Edgewise Therapeutics (NASDAQ:EWTX) Posts Earnings Results

Edgewise Therapeutics (NASDAQ:EWTX) released its earnings results on Thursday. The company reported ($0.47) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.04), FiscalAI reports.

Edgewise Therapeutics Stock Performance

Shares of NASDAQ EWTX traded down $0.46 during mid-day trading on Thursday, hitting $29.66. 729,288 shares of the stock were exchanged, compared to its average volume of 1,003,411. The stock’s fifty day simple moving average is $27.36 and its two-hundred day simple moving average is $20.98. Edgewise Therapeutics has a twelve month low of $10.60 and a twelve month high of $31.82. The company has a market cap of $3.14 billion, a P/E ratio of -18.77 and a beta of 0.27.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Wednesday, January 21st. Royal Bank Of Canada boosted their price objective on shares of Edgewise Therapeutics from $49.00 to $50.00 and gave the company an “outperform” rating in a research report on Friday, November 7th. JPMorgan Chase & Co. boosted their price target on Edgewise Therapeutics from $33.00 to $34.00 and gave the company an “overweight” rating in a research note on Friday, November 14th. Evercore reaffirmed an “outperform” rating and issued a $45.00 price target on shares of Edgewise Therapeutics in a research report on Thursday. Finally, Wall Street Zen raised shares of Edgewise Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, February 15th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $36.36.

Insider Transactions at Edgewise Therapeutics

In other 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 transaction of $3,399,466.24. Following the sale, the director directly owned 19,820 shares of the company’s stock, valued at $583,500.80. This represents a 85.35% 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. 23.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the business. Steward Partners Investment Advisory LLC grew its stake 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 acquiring an additional 550 shares during the period. California State Teachers Retirement System lifted its position in shares of Edgewise Therapeutics by 2.4% in the second quarter. California State Teachers Retirement System now owns 36,878 shares of the company’s stock worth $483,000 after purchasing an additional 850 shares in the last quarter. Creative Planning increased its position in shares of Edgewise Therapeutics by 6.7% in the third quarter. Creative Planning now owns 18,036 shares of the company’s stock valued at $293,000 after acquiring an additional 1,126 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Edgewise Therapeutics by 14.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 9,148 shares of the company’s stock worth $120,000 after purchasing an additional 1,188 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in Edgewise Therapeutics by 3.4% in the fourth quarter. The Manufacturers Life Insurance Company now owns 36,759 shares of the company’s stock valued at $912,000 after acquiring an additional 1,221 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.