Edgewise Therapeutics (NASDAQ:EWTX) Issues Earnings Results, Beats Estimates By $0.04 EPS

Edgewise Therapeutics (NASDAQ:EWTX) announced its quarterly earnings results on Thursday. The company reported ($0.46) EPS for the quarter, beating analysts’ consensus estimates of ($0.50) by $0.04, FiscalAI reports.

Edgewise Therapeutics Trading Down 0.7%

Shares of NASDAQ EWTX traded down $0.26 during midday trading on Friday, hitting $35.32. The company’s stock had a trading volume of 1,015,652 shares, compared to its average volume of 1,305,196. The business’s 50 day moving average is $31.52 and its two-hundred day moving average is $26.82. Edgewise Therapeutics has a 12-month low of $12.15 and a 12-month high of $39.96. The firm has a market cap of $3.80 billion, a P/E ratio of -21.28 and a beta of 0.25.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on EWTX shares. Wedbush restated an “outperform” rating and set a $32.00 price objective on shares of Edgewise Therapeutics in a research report on Tuesday, March 17th. Piper Sandler restated an “overweight” rating on shares of Edgewise Therapeutics in a research report on Monday, February 9th. Raymond James Financial set a $46.00 price objective on Edgewise Therapeutics in a research report on Tuesday, March 10th. Evercore restated an “outperform” rating and set a $45.00 price objective on shares of Edgewise Therapeutics in a research report on Thursday, February 26th. Finally, HC Wainwright upgraded Edgewise Therapeutics to a “strong-buy” rating in a research report on Thursday, February 26th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $39.67.

Insider Buying and Selling at Edgewise Therapeutics

In other news, CMO Joanne M. Donovan sold 50,000 shares of the stock in a transaction that occurred on 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 sale, the chief marketing officer directly owned 4,367 shares in the company, valued at approximately $168,435.19. This represents a 91.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold 83,892 shares of company stock valued at $3,018,216 in the last quarter. Corporate insiders own 23.20% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of EWTX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Edgewise Therapeutics by 6.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 43,776 shares of the company’s stock worth $963,000 after buying an additional 2,463 shares during the period. Jones Financial Companies Lllp bought a new position in Edgewise Therapeutics in the first quarter worth approximately $47,000. Goldman Sachs Group Inc. grew its stake in Edgewise Therapeutics by 5.7% in the first quarter. Goldman Sachs Group Inc. now owns 366,644 shares of the company’s stock worth $8,066,000 after purchasing an additional 19,753 shares in the last quarter. Strs Ohio bought a new position in Edgewise Therapeutics in the first quarter worth approximately $84,000. Finally, Creative Planning grew its stake in Edgewise Therapeutics by 29.4% in the second quarter. Creative Planning now owns 16,910 shares of the company’s stock worth $222,000 after purchasing an additional 3,837 shares in the last quarter.

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.