Edgewise Therapeutics (NASDAQ:EWTX) Raised to "Hold" at The Goldman Sachs Group

Key Points

• Edgewise Therapeutics has been upgraded to a "hold" rating by The Goldman Sachs Group, indicating a cautious perspective on the stock's performance.
• The company has a current market capitalization of $1.57 billion and has experienced stock fluctuations with a 52-week low of $10.60 and a high of $38.12.
• In recent transactions, insiders have sold a total of 116,267 shares valued at approximately $1.68 million in the past three months, indicating potential changes in insider confidence.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) was upgraded by analysts at The Goldman Sachs Group to a "hold" rating in a report released on Wednesday,Zacks.com reports.

EWTX has been the subject of a number of other research reports. HC Wainwright began coverage on shares of Edgewise Therapeutics in a research note on Monday, June 30th. They issued a "buy" rating and a $42.00 price objective for the company. Royal Bank Of Canada upped their price target on Edgewise Therapeutics from $48.00 to $49.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. JPMorgan Chase & Co. reduced their price target on Edgewise Therapeutics from $40.00 to $30.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 19th. Finally, Raymond James Financial began coverage on Edgewise Therapeutics in a research report on Wednesday, July 30th. They set a "strong-buy" rating and a $46.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $38.83.

Edgewise Therapeutics Stock Performance

Edgewise Therapeutics stock opened at $14.89 on Wednesday. The company has a market capitalization of $1.57 billion, a PE ratio of -9.61 and a beta of 0.26. Edgewise Therapeutics has a fifty-two week low of $10.60 and a fifty-two week high of $38.12. The company has a 50 day moving average price of $14.26 and a 200-day moving average price of $15.26.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.34) EPS for the quarter, topping analysts' consensus estimates of ($0.42) by $0.08. On average, analysts forecast that Edgewise Therapeutics will post -1.45 earnings per share for the current year.

Insider Buying and Selling at Edgewise Therapeutics

In other Edgewise Therapeutics news, General Counsel John R. Moore sold 2,098 shares of the company's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $13.39, for a total value of $28,092.22. Following the sale, the general counsel directly owned 10,214 shares of the company's stock, valued at approximately $136,765.46. This represents a 17.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Alan J. Russell sold 100,000 shares of the stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $14.60, for a total transaction of $1,460,000.00. Following the sale, the insider directly owned 23,400 shares in the company, valued at approximately $341,640. The trade was a 81.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 116,267 shares of company stock valued at $1,677,815 in the last three months. Company insiders own 23.20% of the company's stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Several hedge funds have recently modified their holdings of EWTX. Canada Pension Plan Investment Board acquired a new position in shares of Edgewise Therapeutics during the 2nd quarter worth about $45,000. Jones Financial Companies Lllp acquired a new position in shares of Edgewise Therapeutics during the 1st quarter worth about $47,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in Edgewise Therapeutics by 28.2% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,062 shares of the company's stock valued at $53,000 after acquiring an additional 894 shares during the last quarter. Allostery Investments LP purchased a new position in Edgewise Therapeutics in the 1st quarter worth approximately $66,000. Finally, Caitong International Asset Management Co. Ltd lifted its stake in Edgewise Therapeutics by 55.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 3,194 shares of the company's stock worth $70,000 after purchasing an additional 1,141 shares in the last quarter.

About Edgewise Therapeutics

Edgewise Therapeutics, Inc, a biopharmaceutical company, discovers, develops, and commercializes therapies for the treatment of muscle disorders. Its lead product candidate, EDG-5506, an orally administered small molecule that is in Phase II clinical trials, designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy and Becker muscular dystrophy.

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