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

Edgewise Therapeutics (NASDAQ:EWTX) posted its quarterly earnings results on Thursday. The company reported ($0.53) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.06), FiscalAI reports.

Edgewise Therapeutics Trading Down 1.3%

Edgewise Therapeutics stock traded down $0.57 on Thursday, reaching $44.42. 1,451,091 shares of the stock were exchanged, compared to its average volume of 1,187,111. Edgewise Therapeutics has a twelve month low of $12.30 and a twelve month high of $48.40. The firm has a fifty day moving average price of $39.04 and a two-hundred day moving average price of $33.90. The stock has a market cap of $4.78 billion, a PE ratio of -26.76 and a beta of 0.30.

Insider Activity at Edgewise Therapeutics

In other news, insider Alan J. Russell sold 200,000 shares of Edgewise Therapeutics stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $39.41, for a total value of $7,882,000.00. Following the transaction, the insider directly 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 document filed with the SEC, which is accessible through this hyperlink. Insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in EWTX. Canada Pension Plan Investment Board acquired a new position in shares of Edgewise Therapeutics during the second quarter worth approximately $45,000. Jones Financial Companies Lllp acquired a new stake in shares of Edgewise Therapeutics in the first quarter worth $47,000. Steward Partners Investment Advisory LLC grew its stake in shares of Edgewise Therapeutics by 23.9% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,854 shares of the company’s stock worth $71,000 after acquiring an additional 550 shares during the last quarter. Strs Ohio acquired a new position in Edgewise Therapeutics during the 1st quarter valued at $84,000. Finally, BNP Paribas Financial Markets raised its stake in Edgewise Therapeutics by 48.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 8,193 shares of the company’s stock valued at $107,000 after purchasing an additional 2,689 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. The Goldman Sachs Group lifted their price target on Edgewise Therapeutics from $20.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, June 17th. Leerink Partners set a $52.00 price target on shares of Edgewise Therapeutics in a research note on Tuesday, June 16th. Evercore reiterated an “outperform” rating and issued a $55.00 price objective on shares of Edgewise Therapeutics in a report on Monday, July 20th. Raymond James Financial reissued a “strong-buy” rating and set a $66.00 target price on shares of Edgewise Therapeutics in a research report on Monday, June 1st. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $45.00 price target on shares of Edgewise Therapeutics in a research report on Tuesday, June 16th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $48.75.

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.