Wedbush Research Analysts Lower Earnings Estimates for EWTX

Key Points

• Wedbush analysts have decreased their FY2029 earnings per share estimate for Edgewise Therapeutics from $1.60 to $1.59, while maintaining an "Outperform" rating and a price target of $43.00.
• Several brokerages have initiated coverage on Edgewise Therapeutics, with price objectives ranging from $41.00 to $49.00, indicating a generally positive outlook on the stock.
• Edgewise Therapeutics recently reported a quarterly EPS of ($0.34), surpassing analysts' expectations of ($0.42) by $0.08, showcasing better-than-anticipated financial performance.

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) - Research analysts at Wedbush cut their FY2029 EPS estimates for Edgewise Therapeutics in a note issued to investors on Friday, August 8th. Wedbush analyst L. Chico now anticipates that the company will earn $1.59 per share for the year, down from their prior forecast of $1.60. Wedbush has a "Outperform" rating and a $43.00 price target on the stock. The consensus estimate for Edgewise Therapeutics' current full-year earnings is ($1.45) per share.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.42) by $0.08.

Other equities research analysts have also recently issued research reports about the stock. HC Wainwright began coverage on shares of Edgewise Therapeutics in a report on Monday, June 30th. They issued a "buy" rating and a $42.00 price objective on the stock. Royal Bank Of Canada upped their price objective on shares of Edgewise Therapeutics from $48.00 to $49.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Guggenheim began coverage on shares of Edgewise Therapeutics in a report on Wednesday, April 30th. They issued a "buy" rating and a $41.00 price objective on the stock. Finally, Raymond James Financial began coverage on shares of Edgewise Therapeutics in a report on Wednesday, July 30th. They issued a "strong-buy" rating and a $46.00 price objective on the stock. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $41.60.

Edgewise Therapeutics Trading Up 0.6%

EWTX traded up $0.09 during midday trading on Monday, reaching $14.02. The company's stock had a trading volume of 129,969 shares, compared to its average volume of 1,232,235. The firm has a market capitalization of $1.48 billion, a price-to-earnings ratio of -9.05 and a beta of 0.26. Edgewise Therapeutics has a 1 year low of $10.60 and a 1 year high of $38.12. The stock's 50-day moving average is $13.93 and its 200-day moving average is $17.80.

Institutional Investors Weigh In On Edgewise Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in EWTX. Alliancebernstein L.P. boosted its holdings in Edgewise Therapeutics by 1.7% in the fourth quarter. Alliancebernstein L.P. now owns 77,260 shares of the company's stock worth $2,063,000 after purchasing an additional 1,300 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in Edgewise Therapeutics by 51.7% in the fourth quarter. Wells Fargo & Company MN now owns 33,918 shares of the company's stock worth $906,000 after purchasing an additional 11,561 shares during the last quarter. Envestnet Asset Management Inc. boosted its holdings in Edgewise Therapeutics by 32.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 14,678 shares of the company's stock worth $392,000 after purchasing an additional 3,561 shares during the last quarter. Russell Investments Group Ltd. purchased a new stake in Edgewise Therapeutics in the fourth quarter worth approximately $883,000. Finally, Legal & General Group Plc boosted its holdings in Edgewise Therapeutics by 5.7% in the fourth quarter. Legal & General Group Plc now owns 50,292 shares of the company's stock worth $1,343,000 after purchasing an additional 2,734 shares during the last quarter.

Insider Activity

In other news, CMO Joanne M. Donovan sold 2,862 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $13.39, for a total transaction of $38,322.18. Following the sale, the chief marketing officer owned 25,361 shares in the company, valued at $339,583.79. This represents a 10.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Alan J. Russell sold 1,907 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $13.39, for a total transaction of $25,534.73. Following the sale, the insider owned 23,400 shares in the company, valued at approximately $313,326. The trade was a 7.54% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 16,267 shares of company stock worth $217,815. Corporate insiders own 23.20% of the company's stock.

Edgewise Therapeutics Company Profile

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.