Edgewise Therapeutics (NASDAQ:EWTX) Upgraded by Wall Street Zen to Hold Rating

Key Points

• Wall Street Zen upgraded Edgewise Therapeutics from “sell” to “hold,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $50.33.
• Edgewise shares opened at $43.07, near their recent highs, with a $4.68 billion market capitalization; the company recently reported a quarterly loss of $0.53 per share, missing estimates by $0.06.
• Institutional ownership increased through major purchases by BlackRock and Jupiter Topco, while insiders sold approximately $9.6 million worth of shares over the past 90 days.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Saturday, Wall Street Zen reports.

Several other equities analysts have also issued reports on EWTX. The Goldman Sachs Group raised their price target on Edgewise Therapeutics from $32.00 to $36.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 11th. Wedbush boosted their price objective on Edgewise Therapeutics from $46.00 to $52.00 and gave the company an "outperform" rating in a research report on Monday, June 1st. Raymond James Financial reissued a "strong-buy" rating and set a $66.00 price objective on shares of Edgewise Therapeutics in a research note on Monday, June 1st. Oppenheimer initiated coverage on shares of Edgewise Therapeutics in a report on Thursday, July 9th. They issued an "outperform" rating and a $51.00 target price on the stock. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $45.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday, June 16th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $50.33.

Edgewise Therapeutics Stock Up 2.7%

NASDAQ EWTX opened at $43.07 on Friday. The company has a 50-day simple moving average of $42.20 and a two-hundred day simple moving average of $36.12. Edgewise Therapeutics has a 12-month low of $13.69 and a 12-month high of $48.40. The firm has a market cap of $4.68 billion, a price-to-earnings ratio of -23.28 and a beta of 0.32.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.53) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.47) by ($0.06). Equities analysts expect that Edgewise Therapeutics will post -2.09 earnings per share for the current fiscal year.

Insider Transactions at Edgewise Therapeutics

In related news, insider Alan J. Russell sold 200,000 shares of the company's stock in a transaction on 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 sale, the insider directly owned 24,555 shares of the company's stock, valued at $967,712.55. This represents a 89.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel John Moore sold 5,016 shares of the company's stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $43.82, for a total value of $219,801.12. Following the completion of the sale, the general counsel directly owned 17,697 shares in the company, valued at approximately $775,482.54. The trade was a 22.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 238,329 shares of company stock worth $9,557,529 over the last 90 days. 21.30% of the stock is currently owned by insiders.

Institutional Trading of Edgewise Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of EWTX. BlackRock Inc. bought a new stake in Edgewise Therapeutics during the second quarter worth about $268,415,000. Jupiter Topco LLC bought a new position in shares of Edgewise Therapeutics during the second quarter valued at approximately $246,945,000. California State Teachers Retirement System increased its stake in shares of Edgewise Therapeutics by 3,846.1% during the second quarter. California State Teachers Retirement System now owns 2,897,163 shares of the company's stock valued at $117,712,000 after purchasing an additional 2,823,744 shares in the last quarter. Morgan Stanley increased its stake in shares of Edgewise Therapeutics by 234.7% during the fourth quarter. Morgan Stanley now owns 2,910,881 shares of the company's stock valued at $72,234,000 after purchasing an additional 2,041,203 shares in the last quarter. Finally, Bank of America Corp DE purchased a new position in shares of Edgewise Therapeutics during the second quarter valued at approximately $63,312,000.

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.

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