Edgewise Therapeutics (NASDAQ:EWTX) Upgraded to “Hold” at Wall Street Zen

by · The Markets Daily

Wall Street Zen upgraded shares of Edgewise Therapeutics (NASDAQ:EWTX – Free Report) from a sell rating to a hold rating in a research note released on Sunday,Wall Street Zen reports.

A number of other research analysts have also issued reports on EWTX. Evercore restated an “outperform” rating and set a $55.00 price target on shares of Edgewise Therapeutics in a research note on Monday, July 20th. Oppenheimer began coverage on shares of Edgewise Therapeutics in a research note on Thursday, July 9th. They set an “outperform” rating and a $51.00 price objective for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Friday, July 17th. The Goldman Sachs Group boosted their price objective on shares of Edgewise Therapeutics from $32.00 to $36.00 and gave the company a “neutral” rating in a report on Tuesday, August 11th. Finally, Guggenheim upped their target price on Edgewise Therapeutics from $41.00 to $51.00 and gave the company a “buy” rating in a research report on Monday, July 6th. One investment 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 assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.33.

View Our Latest Stock Analysis on Edgewise Therapeutics

Edgewise Therapeutics Stock Performance

Shares of EWTX stock opened at $41.40 on Friday. Edgewise Therapeutics has a fifty-two week low of $14.25 and a fifty-two week high of $48.51. The firm has a market capitalization of $4.50 billion, a price-to-earnings ratio of -22.38 and a beta of 0.35. The stock’s 50-day simple moving average is $42.92 and its 200-day simple moving average is $38.02.

Edgewise Therapeutics (NASDAQ:EWTX – Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.53) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.47) by ($0.06). As a group, equities analysts forecast that Edgewise Therapeutics will post -2.09 earnings per share for the current year.

Insider Activity

In related news, General Counsel John Moore sold 5,016 shares of the stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $43.82, for a total transaction of $219,801.12. Following the sale, the general counsel directly owned 17,697 shares of the company’s stock, valued at approximately $775,482.54. This represents a 22.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CMO Joanne M. Donovan sold 6,522 shares of the firm’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $43.85, for a total transaction of $285,989.70. Following the sale, the chief marketing officer owned 11,544 shares in the company, valued at approximately $506,204.40. This represents a 36.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 38,329 shares of company stock valued at $1,675,529 in the last quarter. Company insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Parallel Advisors LLC grew its stake in Edgewise Therapeutics by 64.9% during the 1st quarter. Parallel Advisors LLC now owns 1,032 shares of the company’s stock valued at $33,000 after acquiring an additional 406 shares in the last quarter. AlphaCentric Advisors LLC raised its holdings in Edgewise Therapeutics by 6.2% in the 1st quarter. AlphaCentric Advisors LLC now owns 15,615 shares of the company’s stock valued at $492,000 after acquiring an additional 912 shares during the last quarter. Intech Investment Management LLC lifted its stake in Edgewise Therapeutics by 4.1% in the 4th quarter. Intech Investment Management LLC now owns 30,389 shares of the company’s stock worth $754,000 after purchasing an additional 1,210 shares in the last quarter. KBC Group NV purchased a new position in Edgewise Therapeutics in the 1st quarter worth approximately $49,000. Finally, Seven Fleet Capital Management LP acquired a new position in shares of Edgewise Therapeutics during the 4th quarter worth approximately $50,000.

Edgewise Therapeutics Company Profile

(Get Free Report)

Edgewise Therapeutics, Inc is a biopharmaceutical company focused on developing small-molecule therapies for severe neuromuscular and cardiovascular diseases. The company’s research is centered on muscle biology, with the goal of developing treatments that address the underlying mechanisms of muscle damage and dysfunction.

Edgewise’s lead investigational product is sevasemten, formerly known as EDG-5506, a selective fast skeletal muscle myosin inhibitor being developed for dystrophinopathies, including Duchenne muscular dystrophy and Becker muscular dystrophy.

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