HC Wainwright Increases Edgewise Therapeutics (NASDAQ:EWTX) Price Target to $45.00

Edgewise Therapeutics (NASDAQ:EWTX) had its price objective boosted by HC Wainwright from $42.00 to $45.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s price objective points to a potential upside of 18.81% from the company’s previous close.

EWTX has been the subject of several other reports. Truist Financial set a $52.00 target price on Edgewise Therapeutics in a research note on Wednesday, May 6th. Royal Bank Of Canada lowered their target price on Edgewise Therapeutics from $50.00 to $48.00 and set an “outperform” rating for the company in a research note on Tuesday. Raymond James Financial restated a “strong-buy” rating and set a $66.00 target price on shares of Edgewise Therapeutics in a research note on Monday. Wall Street Zen downgraded Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Finally, Stifel Nicolaus set a $25.00 target price on Edgewise Therapeutics in a research note on Thursday, February 26th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued 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, Edgewise Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $44.22.

Edgewise Therapeutics Price Performance

NASDAQ EWTX traded up $3.72 during trading hours on Tuesday, hitting $37.88. The company had a trading volume of 4,467,404 shares, compared to its average volume of 1,252,823. Edgewise Therapeutics has a fifty-two week low of $12.15 and a fifty-two week high of $40.77. The company has a market capitalization of $4.07 billion, a price-to-earnings ratio of -24.25 and a beta of 0.27. The firm’s 50 day moving average is $32.94 and its 200 day moving average is $28.83.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.46) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.50) by $0.04. On average, equities analysts anticipate that Edgewise Therapeutics will post -2.13 EPS for the current year.

Insider Buying and Selling

In related news, CMO Joanne M. Donovan sold 50,000 shares of Edgewise Therapeutics stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $38.57, for a total value of $1,928,500.00. Following the completion of the transaction, the chief marketing officer directly owned 4,367 shares in the company, valued at approximately $168,435.19. This trade represents a 91.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 83,892 shares of company stock valued at $3,018,216 in the last three months. 21.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

A number of hedge funds have recently bought and sold shares of the company. Orbimed Advisors LLC grew its stake in Edgewise Therapeutics by 3.3% in the second quarter. Orbimed Advisors LLC now owns 15,518,492 shares of the company’s stock worth $203,447,000 after purchasing an additional 496,771 shares in the last quarter. RA Capital Management L.P. grew its stake in Edgewise Therapeutics by 5.3% in the third quarter. RA Capital Management L.P. now owns 10,428,437 shares of the company’s stock worth $169,149,000 after purchasing an additional 525,804 shares in the last quarter. Paradigm Biocapital Advisors LP grew its stake in Edgewise Therapeutics by 6.0% in the fourth quarter. Paradigm Biocapital Advisors LP now owns 6,541,210 shares of the company’s stock worth $162,320,000 after purchasing an additional 371,079 shares in the last quarter. Janus Henderson Group PLC grew its stake in Edgewise Therapeutics by 29.5% in the first quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company’s stock worth $186,289,000 after purchasing an additional 1,348,706 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in Edgewise Therapeutics by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 4,871,624 shares of the company’s stock worth $120,889,000 after purchasing an additional 67,683 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.