Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Given Average Rating of "Moderate Buy" by Analysts

Key Points

• Edgewise Therapeutics currently has an average analyst rating of “Moderate Buy” from 11 firms, with most analysts bullish and an average 12-month price target of about $47.92.
• Recent analyst updates included higher price targets from firms such as RBC ($59), JPMorgan ($45), and Raymond James ($66), though Weiss Ratings maintained a sell view.
• Insider selling has been notable, with executives including Alan J. Russell and Joanne M. Donovan reducing holdings; meanwhile, the stock was trading at $39.73 after a strong run and the company beat earnings expectations in its latest report.

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) has been given an average recommendation of "Moderate Buy" by the eleven ratings firms that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $47.9167.

A number of equities analysts have weighed in on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Edgewise Therapeutics in a research note on Monday, April 20th. Royal Bank Of Canada boosted their price objective on shares of Edgewise Therapeutics from $48.00 to $59.00 and gave the company an "outperform" rating in a research note on Wednesday, June 17th. JPMorgan Chase & Co. upped their price objective on Edgewise Therapeutics from $34.00 to $45.00 and gave the stock an "overweight" rating in a report on Tuesday, March 17th. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $66.00 target price on shares of Edgewise Therapeutics in a research report on Monday, June 1st. Finally, Truist Financial set a $52.00 target price on Edgewise Therapeutics in a report on Wednesday, May 6th.

Insider Transactions at Edgewise Therapeutics

In related news, insider Alan J. Russell sold 200,000 shares of the stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $39.41, for a total transaction of $7,882,000.00. Following the completion of the sale, the insider owned 24,555 shares of the company's stock, valued at approximately $967,712.55. This represents a 89.07% 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. Also, CMO Joanne M. Donovan sold 50,000 shares of the stock in a transaction that occurred on 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 sale, the chief marketing officer directly owned 4,367 shares of the company's stock, valued at approximately $168,435.19. This trade represents a 91.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 255,230 shares of company stock worth $9,974,147. Company insiders own 21.30% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Parallel Advisors LLC grew its stake in Edgewise Therapeutics by 64.9% during the first quarter. Parallel Advisors LLC now owns 1,032 shares of the company's stock worth $33,000 after buying an additional 406 shares during the period. KBC Group NV purchased a new position in shares of Edgewise Therapeutics in the 1st quarter valued at $49,000. Seven Fleet Capital Management LP acquired a new position in shares of Edgewise Therapeutics during the 4th quarter valued at $50,000. Jones Financial Companies Lllp purchased a new stake in Edgewise Therapeutics during the 1st quarter worth $47,000. Finally, Steward Partners Investment Advisory LLC boosted its position in Edgewise Therapeutics by 23.9% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,854 shares of the company's stock worth $71,000 after purchasing an additional 550 shares during the period.

Edgewise Therapeutics Price Performance

Shares of EWTX stock opened at $39.73 on Wednesday. The firm has a market cap of $4.27 billion, a P/E ratio of -23.93 and a beta of 0.27. Edgewise Therapeutics has a 1-year low of $12.30 and a 1-year high of $48.40. The firm's 50-day simple moving average is $36.91 and its 200-day simple moving average is $32.18.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported ($0.46) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.50) by $0.04. Analysts expect that Edgewise Therapeutics will post -2.01 earnings per share for the current fiscal year.

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.

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