Analysts Set Edgewise Therapeutics, Inc. (NASDAQ:EWTX) PT at $36.00

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) has earned an average recommendation of “Moderate Buy” from the eleven research firms that are covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation, six have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $36.00.

Several analysts recently weighed in on EWTX shares. Wall Street Zen downgraded Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Wednesday, October 8th. JPMorgan Chase & Co. increased their target price on Edgewise Therapeutics from $33.00 to $34.00 and gave the stock an “overweight” rating in a research note on Friday, November 14th. Wedbush reduced their price target on Edgewise Therapeutics from $35.00 to $32.00 and set an “outperform” rating for the company in a report on Friday, November 7th. Finally, The Goldman Sachs Group began coverage on shares of Edgewise Therapeutics in a research note on Thursday, September 25th. They issued a “neutral” rating and a $20.00 price target on the stock.

Edgewise Therapeutics Price Performance

NASDAQ:EWTX opened at $24.62 on Friday. The firm’s 50-day moving average price is $21.49 and its 200-day moving average price is $16.86. The company has a market capitalization of $2.61 billion, a PE ratio of -15.58 and a beta of 0.26. Edgewise Therapeutics has a 1-year low of $10.60 and a 1-year high of $30.48.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.39) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.01. Equities analysts anticipate that Edgewise Therapeutics will post -1.45 EPS for the current fiscal year.

Insider Activity at Edgewise Therapeutics

In other Edgewise Therapeutics news, Director Jonathan C. Fox bought 10,700 shares of the business’s stock in a transaction on Tuesday, November 11th. The shares were acquired at an average cost of $18.64 per share, for a total transaction of $199,448.00. Following the purchase, the director owned 23,702 shares in the company, valued at approximately $441,805.28. This trade represents a 82.30% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Alan J. Russell sold 100,000 shares of Edgewise Therapeutics stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of $21.12, for a total value of $2,112,000.00. Following the completion of the sale, the insider directly owned 23,400 shares of the company’s stock, valued at approximately $494,208. The trade was a 81.04% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 23.20% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Orbimed Advisors LLC boosted its stake in shares of Edgewise Therapeutics by 3.3% in the 2nd quarter. Orbimed Advisors LLC now owns 15,518,492 shares of the company’s stock worth $203,447,000 after buying an additional 496,771 shares during the last quarter. RA Capital Management L.P. increased its position in Edgewise Therapeutics by 5.3% during the third quarter. RA Capital Management L.P. now owns 10,428,437 shares of the company’s stock valued at $169,149,000 after acquiring an additional 525,804 shares during the last quarter. Paradigm Biocapital Advisors LP lifted its holdings in Edgewise Therapeutics by 0.5% in the third quarter. Paradigm Biocapital Advisors LP now owns 6,170,131 shares of the company’s stock valued at $100,080,000 after acquiring an additional 27,787 shares during the period. Braidwell LP lifted its holdings in Edgewise Therapeutics by 111.9% in the second quarter. Braidwell LP now owns 5,210,831 shares of the company’s stock valued at $68,314,000 after acquiring an additional 2,752,023 shares during the period. Finally, Cormorant Asset Management LP boosted its position in Edgewise Therapeutics by 20.4% in the first quarter. Cormorant Asset Management LP now owns 4,101,992 shares of the company’s stock worth $90,244,000 after purchasing an additional 695,458 shares during the last quarter.

About Edgewise Therapeutics

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.