Wedbush Cuts Earnings Estimates for Edgewise Therapeutics

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) – Equities research analysts at Wedbush cut their FY2029 earnings per share estimates for shares of Edgewise Therapeutics in a report released on Thursday, November 6th. Wedbush analyst L. Chico now anticipates that the company will post earnings per share of $1.47 for the year, down from their prior estimate of $1.59. Wedbush has a “Outperform” rating and a $32.00 price target on the stock. The consensus estimate for Edgewise Therapeutics’ current full-year earnings is ($1.45) per share.

A number of other research firms have also recently commented on EWTX. Royal Bank Of Canada raised their target price on shares of Edgewise Therapeutics from $49.00 to $50.00 and gave the stock an “outperform” rating in a research note on Friday. Weiss Ratings restated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research report on Wednesday, October 8th. The Goldman Sachs Group began coverage on shares of Edgewise Therapeutics in a report on Thursday, September 25th. They issued a “neutral” rating and a $20.00 target price for the company. Raymond James Financial initiated coverage on Edgewise Therapeutics in a research note on Wednesday, July 30th. They issued a “strong-buy” rating and a $46.00 price target for the company. Finally, JPMorgan Chase & Co. lowered their price objective on Edgewise Therapeutics from $40.00 to $30.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $38.00.

Edgewise Therapeutics Stock Up 6.5%

EWTX stock opened at $18.28 on Monday. The business’s 50-day moving average price is $15.59 and its 200-day moving average price is $14.75. The stock has a market cap of $1.93 billion, a P/E ratio of -11.57 and a beta of 0.30. Edgewise Therapeutics has a twelve month low of $10.60 and a twelve month high of $38.12.

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, beating the consensus estimate of ($0.40) by $0.01.

Insider Transactions at Edgewise Therapeutics

In other Edgewise Therapeutics news, insider Alan J. Russell sold 100,000 shares of the business’s stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $14.60, for a total value of $1,460,000.00. Following the sale, the insider owned 23,400 shares in the company, valued at $341,640. The trade was a 81.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 23.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Aberdeen Group plc increased its position in Edgewise Therapeutics by 75.8% in the first quarter. Aberdeen Group plc now owns 313,025 shares of the company’s stock worth $6,887,000 after purchasing an additional 134,982 shares during the last quarter. Jennison Associates LLC bought a new stake in shares of Edgewise Therapeutics in the 1st quarter worth about $2,832,000. Deutsche Bank AG increased its holdings in shares of Edgewise Therapeutics by 36.3% in the 1st quarter. Deutsche Bank AG now owns 376,060 shares of the company’s stock worth $8,273,000 after buying an additional 100,223 shares during the last quarter. Eventide Asset Management LLC purchased a new stake in shares of Edgewise Therapeutics during the 1st quarter valued at about $12,503,000. Finally, MPM Bioimpact LLC lifted its holdings in shares of Edgewise Therapeutics by 2.4% in the 1st quarter. MPM Bioimpact LLC now owns 1,105,444 shares of the company’s stock valued at $24,320,000 after acquiring an additional 26,128 shares during the last quarter.

About Edgewise Therapeutics

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.