Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) has received a consensus rating of “Moderate Buy” from the ten ratings firms that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $36.6667.

Several brokerages have recently weighed in on EWTX. Wall Street Zen raised shares of Edgewise Therapeutics from a “sell” rating to a “hold” rating in a research report on Friday, January 23rd. Wedbush lowered their target price on Edgewise Therapeutics from $35.00 to $32.00 and set an “outperform” rating for the company in a report on Friday, November 7th. Royal Bank Of Canada lifted their price target on Edgewise Therapeutics from $49.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, November 7th. JPMorgan Chase & Co. boosted their price target on Edgewise Therapeutics from $33.00 to $34.00 and gave the stock an “overweight” rating in a research report on Friday, November 14th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Edgewise Therapeutics in a research report on Wednesday, January 21st.

Edgewise Therapeutics Trading Up 4.8%

Shares of EWTX stock opened at $29.36 on Wednesday. Edgewise Therapeutics has a twelve month low of $10.60 and a twelve month high of $30.48. The stock has a fifty day simple moving average of $24.87 and a two-hundred day simple moving average of $18.70. The stock has a market capitalization of $3.11 billion, a price-to-earnings ratio of -18.58 and a beta of 0.27.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.39) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.01. Research analysts predict that Edgewise Therapeutics will post -1.45 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Alan J. Russell sold 100,000 shares of the stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $21.12, for a total transaction of $2,112,000.00. Following the completion of the sale, the insider owned 23,400 shares of the company’s stock, valued at $494,208. This represents a 81.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jonathan C. Fox acquired 10,700 shares of the firm’s stock in a transaction dated Tuesday, November 11th. The shares were acquired at an average price of $18.64 per share, with a total value of $199,448.00. Following the acquisition, the director owned 23,702 shares in the company, valued at approximately $441,805.28. The trade was a 82.30% increase in their position. The SEC filing for this purchase provides additional information. 23.20% of the stock is currently owned by company insiders.

Institutional Trading of Edgewise Therapeutics

A number of institutional investors have recently bought and sold shares of EWTX. Bessemer Group Inc. increased its stake in Edgewise Therapeutics by 1,170.3% during the 3rd quarter. Bessemer Group Inc. now owns 2,350 shares of the company’s stock valued at $38,000 after purchasing an additional 2,165 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in Edgewise Therapeutics in the second quarter valued at $45,000. Jones Financial Companies Lllp acquired a new position in shares of Edgewise Therapeutics in the first quarter worth about $47,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Edgewise Therapeutics by 28.2% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,062 shares of the company’s stock worth $53,000 after acquiring an additional 894 shares in the last quarter. Finally, Strs Ohio purchased a new stake in shares of Edgewise Therapeutics during the 1st quarter worth about $84,000.

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.