Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX – Get Free Report) rose 7.1% on Tuesday . The stock traded as high as $39.17 and last traded at $39.0950. 356,357 shares changed hands during trading, a decline of 69% from the average daily volume of 1,168,165 shares. The stock had previously closed at $36.50.
Analyst Upgrades and Downgrades
EWTX has been the subject of several recent research reports. Evercore reiterated an “outperform” rating and issued a $45.00 target price on shares of Edgewise Therapeutics in a research note on Thursday, February 26th. Wedbush raised their target price on Edgewise Therapeutics from $46.00 to $52.00 and gave the stock an “outperform” rating in a research note on Monday, June 1st. Royal Bank Of Canada raised their price objective on shares of Edgewise Therapeutics from $48.00 to $59.00 and gave the company an “outperform” rating in a research report on Wednesday, June 17th. JPMorgan Chase & Co. boosted their price target on shares of Edgewise Therapeutics from $34.00 to $45.00 and gave the company an “overweight” rating in a research report on Tuesday, March 17th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $45.00 price target on shares of Edgewise Therapeutics in a report on Tuesday, June 16th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $47.30.
Check Out Our Latest Research Report on EWTX
Edgewise Therapeutics Price Performance
Edgewise Therapeutics (NASDAQ:EWTX – Get Free Report) last released its quarterly earnings data 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. On average, equities research analysts forecast that Edgewise Therapeutics, Inc. will post -2.01 earnings per share for the current year.
Insider Activity at Edgewise Therapeutics
In related news, CMO Joanne M. Donovan sold 50,000 shares of the company’s stock in a transaction on 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 sale, the chief marketing officer directly owned 4,367 shares of the company’s stock, valued at $168,435.19. This represents a 91.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last three months, insiders sold 83,892 shares of company stock valued at $3,018,216. Company insiders own 21.30% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Edgewise Therapeutics by 6.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 43,776 shares of the company’s stock worth $963,000 after buying an additional 2,463 shares during the last quarter. Jones Financial Companies Lllp bought a new stake in shares of Edgewise Therapeutics during the 1st quarter valued at about $47,000. Goldman Sachs Group Inc. increased its holdings in Edgewise Therapeutics by 5.7% during the first quarter. Goldman Sachs Group Inc. now owns 366,644 shares of the company’s stock valued at $8,066,000 after buying an additional 19,753 shares during the last quarter. Strs Ohio bought a new stake in Edgewise Therapeutics during the first quarter valued at about $84,000. Finally, Creative Planning increased its holdings in Edgewise Therapeutics by 29.4% in the 2nd quarter. Creative Planning now owns 16,910 shares of the company’s stock worth $222,000 after acquiring an additional 3,837 shares in the last quarter.
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.
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