Brokerages Set Edgewise Therapeutics, Inc. (NASDAQ:EWTX) PT at $48.75

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) has received an average rating of “Moderate Buy” from the eleven ratings firms that are covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, eight have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $49.0833.

EWTX has been the topic of several analyst reports. The Goldman Sachs Group upped their target price on shares of Edgewise Therapeutics from $32.00 to $36.00 and gave the stock a “neutral” rating in a report on Tuesday. HC Wainwright restated a “buy” rating and issued a $45.00 price target on shares of Edgewise Therapeutics in a research report on Tuesday, June 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Friday, July 17th. Guggenheim upped their price objective on shares of Edgewise Therapeutics from $41.00 to $51.00 and gave the stock a “buy” rating in a research note on Monday, July 6th. Finally, Truist Financial set a $52.00 target price on shares of Edgewise Therapeutics in a research note on Wednesday, May 6th.

Edgewise Therapeutics Price Performance

NASDAQ:EWTX opened at $43.18 on Friday. Edgewise Therapeutics has a one year low of $13.50 and a one year high of $48.40. The company has a fifty day moving average price of $39.95 and a 200 day moving average price of $34.55. The stock has a market cap of $4.69 billion, a P/E ratio of -23.34 and a beta of 0.30.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly 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). As a group, equities research analysts anticipate that Edgewise Therapeutics will post -2.09 EPS for the current year.

Insiders Place Their Bets

In related news, insider Alan J. Russell sold 200,000 shares of the firm’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $39.41, for a total transaction of $7,882,000.00. Following the completion of the sale, the insider directly owned 24,555 shares of the company’s stock, valued at $967,712.55. This trade represents a 89.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 21.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of EWTX. Janus Henderson Group PLC increased its stake in shares of Edgewise Therapeutics by 29.5% during the 1st quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company’s stock worth $186,289,000 after purchasing an additional 1,348,706 shares during the last quarter. UBS Group AG raised its holdings in shares of Edgewise Therapeutics by 1,755.0% in the 4th quarter. UBS Group AG now owns 2,117,073 shares of the company’s stock valued at $52,535,000 after purchasing an additional 2,002,945 shares during the period. California State Teachers Retirement System lifted its stake in Edgewise Therapeutics by 45.7% in the 1st quarter. California State Teachers Retirement System now owns 73,419 shares of the company’s stock valued at $2,313,000 after purchasing an additional 23,027 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH lifted its stake in Edgewise Therapeutics by 104.8% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 271,385 shares of the company’s stock valued at $6,734,000 after purchasing an additional 138,882 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D bought a new position in Edgewise Therapeutics during the fourth quarter worth about $446,000.

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.