Brokerages Set Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Price Target at $47.92

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) have earned a consensus rating of “Moderate Buy” from the eleven ratings firms that are currently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation, eight have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $47.9167.

Several equities analysts have commented on the stock. Truist Financial set a $52.00 target price on shares of Edgewise Therapeutics in a research note on Wednesday, May 6th. The Goldman Sachs Group increased their price objective on shares of Edgewise Therapeutics from $20.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, June 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Monday, April 20th. Leerink Partners set a $52.00 target price on Edgewise Therapeutics in a report on Tuesday, June 16th. Finally, Raymond James Financial restated a “strong-buy” rating and issued a $66.00 target price on shares of Edgewise Therapeutics in a research report on Monday, June 1st.

Edgewise Therapeutics Stock Performance

NASDAQ:EWTX opened at $39.76 on Wednesday. Edgewise Therapeutics has a 1 year low of $12.30 and a 1 year high of $48.40. The stock has a market cap of $4.28 billion, a price-to-earnings ratio of -23.95 and a beta of 0.27. The business has a fifty day moving average of $37.13 and a 200-day moving average of $32.47.

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. On average, equities research analysts predict that Edgewise Therapeutics will post -2.01 EPS for the current year.

Insider Buying and Selling at Edgewise Therapeutics

In related news, CMO Joanne M. Donovan sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $38.57, for a total transaction of $1,928,500.00. Following the completion of the transaction, the chief marketing officer owned 4,367 shares of the company’s stock, valued at $168,435.19. This trade represents a 91.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Alan J. Russell sold 200,000 shares of Edgewise Therapeutics stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $39.41, for a total value of $7,882,000.00. Following the transaction, the insider directly owned 24,555 shares in the company, valued at approximately $967,712.55. The trade was a 89.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 255,230 shares of company stock worth $9,974,147. 21.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Edgewise Therapeutics by 6.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 43,776 shares of the company’s stock valued at $963,000 after purchasing an additional 2,463 shares in the last quarter. Jones Financial Companies Lllp bought a new stake in shares of Edgewise Therapeutics in the 1st quarter worth approximately $47,000. Goldman Sachs Group Inc. lifted its stake in Edgewise Therapeutics by 5.7% during the first quarter. Goldman Sachs Group Inc. now owns 366,644 shares of the company’s stock valued at $8,066,000 after purchasing an additional 19,753 shares during the last quarter. Strs Ohio acquired a new stake in Edgewise Therapeutics during the first quarter valued at approximately $84,000. Finally, Creative Planning boosted its holdings in Edgewise Therapeutics by 29.4% during the second quarter. Creative Planning now owns 16,910 shares of the company’s stock worth $222,000 after buying an additional 3,837 shares in the last quarter.

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.