Edgewise Therapeutics (NASDAQ:EWTX) Rating Lowered to Sell at Zacks Investment Research

Zacks Investment Research cut shares of Edgewise Therapeutics (NASDAQ:EWTX) from a hold rating to a sell rating in a research note issued to investors on Tuesday morning, Zacks.com reports.

According to Zacks, “Edgewise Therapeutics Inc. is a clinical-stage biopharmaceutical company. It is focused on developing orally bioavailable, small molecule therapies for rare muscle disorders. Edgewise Therapeutics Inc. is based in Boulder, United States. “

Separately, JPMorgan Chase & Co. upped their price target on shares of Edgewise Therapeutics from $30.00 to $33.00 and gave the stock an overweight rating in a research report on Thursday, January 6th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $32.40.

EWTX opened at $17.50 on Tuesday. The company’s 50 day simple moving average is $18.17 and its 200 day simple moving average is $18.08. Edgewise Therapeutics has a 1 year low of $13.19 and a 1 year high of $40.49.

Edgewise Therapeutics (NASDAQ:EWTX) last released its earnings results on Wednesday, November 10th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.21) by ($0.05). As a group, equities research analysts anticipate that Edgewise Therapeutics will post 3.06 EPS for the current year.

In related news, insider Alan J. Russell sold 13,042 shares of the stock in a transaction on Friday, November 5th. The stock was sold at an average price of $19.62, for a total value of $255,884.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Alan J. Russell sold 26,184 shares of the stock in a transaction on Wednesday, November 3rd. The shares were sold at an average price of $18.18, for a total value of $476,025.12. The disclosure for this sale can be found here. Over the last quarter, insiders sold 48,712 shares of company stock valued at $922,143.

Institutional investors have recently made changes to their positions in the company. Citigroup Inc. grew its stake in shares of Edgewise Therapeutics by 155.0% during the third quarter. Citigroup Inc. now owns 1,497 shares of the company’s stock valued at $25,000 after acquiring an additional 910 shares in the last quarter. Legal & General Group Plc acquired a new stake in shares of Edgewise Therapeutics during the second quarter valued at about $40,000. Deutsche Bank AG acquired a new stake in shares of Edgewise Therapeutics during the second quarter valued at about $156,000. Nisa Investment Advisors LLC acquired a new stake in shares of Edgewise Therapeutics during the third quarter valued at about $170,000. Finally, Pinz Capital Management LP acquired a new stake in shares of Edgewise Therapeutics during the second quarter valued at about $186,000. Institutional investors own 96.85% of the company’s stock.

About Edgewise Therapeutics

Edgewise Therapeutics, Inc, a biopharmaceutical company, develops small molecule therapies for musculoskeletal diseases. It offers a precision medicine muscle platform that generates programs to address various muscle disorders, such as Duchenne, Becker, and limb girdle muscular dystrophies. The company develops a pipeline of precision medicine product candidates that target key muscle proteins and modulators to address genetically defined muscle disorders.

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