Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Receives Average Recommendation of "Moderate Buy" from Brokerages

Key Points

• Analysts broadly favor Edgewise Therapeutics: Eleven brokerages assign the stock a consensus “Moderate Buy” rating, with eight buys, one strong buy, one hold and one sell. The average 12-month price target is $50.33, above the reported $41.98 opening price.
• Insiders have recently sold shares: Executives sold 238,329 shares worth approximately $9.56 million over the past 90 days, including transactions by the CEO and chief marketing officer to cover tax withholding on vested equity awards.
• The company remains a clinical-stage biotech with recent earnings pressure: Edgewise reported a quarterly loss of $0.53 per share, missing the $0.47 consensus estimate, while analysts expect a full-year loss of $2.09 per share. Its pipeline focuses on precision medicines for rare kidney and neuromuscular diseases, including the oral TRPC5 inhibitor EWTX-101.

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the eleven brokerages that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The average 1 year price target among analysts that have covered the stock in the last year is $50.3333.

A number of equities research analysts have issued reports on the company. HC Wainwright reiterated a "buy" rating and issued a $45.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday, June 16th. Wedbush increased their price objective on shares of Edgewise Therapeutics from $46.00 to $52.00 and gave the stock an "outperform" rating in a report on Monday, June 1st. The Goldman Sachs Group lifted their price objective on shares of Edgewise Therapeutics from $32.00 to $36.00 and gave the company a "neutral" rating in a research report on Tuesday, August 11th. Weiss Ratings reissued a "sell (d-)" rating on shares of Edgewise Therapeutics in a research note on Friday, July 17th. Finally, Guggenheim upped their target price on shares of Edgewise Therapeutics from $41.00 to $51.00 and gave the stock a "buy" rating in a research report on Monday, July 6th.

Insiders Place Their Bets

In other news, CEO Kevin Koch sold 17,971 shares of the business's stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $43.68, for a total transaction of $784,973.28. Following the completion of the transaction, the chief executive officer directly owned 52,488 shares in the company, valued at approximately $2,292,675.84. The trade was a 25.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CMO Joanne M. Donovan sold 6,522 shares of Edgewise Therapeutics stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $43.85, for a total transaction of $285,989.70. Following the sale, the chief marketing officer owned 11,544 shares in the company, valued at approximately $506,204.40. This represents a 36.10% 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. In the last ninety days, insiders have sold 238,329 shares of company stock valued at $9,557,529. Corporate insiders own 21.30% of the company's stock.

Hedge Funds Weigh In On Edgewise Therapeutics

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

Edgewise Therapeutics Trading Down 0.6%

EWTX stock opened at $41.98 on Thursday. The stock's 50 day simple moving average is $42.17 and its 200 day simple moving average is $35.99. 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 $4.56 billion, a P/E ratio of -22.69 and a beta of 0.32.

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

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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