, the chief marketing officer directly owned 8,625 shares of the company’s stock, valued at $374,411.25. This represents a 25.29% decrease in their position. 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. In the last 90 days, insiders sold 238,329 shares of company stock valued at $9,557,529. Company insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On Edgewise Therapeutics

Several hedge funds have recently bought and sold shares of EWTX. Parallel Advisors LLC raised its position in shares of Edgewise Therapeutics by 64.9% in 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 in the last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of Edgewise Therapeutics during the 2nd quarter worth approximately $45,000. Jones Financial Companies Lllp bought a new position in Edgewise Therapeutics in the first quarter valued at approximately $47,000. KBC Group NV bought a new position in Edgewise Therapeutics in the first quarter valued at approximately $49,000. Finally, Seven Fleet Capital Management LP bought a new position in Edgewise Therapeutics in the fourth quarter valued at approximately $50,000.

About Edgewise Therapeutics

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.