Wall Street Zen Upgrades Edgewise Therapeutics (NASDAQ:EWTX) to Hold

Key Points

• Wall Street Zen upgraded Edgewise Therapeutics to “Hold” from “Sell,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $51.33.
• Shares opened at $41.40, with a $4.50 billion market capitalization, after the stock gained 2.3%; the company’s latest quarterly loss of $0.53 per share missed estimates by $0.06.
• Institutional interest has increased, including new stakes by BlackRock and Jupiter Topco, while insiders sold $1.68 million of shares over the past 90 days, reportedly to cover tax obligations tied to equity awards.

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

Several other brokerages also recently weighed in on EWTX. HC Wainwright upped their target price on Edgewise Therapeutics from $45.00 to $57.00 and gave the stock a "buy" rating in a research note on Monday, September 21st. Guggenheim lifted their price target on shares of Edgewise Therapeutics from $41.00 to $51.00 and gave the company a "buy" rating in a research note on Monday, July 6th. JPMorgan Chase & Co. boosted their price target on shares of Edgewise Therapeutics from $53.00 to $60.00 and gave the stock an "overweight" rating in a report on Thursday, August 20th. Leerink Partners set a $52.00 price objective on shares of Edgewise Therapeutics in a research report on Tuesday, June 16th. Finally, Royal Bank Of Canada increased their price objective on shares of Edgewise Therapeutics from $48.00 to $59.00 and gave the company an "outperform" rating in a report on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $51.33.

Edgewise Therapeutics Stock Up 2.3%

Shares of Edgewise Therapeutics stock opened at $41.40 on Friday. The firm has a market cap of $4.50 billion, a PE ratio of -22.38 and a beta of 0.35. Edgewise Therapeutics has a twelve month low of $14.25 and a twelve month high of $48.51. The business has a 50-day moving average price of $42.92 and a 200 day moving average price of $37.96.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last issued its quarterly earnings results 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). On average, sell-side analysts expect that Edgewise Therapeutics will post -2.09 EPS for the current year.

Insider Transactions at Edgewise Therapeutics

In related news, CEO Kevin Koch sold 17,971 shares of the stock in a transaction on 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 directly owned 52,488 shares of the company's stock, valued at approximately $2,292,675.84. This represents a 25.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CMO Joanne Donovan sold 2,919 shares of the firm's stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $43.41, for a total value of $126,713.79. Following the completion of the transaction, the chief marketing officer owned 8,625 shares in the company, valued at $374,411.25. The trade was a 25.29% decrease in their position. 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 have sold a total of 38,329 shares of company stock valued at $1,675,529 over the last ninety days. Company insiders own 21.30% of the company's stock.

Hedge Funds Weigh In On Edgewise Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of EWTX. BlackRock Inc. purchased a new stake in Edgewise Therapeutics during the 2nd quarter valued at about $268,415,000. Jupiter Topco LLC acquired a new stake in Edgewise Therapeutics in the 2nd quarter valued at about $246,945,000. Janus Henderson Group PLC lifted its stake in Edgewise Therapeutics by 29.5% in the 1st quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company's stock worth $186,289,000 after purchasing an additional 1,348,706 shares in the last quarter. Perceptive Advisors LLC lifted its stake in Edgewise Therapeutics by 17.4% in the 4th quarter. Perceptive Advisors LLC now owns 4,457,974 shares of the company's stock worth $110,625,000 after purchasing an additional 662,080 shares in the last quarter. Finally, Bank of America Corp DE acquired a new position in shares of Edgewise Therapeutics during the 2nd quarter worth approximately $63,312,000.

About Edgewise Therapeutics

Edgewise Therapeutics, Inc is a biopharmaceutical company focused on developing small-molecule therapies for severe neuromuscular and cardiovascular diseases. The company's research is centered on muscle biology, with the goal of developing treatments that address the underlying mechanisms of muscle damage and dysfunction.

Edgewise's lead investigational product is sevasemten, formerly known as EDG-5506, a selective fast skeletal muscle myosin inhibitor being developed for dystrophinopathies, including Duchenne muscular dystrophy and Becker muscular dystrophy.

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