Edgewise Therapeutics (NASDAQ:EWTX) Issues Quarterly Earnings Results, Beats Estimates By $10.17 EPS

Edgewise Therapeutics (NASDAQ:EWTX) issued its quarterly earnings results on Wednesday. The company reported $9.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.52) by $10.17, reports.

Edgewise Therapeutics Price Performance

NASDAQ EWTX traded up $2.67 during trading hours on Thursday, hitting $40.20. The company had a trading volume of 3,058,982 shares, compared to its average volume of 1,262,014. The company has a market capitalization of $4.37 billion, a price-to-earnings ratio of -21.73 and a beta of 0.39. The firm’s 50 day moving average is $40.95 and its 200 day moving average is $36.40. Edgewise Therapeutics has a fifty-two week low of $16.70 and a fifty-two week high of $48.51.

Insiders Place Their Bets

In related news, CEO Kevin Koch sold 17,971 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $43.68, for a total value of $784,973.28. Following the sale, the chief executive officer owned 52,488 shares of the company’s stock, valued at $2,292,675.84. This trade represents a 25.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $43.82, for a total transaction of $219,801.12. Following the completion of the transaction, the general counsel owned 17,697 shares of the company’s stock, valued at $775,482.54. This trade 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. Over the last three months, insiders sold 38,329 shares of company stock worth $1,675,529. Company insiders own 21.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Raymond James Financial reiterated an “underperform” rating and set a $85.00 price target on shares of Edgewise Therapeutics in a research report on Thursday. William Blair initiated coverage on shares of Edgewise Therapeutics in a research note on Friday, October 16th. They set an “outperform” rating on the stock. Oppenheimer assumed coverage on shares of Edgewise Therapeutics in a research note on Thursday, July 9th. They issued an “outperform” rating and a $51.00 price target for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Thursday, October 15th. Finally, Evercore reaffirmed an “outperform” rating and set a $55.00 price target on shares of Edgewise Therapeutics in a report on Monday, July 20th. Nine research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $52.83.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics, Inc is a clinical-stage biotechnology company focused on developing small-molecule therapies for severe muscle disorders. The company’s research programs target the biology of skeletal and cardiac muscle, with the goal of addressing diseases for which treatment options remain limited.

Edgewise’s lead product candidate is sevasemten (formerly EDG-5506), an oral therapy designed to reduce contraction-induced muscle damage associated with dystrophinopathies, including Duchenne and Becker muscular dystrophy.