Edgewise Therapeutics (NASDAQ:EWTX) Announces Quarterly Earnings Results

Edgewise Therapeutics (NASDAQ:EWTX) posted its earnings results on Wednesday. The company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of ($0.52) by $1.36, Zacks reports.

Edgewise Therapeutics Price Performance

Shares of Edgewise Therapeutics stock traded down $0.15 during trading hours on Wednesday, reaching $37.53. The company had a trading volume of 1,053,821 shares, compared to its average volume of 1,360,565. The firm has a market cap of $4.08 billion, a PE ratio of -20.29 and a beta of 0.39. Edgewise Therapeutics has a one year low of $16.70 and a one year high of $48.51. The business has a fifty day simple moving average of $40.95 and a 200 day simple moving average of $36.40.

Analyst Ratings Changes

Several equities analysts have commented on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research report on Thursday, October 15th. Wall Street Zen upgraded Edgewise Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, October 4th. JPMorgan Chase & Co. boosted their price target on Edgewise Therapeutics from $53.00 to $60.00 and gave the stock an “overweight” rating in a report on Thursday, August 20th. Evercore reaffirmed an “outperform” rating and issued a $55.00 price objective on shares of Edgewise Therapeutics in a research note on Monday, July 20th. Finally, William Blair started coverage on shares of Edgewise Therapeutics in a report on Friday, October 16th. They issued an “outperform” rating for the company. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $51.33.

Insider Buying and Selling

In related news, insider Alan J. Russell sold 5,901 shares of the business’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $43.73, for a total value of $258,050.73. Following the completion of the transaction, the insider directly owned 31,466 shares in the company, valued at $1,376,008.18. The trade was a 15.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Kevin Koch sold 17,971 shares of the company’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $43.68, for a total value of $784,973.28. Following the completion of the transaction, the chief executive officer directly owned 52,488 shares in the company, valued at $2,292,675.84. This trade represents a 25.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 38,329 shares of company stock valued at $1,675,529. 21.30% of the stock is owned by company insiders.

About Edgewise Therapeutics

Edgewise Therapeutics, Inc is a clinical-stage biotechnology company focused on developing small-molecule therapies for severe muscle disorders. The company’s research programs target the biology of skeletal and cardiac muscle, with the goal of addressing diseases for which treatment options remain limited.

Edgewise’s lead product candidate is sevasemten (formerly EDG-5506), an oral therapy designed to reduce contraction-induced muscle damage associated with dystrophinopathies, including Duchenne and Becker muscular dystrophy.