Edgewise Therapeutics (NASDAQ:EWTX) Announces Earnings Results

by · The Cerbat Gem

Edgewise Therapeutics (NASDAQ:EWTX – Get Free Report) posted its quarterly earnings data on Thursday. The company reported ($0.46) EPS for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.04, FiscalAI reports.

Edgewise Therapeutics Trading Down 0.7%

Shares of EWTX traded down $0.26 during trading hours on Friday, hitting $35.32. 1,015,652 shares of the stock traded hands, compared to its average volume of 1,305,196. Edgewise Therapeutics has a 1-year low of $12.15 and a 1-year high of $39.96. The firm has a market capitalization of $3.80 billion, a PE ratio of -21.28 and a beta of 0.25. The business has a fifty day moving average of $31.52 and a 200-day moving average of $26.82.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Truist Financial set a $52.00 price objective on Edgewise Therapeutics in a research note on Wednesday. Evercore reissued an “outperform” rating and issued a $45.00 price objective on shares of Edgewise Therapeutics in a research note on Thursday, February 26th. Raymond James Financial set a $46.00 price objective on Edgewise Therapeutics in a research note on Tuesday, March 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Monday, April 20th. Finally, Wall Street Zen lowered Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Edgewise Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $39.67.

Check Out Our Latest Analysis on EWTX

Insider Activity

In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 50,000 shares of the stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $38.57, for a total value of $1,928,500.00. Following the transaction, the chief marketing officer owned 4,367 shares of the company’s stock, valued at approximately $168,435.19. This represents a 91.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold a total of 83,892 shares of company stock worth $3,018,216 over the last quarter. Corporate insiders own 23.20% of the company’s stock.

Hedge Funds Weigh In On Edgewise Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. Los Angeles Capital Management LLC acquired a new position in Edgewise Therapeutics in the fourth quarter valued at about $203,000. Raymond James Financial Inc. lifted its stake in Edgewise Therapeutics by 758.7% in the third quarter. Raymond James Financial Inc. now owns 13,379 shares of the company’s stock valued at $217,000 after buying an additional 11,821 shares during the period. Envestnet Asset Management Inc. acquired a new position in Edgewise Therapeutics in the third quarter valued at about $176,000. Tower Research Capital LLC TRC lifted its stake in Edgewise Therapeutics by 14.9% in the second quarter. Tower Research Capital LLC TRC now owns 9,148 shares of the company’s stock valued at $120,000 after buying an additional 1,188 shares during the period. Finally, Brevan Howard Capital Management LP bought a new stake in shares of Edgewise Therapeutics in the second quarter worth about $178,000.

About Edgewise Therapeutics

(Get Free Report)

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.

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