Edgewise Therapeutics (NASDAQ:EWTX) Announces Quarterly Earnings Results

Key Points

• Edgewise Therapeutics reported quarterly EPS of ($0.46), beating analyst estimates of ($0.50) by $0.04.
• The stock traded down 0.7% on Friday to $35.32, after moving in a 52-week range of $12.15 to $39.96.
• Wall Street sentiment remains constructive overall, with a Moderate Buy consensus rating and an average price target of $39.67, though one recent note downgraded the stock to sell.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) released its quarterly earnings results on Thursday. The company reported ($0.46) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.50) by $0.04, FiscalAI reports.

Edgewise Therapeutics Trading Down 0.7%

EWTX traded down $0.26 on Friday, hitting $35.32. 1,015,652 shares of the company's stock traded hands, compared to its average volume of 1,305,196. The company's 50 day simple moving average is $31.52 and its 200-day simple moving average is $26.82. The firm has a market cap of $3.80 billion, a price-to-earnings ratio of -21.28 and a beta of 0.25. Edgewise Therapeutics has a one year low of $12.15 and a one year high of $39.96.

Analysts Set New Price Targets

A number of research firms have recently weighed in on EWTX. Evercore reaffirmed an "outperform" rating and issued a $45.00 price objective on shares of Edgewise Therapeutics in a research note on Thursday, February 26th. Wedbush reissued an "outperform" rating and set a $32.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday, March 17th. Piper Sandler reissued an "overweight" rating on shares of Edgewise Therapeutics in a research note on Monday, February 9th. Raymond James Financial set a $46.00 target price on Edgewise Therapeutics in a research note on Tuesday, March 10th. Finally, Wall Street Zen downgraded Edgewise Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, February 28th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Edgewise Therapeutics has a consensus rating of "Moderate Buy" and a consensus target price of $39.67.

Insider Transactions at Edgewise Therapeutics

In related news, CMO Joanne M. Donovan sold 50,000 shares of Edgewise Therapeutics 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 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. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last 90 days, insiders sold 83,892 shares of company stock worth $3,018,216. 23.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EWTX. Canada Pension Plan Investment Board bought a new position in Edgewise Therapeutics during the second quarter valued at approximately $45,000. Jones Financial Companies Lllp bought a new position in Edgewise Therapeutics during the first quarter valued at approximately $47,000. Steward Partners Investment Advisory LLC boosted its stake in Edgewise Therapeutics by 23.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,854 shares of the company's stock valued at $71,000 after buying an additional 550 shares during the last quarter. Strs Ohio bought a new position in Edgewise Therapeutics during the first quarter valued at approximately $84,000. Finally, BNP Paribas Financial Markets boosted its stake in Edgewise Therapeutics by 48.9% during the second quarter. BNP Paribas Financial Markets now owns 8,193 shares of the company's stock valued at $107,000 after buying an additional 2,689 shares during 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.

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