Edgewise Therapeutics (NASDAQ:EWTX) Price Target Raised to $60.00 at JPMorgan Chase & Co.

Edgewise Therapeutics (NASDAQ:EWTX) had its price target hoisted by investment analysts at JPMorgan Chase & Co. from $53.00 to $60.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 37.61% from the company’s current price.

Several other equities analysts have also recently issued reports on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research report on Friday, July 17th. The Goldman Sachs Group raised their price target on Edgewise Therapeutics from $32.00 to $36.00 and gave the company a “neutral” rating in a report on Tuesday, August 11th. Guggenheim lifted their price target on Edgewise Therapeutics from $41.00 to $51.00 and gave the company a “buy” rating in a research note on Monday, July 6th. Evercore reaffirmed an “outperform” rating and set a $55.00 price objective on shares of Edgewise Therapeutics in a report on Monday, July 20th. Finally, Royal Bank Of Canada upped their price objective on Edgewise Therapeutics from $48.00 to $59.00 and gave the stock an “outperform” rating in a report on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Edgewise Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.33.

Edgewise Therapeutics Trading Down 6.1%

Shares of NASDAQ:EWTX traded down $2.84 during midday trading on Thursday, hitting $43.60. The stock had a trading volume of 362,572 shares, compared to its average volume of 1,188,569. Edgewise Therapeutics has a 1 year low of $13.64 and a 1 year high of $48.40. The stock has a 50 day moving average price of $40.77 and a two-hundred day moving average price of $35.00. The company has a market capitalization of $4.73 billion, a PE ratio of -23.57 and a beta of 0.30.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings results 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 expect that Edgewise Therapeutics will post -2.09 EPS for the current year.

Insider Activity at Edgewise Therapeutics

In other news, General Counsel John R. Moore sold 5,016 shares of Edgewise Therapeutics stock in a transaction that occurred 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 completion of the sale, the general counsel directly owned 17,697 shares in the company, valued at approximately $775,482.54. This trade represents a 22.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CMO Joanne M. Donovan sold 2,919 shares of the business’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $43.41, for a total value of $126,713.79. Following the sale, the chief marketing officer directly owned 8,625 shares in the company, valued at $374,411.25. This trade represents a 25.29% decrease in their position. 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. Insiders sold a total of 238,329 shares of company stock worth $9,557,529 in the last ninety days. Corporate insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On Edgewise Therapeutics

Several hedge funds have recently bought and sold shares of EWTX. Optimize Financial Inc raised its holdings in Edgewise Therapeutics by 1.5% during the fourth quarter. Optimize Financial Inc now owns 27,679 shares of the company’s stock worth $687,000 after purchasing an additional 396 shares during the last quarter. Parallel Advisors LLC raised its stake in shares of Edgewise Therapeutics by 64.9% during the 1st quarter. Parallel Advisors LLC now owns 1,032 shares of the company’s stock worth $33,000 after buying an additional 406 shares during the last quarter. Steward Partners Investment Advisory LLC raised its stake in shares of Edgewise Therapeutics by 23.9% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,854 shares of the company’s stock worth $71,000 after buying an additional 550 shares during the last quarter. California State Teachers Retirement System boosted its position in shares of Edgewise Therapeutics by 2.4% in the 2nd quarter. California State Teachers Retirement System now owns 36,878 shares of the company’s stock worth $483,000 after buying an additional 850 shares in the last quarter. Finally, AlphaCentric Advisors LLC boosted its position in shares of Edgewise Therapeutics by 6.2% in the 1st quarter. AlphaCentric Advisors LLC now owns 15,615 shares of the company’s stock worth $492,000 after buying an additional 912 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.