JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Edgewise Therapeutics (NASDAQ:EWTX) Stock

Key Points

• JPMorgan raised Edgewise Therapeutics’ price target to $60 from $53 and maintained an “overweight” rating, implying 37.61% upside from the stock’s $43.60 price.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $50.33; however, the company recently missed quarterly EPS estimates, reporting a loss of $0.53 versus the expected $0.47.
• Edgewise shares fell 6.1% in Thursday trading, while insiders sold roughly 238,329 shares worth $9.56 million over the last quarter.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) had its target price boosted by investment analysts at JPMorgan Chase & Co. from $53.00 to $60.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price points to a potential upside of 37.61% from the company's current price.

Several other equities research analysts have also recently issued reports on EWTX. The Goldman Sachs Group lifted their price objective on shares of Edgewise Therapeutics from $32.00 to $36.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 11th. Oppenheimer began coverage on Edgewise Therapeutics in a research note on Thursday, July 9th. They issued an "outperform" rating and a $51.00 price target on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Edgewise Therapeutics in a report on Friday, July 17th. Evercore reaffirmed an "outperform" rating and set a $55.00 price objective on shares of Edgewise Therapeutics in a research report on Monday, July 20th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $45.00 price objective on shares of Edgewise Therapeutics in a research report on Tuesday, June 16th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $50.33.

Edgewise Therapeutics Stock Down 6.1%

Edgewise Therapeutics stock traded down $2.84 during trading on Thursday, reaching $43.60. The stock had a trading volume of 362,572 shares, compared to its average volume of 1,188,569. Edgewise Therapeutics has a 52-week low of $13.64 and a 52-week high of $48.40. The business has a 50 day moving average price of $40.77 and a 200 day moving average price of $35.00. The stock has a market cap of $4.73 billion, a PE ratio of -23.57 and a beta of 0.30.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.53) EPS for the quarter, missing the consensus estimate of ($0.47) by ($0.06). On average, equities analysts predict that Edgewise Therapeutics will post -2.09 EPS for the current fiscal year.

Insider Activity at Edgewise Therapeutics

In related news, insider Alan J. Russell sold 200,000 shares of Edgewise Therapeutics stock in a transaction 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 sale, the insider directly owned 24,555 shares in the company, valued at $967,712.55. This trade represents a 89.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CMO Joanne M. Donovan sold 6,522 shares of Edgewise Therapeutics stock in a transaction on Wednesday, August 12th. The stock was 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 $506,204.40. This represents a 36.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 238,329 shares of company stock worth $9,557,529. Corporate insiders own 21.30% of the company's stock.

Hedge Funds Weigh In On Edgewise Therapeutics

Several institutional investors have recently added to or reduced their stakes in EWTX. Orbimed Advisors LLC lifted its position in Edgewise Therapeutics by 3.3% during the 2nd quarter. Orbimed Advisors LLC now owns 15,518,492 shares of the company's stock worth $203,447,000 after acquiring an additional 496,771 shares during the period. RA Capital Management L.P. increased its holdings in shares of Edgewise Therapeutics by 5.3% in the third quarter. RA Capital Management L.P. now owns 10,428,437 shares of the company's stock valued at $169,149,000 after purchasing an additional 525,804 shares during the period. BlackRock Inc. purchased a new stake in shares of Edgewise Therapeutics during the second quarter worth approximately $268,415,000. Paradigm Biocapital Advisors LP raised its stake in shares of Edgewise Therapeutics by 6.0% during the fourth quarter. Paradigm Biocapital Advisors LP now owns 6,541,210 shares of the company's stock worth $162,320,000 after purchasing an additional 371,079 shares during the last quarter. Finally, Jupiter Topco LLC purchased a new stake in shares of Edgewise Therapeutics during the second quarter worth approximately $246,945,000.

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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