Edgewise Therapeutics (NASDAQ:EWTX) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Edgewise Therapeutics (NASDAQ:EWTX) from a sell rating to a hold rating in a report released on Saturday morning,Wall Street Zen reports.

EWTX has been the subject of several other reports. Guggenheim increased their price objective on Edgewise Therapeutics from $41.00 to $51.00 and gave the stock a “buy” rating in a research note on Monday, July 6th. Wedbush lifted their target price on Edgewise Therapeutics from $46.00 to $52.00 and gave the company an “outperform” rating in a research note on Monday, June 1st. JPMorgan Chase & Co. upped their target price on Edgewise Therapeutics from $53.00 to $60.00 and gave the company an “overweight” rating in a report on Thursday, August 20th. Leerink Partners set a $52.00 price target on shares of Edgewise Therapeutics in a research report on Tuesday, June 16th. Finally, Raymond James Financial restated a “strong-buy” rating and set a $66.00 price target on shares of Edgewise Therapeutics in a report on Monday, June 1st. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $50.33.

Edgewise Therapeutics Price Performance

Shares of NASDAQ:EWTX opened at $43.07 on Friday. The company’s fifty day moving average is $42.25 and its two-hundred day moving average is $36.25. The company has a market cap of $4.68 billion, a P/E ratio of -23.28 and a beta of 0.32. Edgewise Therapeutics has a 12-month low of $13.69 and a 12-month high of $48.40.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its 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). Equities research analysts anticipate that Edgewise Therapeutics will post -2.09 earnings per share for the current year.

Insider Transactions at Edgewise Therapeutics

In other Edgewise Therapeutics news, insider Alan J. Russell sold 5,901 shares of the business’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $43.73, for a total value of $258,050.73. Following the transaction, the insider owned 31,466 shares in the company, valued at $1,376,008.18. The trade was a 15.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Kevin Koch sold 17,971 shares of the business’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $43.68, for a total value of $784,973.28. Following the completion of the transaction, the chief executive officer owned 52,488 shares in the company, valued at $2,292,675.84. This trade represents a 25.51% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 238,329 shares of company stock valued at $9,557,529 in the last three months. 21.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Edgewise Therapeutics in the second quarter worth approximately $268,415,000. Jupiter Topco LLC bought a new position in shares of Edgewise Therapeutics during the 2nd quarter valued at $246,945,000. California State Teachers Retirement System raised its holdings in shares of Edgewise Therapeutics by 3,846.1% during the 2nd quarter. California State Teachers Retirement System now owns 2,897,163 shares of the company’s stock valued at $117,712,000 after purchasing an additional 2,823,744 shares in the last quarter. Morgan Stanley lifted its stake in shares of Edgewise Therapeutics by 234.7% in the 4th 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 last quarter. Finally, Bank of America Corp DE acquired a new stake in shares of Edgewise Therapeutics in the 2nd quarter valued at $63,312,000.

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.