Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Receives $39.67 Consensus Price Target from Analysts

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) have been given a consensus recommendation of “Moderate Buy” by the nine ratings firms that are presently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $39.6667.

EWTX has been the topic of several analyst reports. Wedbush restated an “outperform” rating and set a $32.00 price target on shares of Edgewise Therapeutics in a report on Tuesday, March 17th. Stifel Nicolaus set a $25.00 price target on shares of Edgewise Therapeutics in a report on Thursday, February 26th. Piper Sandler restated an “overweight” rating on shares of Edgewise Therapeutics in a report on Monday, February 9th. Truist Financial set a $52.00 price target on shares of Edgewise Therapeutics in a report on Wednesday, May 6th. Finally, Evercore restated an “outperform” rating and set a $45.00 price target on shares of Edgewise Therapeutics in a report on Thursday, February 26th.

Edgewise Therapeutics Price Performance

Shares of NASDAQ EWTX opened at $34.16 on Tuesday. The stock has a market capitalization of $3.68 billion, a P/E ratio of -20.58 and a beta of 0.25. The company has a 50-day moving average price of $32.74 and a 200-day moving average price of $28.62. Edgewise Therapeutics has a 1 year low of $12.15 and a 1 year high of $39.96.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.46) earnings per share for the quarter, topping the consensus estimate of ($0.50) by $0.04. As a group, equities research analysts anticipate that Edgewise Therapeutics will post -2.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CMO Joanne M. Donovan sold 50,000 shares of the business’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $38.57, for a total transaction of $1,928,500.00. Following the transaction, the chief marketing officer directly owned 4,367 shares in the company, valued at approximately $168,435.19. The trade was a 91.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 83,892 shares of company stock worth $3,018,216 in the last 90 days. 23.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Parallel Advisors LLC boosted its stake in Edgewise Therapeutics by 64.9% in the first quarter. Parallel Advisors LLC now owns 1,032 shares of the company’s stock valued at $33,000 after acquiring an additional 406 shares during the last quarter. Bessemer Group Inc. boosted its stake in Edgewise Therapeutics by 1,170.3% in the third quarter. Bessemer Group Inc. now owns 2,350 shares of the company’s stock valued at $38,000 after acquiring an additional 2,165 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in Edgewise Therapeutics in the second quarter valued at about $45,000. Jones Financial Companies Lllp purchased a new position in Edgewise Therapeutics in the first quarter valued at about $47,000. Finally, KBC Group NV purchased a new position in Edgewise Therapeutics in the first quarter valued at about $49,000.

About Edgewise Therapeutics

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.