Edgewise Therapeutics (NASDAQ:EWTX) Issues Earnings Results

Edgewise Therapeutics (NASDAQ:EWTX) announced its quarterly earnings results on Thursday. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.43) by ($0.04), FiscalAI reports.

Edgewise Therapeutics Stock Performance

Edgewise Therapeutics stock traded down $0.46 during mid-day trading on Thursday, reaching $29.66. The company’s stock had a trading volume of 729,288 shares, compared to its average volume of 776,801. Edgewise Therapeutics has a 12 month low of $10.60 and a 12 month high of $31.82. The business’s 50 day simple moving average is $27.53 and its 200 day simple moving average is $21.05. The company has a market capitalization of $3.14 billion, a price-to-earnings ratio of -18.77 and a beta of 0.27.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Evercore reiterated an “outperform” rating and issued a $45.00 price objective on shares of Edgewise Therapeutics in a research report on Thursday. Stifel Nicolaus set a $25.00 price target on shares of Edgewise Therapeutics in a research note on Thursday. Wall Street Zen upgraded shares of Edgewise Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, February 15th. JPMorgan Chase & Co. raised their price objective on shares of Edgewise Therapeutics from $33.00 to $34.00 and gave the stock an “overweight” rating in a report on Friday, November 14th. Finally, Wedbush reduced their target price on shares of Edgewise Therapeutics from $35.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, November 7th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $36.36.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Orbimed Advisors LLC boosted its position in Edgewise Therapeutics by 3.3% during the second quarter. Orbimed Advisors LLC now owns 15,518,492 shares of the company’s stock worth $203,447,000 after purchasing an additional 496,771 shares during the period. RA Capital Management L.P. lifted its stake in shares of Edgewise Therapeutics by 5.3% during the 3rd quarter. RA Capital Management L.P. now owns 10,428,437 shares of the company’s stock worth $169,149,000 after buying an additional 525,804 shares during the last quarter. Paradigm Biocapital Advisors LP boosted its holdings in shares of Edgewise Therapeutics by 6.0% during the 4th quarter. Paradigm Biocapital Advisors LP now owns 6,541,210 shares of the company’s stock worth $162,320,000 after buying an additional 371,079 shares during the period. Siren L.L.C. grew its stake in Edgewise Therapeutics by 16.2% in the 4th quarter. Siren L.L.C. now owns 4,529,990 shares of the company’s stock valued at $112,412,000 after buying an additional 632,891 shares during the last quarter. Finally, Morgan Stanley raised its holdings in 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 acquiring an additional 2,041,203 shares during the period.

Edgewise Therapeutics Company Profile

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.