Edgewise Therapeutics (NASDAQ:EWTX) Posts Quarterly Earnings Results, Misses Estimates By $0.06 EPS

Edgewise Therapeutics (NASDAQ:EWTX) announced its quarterly earnings results on Thursday. The company reported ($0.53) earnings per share for the quarter, missing the consensus estimate of ($0.47) by ($0.06), FiscalAI reports.

Edgewise Therapeutics Stock Down 4.0%

Shares of Edgewise Therapeutics stock traded down $1.76 during mid-day trading on Friday, reaching $42.66. 293,874 shares of the stock traded hands, compared to its average volume of 1,181,104. The business has a 50-day moving average of $39.27 and a 200 day moving average of $34.02. The stock has a market capitalization of $4.59 billion, a PE ratio of -25.67 and a beta of 0.30. Edgewise Therapeutics has a fifty-two week low of $12.30 and a fifty-two week high of $48.40.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Edgewise Therapeutics

A number of institutional investors have recently added to or reduced their stakes in EWTX. Los Angeles Capital Management LLC purchased a new stake in Edgewise Therapeutics in the fourth quarter valued at $203,000. Raymond James Financial Inc. raised its holdings in Edgewise Therapeutics by 758.7% in the 3rd 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 position 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 last quarter. Finally, Brevan Howard Capital Management LP purchased a new position in Edgewise Therapeutics during the second quarter worth about $178,000.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on EWTX shares. Weiss Ratings restated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Friday, July 17th. Truist Financial set a $52.00 price objective on Edgewise Therapeutics in a report on Wednesday, May 6th. Evercore restated an “outperform” rating and issued a $55.00 price target on shares of Edgewise Therapeutics in a research report on Monday, July 20th. Royal Bank Of Canada upped their price target on shares of Edgewise Therapeutics from $48.00 to $59.00 and gave the stock an “outperform” rating in a report on Wednesday, June 17th. Finally, HC Wainwright reissued a “buy” rating and set a $45.00 target price on shares of Edgewise Therapeutics in a research report on Tuesday, June 16th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $48.75.

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.