Edgewise Therapeutics (NASDAQ:EWTX) Stock Rating Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of Edgewise Therapeutics (NASDAQ:EWTX) from a hold rating to a sell rating in a research note published on Saturday,Wall Street Zen reports.

A number of other equities research analysts also recently weighed in on the company. Guggenheim raised their price objective on Edgewise Therapeutics from $41.00 to $51.00 and gave the company a “buy” rating in a research report on Monday, July 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Friday, July 17th. Royal Bank Of Canada increased their price target on shares of Edgewise Therapeutics from $48.00 to $59.00 and gave the company an “outperform” rating in a research report on Wednesday, June 17th. Evercore restated an “outperform” rating and issued a $55.00 price target on shares of Edgewise Therapeutics in a report on Monday, July 20th. Finally, HC Wainwright lifted their price objective on shares of Edgewise Therapeutics from $45.00 to $57.00 and gave the stock a “buy” rating in a research report on Monday, September 21st. One 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 issued a Sell rating to the company. Based on data from MarketBeat.com, Edgewise Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $51.33.

Edgewise Therapeutics Stock Down 4.4%

Edgewise Therapeutics stock opened at $39.34 on Friday. The firm has a market cap of $4.27 billion, a P/E ratio of -21.26 and a beta of 0.32. The business has a fifty day moving average of $42.83 and a two-hundred day moving average of $37.59. Edgewise Therapeutics has a twelve month low of $14.25 and a twelve month high of $48.51.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.53) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.06). Equities analysts expect that Edgewise Therapeutics will post -2.09 earnings per share for the current year.

Insiders Place Their Bets

In related news, General Counsel John R. Moore sold 5,016 shares of the business’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $43.82, for a total transaction of $219,801.12. Following the transaction, the general counsel directly owned 17,697 shares in the company, valued at $775,482.54. The trade was a 22.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Alan Russell sold 200,000 shares of the company’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $39.41, for a total value of $7,882,000.00. Following the transaction, the insider directly owned 24,555 shares in the company, valued at $967,712.55. This represents a 89.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 238,329 shares of company stock valued at $9,557,529 in the last 90 days. Corporate insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On Edgewise Therapeutics

Several hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in Edgewise Therapeutics in the 2nd quarter worth approximately $268,415,000. Jupiter Topco LLC acquired a new position in Edgewise Therapeutics during the 2nd quarter valued at approximately $246,945,000. Janus Henderson Group PLC increased its stake in Edgewise Therapeutics by 29.5% during the 1st quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company’s stock valued at $186,289,000 after purchasing an additional 1,348,706 shares in the last quarter. Perceptive Advisors LLC raised its holdings in shares of Edgewise Therapeutics by 17.4% in the fourth quarter. Perceptive Advisors LLC now owns 4,457,974 shares of the company’s stock worth $110,625,000 after buying an additional 662,080 shares during the last quarter. Finally, Bank of America Corp DE purchased a new position in shares of Edgewise Therapeutics in the second quarter worth $63,312,000.

About Edgewise Therapeutics

Edgewise Therapeutics, Inc is a clinical-stage biotechnology company focused on developing small-molecule medicines for severe muscle disorders. The company’s research is centered on therapies intended to address the biological mechanisms that contribute to muscle damage and impaired function in diseases affecting skeletal and cardiac muscle.

Edgewise’s lead program is sevasemten (also known as EDG-5506), an orally administered investigational therapy designed to reduce contraction-related muscle injury by selectively modulating fast skeletal muscle contractility.