Edgewise Therapeutics (NASDAQ:EWTX) Posts Earnings Results, Beats Expectations By $1.36 EPS

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

Edgewise Therapeutics Stock Performance

Shares of NASDAQ EWTX traded down $0.15 during mid-day trading 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 company has a 50-day moving average price of $41.08 and a two-hundred day moving average price of $36.34. Edgewise Therapeutics has a 1-year low of $16.70 and a 1-year high of $48.51.

Insider Activity

In other Edgewise Therapeutics news, CEO Kevin Koch sold 17,971 shares of Edgewise Therapeutics stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $43.68, for a total transaction of $784,973.28. Following the transaction, the chief executive officer owned 52,488 shares of the company’s stock, valued at $2,292,675.84. The trade was a 25.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Alan Russell sold 5,901 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $43.73, for a total value of $258,050.73. Following the sale, the insider owned 31,466 shares of the company’s stock, valued at approximately $1,376,008.18. This represents a 15.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 38,329 shares of company stock worth $1,675,529 in the last quarter. Insiders own 21.30% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on the stock. HC Wainwright restated a “buy” rating on shares of Edgewise Therapeutics in a research report on Wednesday, October 14th. Wall Street Zen upgraded Edgewise Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, October 4th. The Goldman Sachs Group boosted their price objective on Edgewise Therapeutics from $32.00 to $36.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 11th. JPMorgan Chase & Co. increased their price objective on Edgewise Therapeutics from $53.00 to $60.00 and gave the stock an “overweight” rating in a report on Thursday, August 20th. Finally, Oppenheimer assumed coverage on Edgewise Therapeutics in a research report on Thursday, July 9th. They issued an “outperform” rating and a $51.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $51.33.

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.