Wedbush Reaffirms Outperform Rating for Edgewise Therapeutics (NASDAQ:EWTX)

Edgewise Therapeutics (NASDAQ:EWTX)‘s stock had its “outperform” rating reiterated by Wedbush in a report issued on Tuesday,Benzinga reports. They currently have a $32.00 price target on the stock. Wedbush’s price target would suggest a potential upside of 7.45% from the stock’s current price.

Other equities analysts have also issued reports about the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Wednesday, January 21st. Piper Sandler reissued an “overweight” rating on shares of Edgewise Therapeutics in a report on Monday, February 9th. Stifel Nicolaus set a $25.00 price target on shares of Edgewise Therapeutics in a research report on Thursday, February 26th. Evercore reiterated an “outperform” rating and issued a $45.00 price objective on shares of Edgewise Therapeutics in a research report on Thursday, February 26th. Finally, Raymond James Financial set a $46.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday, March 10th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $36.36.

Edgewise Therapeutics Stock Up 0.6%

Edgewise Therapeutics stock opened at $29.78 on Tuesday. The business’s 50-day moving average price is $28.66 and its 200 day moving average price is $22.43. The firm has a market cap of $3.19 billion, a price-to-earnings ratio of -18.27 and a beta of 0.26. Edgewise Therapeutics has a 52 week low of $10.60 and a 52 week high of $31.82.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings results on Thursday, February 26th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.04). Equities analysts expect that Edgewise Therapeutics will post -1.45 EPS for the current year.

Insider Buying and Selling at Edgewise Therapeutics

In other news, Director Badreddin Edris sold 115,471 shares of the stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $29.44, for a total transaction of $3,399,466.24. Following the transaction, the director owned 19,820 shares in the company, valued at $583,500.80. This trade represents a 85.35% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 23.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Braidwell LP raised its position in Edgewise Therapeutics by 111.9% during the second quarter. Braidwell LP now owns 5,210,831 shares of the company’s stock worth $68,314,000 after acquiring an additional 2,752,023 shares during the period. Morgan Stanley grew its position in shares of Edgewise Therapeutics by 234.7% in the fourth quarter. Morgan Stanley now owns 2,910,881 shares of the company’s stock valued at $72,234,000 after purchasing an additional 2,041,203 shares during the period. UBS Group AG increased its stake in shares of Edgewise Therapeutics by 1,755.0% during the fourth quarter. UBS Group AG now owns 2,117,073 shares of the company’s stock worth $52,535,000 after purchasing an additional 2,002,945 shares in the last quarter. Bellevue Group AG increased its stake in shares of Edgewise Therapeutics by 94.3% during the second quarter. Bellevue Group AG now owns 2,775,997 shares of the company’s stock worth $36,393,000 after purchasing an additional 1,347,068 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Edgewise Therapeutics during the 4th quarter worth about $18,645,000.

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.