Edgewise Therapeutics (NASDAQ:EWTX) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Edgewise Therapeutics (NASDAQ:EWTX) from a sell rating to a hold rating in a report issued on Saturday.

Several other brokerages have also issued reports on EWTX. The Goldman Sachs Group started coverage on Edgewise Therapeutics in a research report on Thursday, September 25th. They issued a “neutral” rating and a $20.00 target price for the company. JPMorgan Chase & Co. upped their price target on Edgewise Therapeutics from $33.00 to $34.00 and gave the stock an “overweight” rating in a research note on Friday, November 14th. Raymond James Financial started coverage on Edgewise Therapeutics in a research report on Wednesday, July 30th. They set a “strong-buy” rating and a $46.00 price objective for the company. Royal Bank Of Canada boosted their target price on shares of Edgewise Therapeutics from $49.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, November 7th. Finally, Wedbush reduced their target price on shares of Edgewise Therapeutics from $35.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, November 7th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Edgewise Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $38.33.

Edgewise Therapeutics Trading Up 3.6%

NASDAQ:EWTX opened at $23.48 on Friday. The company has a 50-day moving average price of $17.08 and a 200-day moving average price of $15.21. The stock has a market cap of $2.49 billion, a price-to-earnings ratio of -14.86 and a beta of 0.30. Edgewise Therapeutics has a 12 month low of $10.60 and a 12 month high of $35.50.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.01. Equities analysts forecast that Edgewise Therapeutics will post -1.45 EPS for the current fiscal year.

Insider Buying and Selling at Edgewise Therapeutics

In related news, insider Alan J. Russell sold 100,000 shares of the company’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $21.12, for a total value of $2,112,000.00. Following the transaction, the insider owned 23,400 shares in the company, valued at $494,208. The trade was a 81.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jonathan C. Fox acquired 10,700 shares of the business’s stock in a transaction that occurred on Tuesday, November 11th. The shares were purchased at an average cost of $18.64 per share, for a total transaction of $199,448.00. Following the completion of the transaction, the director directly owned 23,702 shares in the company, valued at $441,805.28. The trade was a 82.30% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 23.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Braidwell LP increased its position in shares of Edgewise Therapeutics by 111.9% during 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 in the last quarter. Bellevue Group AG lifted its position in Edgewise Therapeutics by 94.3% in the 2nd quarter. Bellevue Group AG now owns 2,775,997 shares of the company’s stock valued at $36,393,000 after acquiring an additional 1,347,068 shares in the last quarter. First Light Asset Management LLC boosted its stake in Edgewise Therapeutics by 137.3% during the 1st quarter. First Light Asset Management LLC now owns 1,852,290 shares of the company’s stock valued at $40,750,000 after purchasing an additional 1,071,651 shares during the last quarter. Siren L.L.C. increased its holdings in shares of Edgewise Therapeutics by 131.0% in the 1st quarter. Siren L.L.C. now owns 1,696,444 shares of the company’s stock worth $37,322,000 after purchasing an additional 962,101 shares in the last quarter. Finally, Cormorant Asset Management LP increased its holdings in shares of Edgewise Therapeutics by 20.4% in the 1st 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 in the last quarter.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics, Inc, a biopharmaceutical company, discovers, develops, and commercializes therapies for the treatment of muscle disorders. Its lead product candidate, EDG-5506, an orally administered small molecule that is in Phase II clinical trials, designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy and Becker muscular dystrophy.