Wall Street Zen Upgrades Edgewise Therapeutics (NASDAQ:EWTX) to Hold

Edgewise Therapeutics (NASDAQ:EWTX) was upgraded by analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Sunday, Wall Street Zen reports.

Several other equities analysts have also recently commented on the company. JPMorgan Chase & Co. upped their price target on Edgewise Therapeutics from $53.00 to $60.00 and gave the company an “overweight” rating in a report on Thursday, August 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Friday, July 17th. Evercore restated an “outperform” rating and set a $55.00 price objective on shares of Edgewise Therapeutics in a research report on Monday, July 20th. Guggenheim raised their target price on Edgewise Therapeutics from $41.00 to $51.00 and gave the stock a “buy” rating in a research report on Monday, July 6th. Finally, Leerink Partners set a $52.00 price target on shares of Edgewise Therapeutics in a research note on Tuesday, June 16th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $51.33.

Edgewise Therapeutics Stock Performance

NASDAQ:EWTX opened at $40.30 on Friday. The firm’s 50-day moving average is $42.90 and its 200-day moving average is $38.09. Edgewise Therapeutics has a 52-week low of $14.25 and a 52-week high of $48.51. The company has a market cap of $4.38 billion, a price-to-earnings ratio of -21.78 and a beta of 0.35.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.53) EPS for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.06). Equities analysts predict that Edgewise Therapeutics will post -2.09 EPS for the current year.

Insider Buying and Selling

In other news, CMO Joanne Donovan sold 2,919 shares of the stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $43.41, for a total value of $126,713.79. Following the completion of the transaction, the chief marketing officer directly owned 8,625 shares of the company’s stock, valued at approximately $374,411.25. This represents a 25.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 firm’s stock in a transaction that occurred 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 transaction, the insider owned 31,466 shares of the company’s stock, valued at $1,376,008.18. This trade represents a 15.79% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 38,329 shares of company stock valued at $1,675,529. 21.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Parallel Advisors LLC lifted its holdings in Edgewise Therapeutics by 64.9% during the 1st quarter. Parallel Advisors LLC now owns 1,032 shares of the company’s stock valued at $33,000 after purchasing an additional 406 shares during the last quarter. KBC Group NV bought a new stake in Edgewise Therapeutics during the first quarter worth about $49,000. Seven Fleet Capital Management LP bought a new stake in Edgewise Therapeutics during the fourth quarter worth about $50,000. Squarepoint Ops LLC acquired a new stake in shares of Edgewise Therapeutics during the second quarter worth approximately $230,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Edgewise Therapeutics during the second quarter worth approximately $240,000.

About Edgewise Therapeutics

Edgewise Therapeutics, Inc is a biopharmaceutical company focused on developing small-molecule therapies for severe neuromuscular and cardiovascular diseases. The company’s research is centered on muscle biology, with the goal of developing treatments that address the underlying mechanisms of muscle damage and dysfunction.

Edgewise’s lead investigational product is sevasemten, formerly known as EDG-5506, a selective fast skeletal muscle myosin inhibitor being developed for dystrophinopathies, including Duchenne muscular dystrophy and Becker muscular dystrophy.