Edgewise Therapeutics (NASDAQ:EWTX) Posts Earnings Results, Misses Estimates By $0.06 EPS

Key Points

• Edgewise Therapeutics reported a quarterly loss of $0.53 per share, missing analysts’ consensus estimate of a $0.47 loss by $0.06.
• Shares traded at $44.42, down $0.57 during the session, but remained near their 52-week high of $48.40; the company’s market capitalization was approximately $4.78 billion.
• Wall Street remains broadly positive, with an average “Moderate Buy” rating and a $48.75 price target, while an insider recently sold 200,000 shares for about $7.9 million.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) issued its earnings results on Thursday. The company reported ($0.53) earnings per share for the quarter, missing the consensus estimate of ($0.47) by ($0.06), FiscalAI reports.

Edgewise Therapeutics Price Performance

Shares of EWTX traded down $0.57 during mid-day trading on Thursday, hitting $44.42. The company's stock had a trading volume of 1,451,091 shares, compared to its average volume of 1,187,111. The firm has a 50-day moving average price of $39.04 and a 200 day moving average price of $33.90. Edgewise Therapeutics has a fifty-two week low of $12.30 and a fifty-two week high of $48.40. The stock has a market capitalization of $4.78 billion, a price-to-earnings ratio of -26.76 and a beta of 0.30.

Insider Transactions at Edgewise Therapeutics

In other Edgewise Therapeutics news, insider Alan J. Russell sold 200,000 shares of Edgewise Therapeutics stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $39.41, for a total value of $7,882,000.00. Following the transaction, the insider owned 24,555 shares in the company, valued at approximately $967,712.55. The trade was a 89.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 21.30% of the company's stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Several hedge funds have recently modified their holdings of EWTX. Jones Financial Companies Lllp purchased a new position in Edgewise Therapeutics in the 1st quarter worth about $47,000. Steward Partners Investment Advisory LLC boosted its stake in Edgewise Therapeutics by 23.9% in 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. Canada Pension Plan Investment Board acquired a new stake in Edgewise Therapeutics during the 2nd quarter valued at $45,000. Strs Ohio purchased a new stake in Edgewise Therapeutics in the 1st quarter worth about $84,000. Finally, Quarry LP purchased a new position in Edgewise Therapeutics during the 4th quarter valued at about $144,000.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on EWTX shares. Leerink Partners set a $52.00 price target on Edgewise Therapeutics in a report on Tuesday, June 16th. Evercore reissued an "outperform" rating and set a $55.00 target price on shares of Edgewise Therapeutics in a report on Monday, July 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 report on Wednesday, June 17th. Raymond James Financial restated a "strong-buy" rating and issued a $66.00 target price on shares of Edgewise Therapeutics in a research note on Monday, June 1st. Finally, Guggenheim raised their price target on Edgewise Therapeutics from $41.00 to $51.00 and gave the stock a "buy" rating in a report on Monday, July 6th. One equities research 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 assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $48.75.

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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