Edgewise Therapeutics (NASDAQ:EWTX) Stock Rating Lowered by Wall Street Zen

by · The Cerbat Gem

Edgewise Therapeutics (NASDAQ:EWTX – Get Free Report) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Saturday, Wall Street Zen reports.

EWTX has been the subject of a number of other reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Friday, July 17th. The Goldman Sachs Group boosted their price objective on Edgewise Therapeutics from $32.00 to $36.00 and gave the company a “neutral” rating in a report on Tuesday, August 11th. Oppenheimer assumed coverage on Edgewise Therapeutics in a research report on Thursday, July 9th. They issued an “outperform” rating and a $51.00 price objective on the stock. Guggenheim increased their target price on Edgewise Therapeutics from $41.00 to $51.00 and gave the stock a “buy” rating in a research note on Monday, July 6th. Finally, Evercore reiterated an “outperform” rating and set a $55.00 target price on shares of Edgewise Therapeutics in a research report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $51.33.

Check Out Our Latest Stock Analysis on Edgewise Therapeutics

Edgewise Therapeutics Stock Performance

EWTX stock opened at $39.34 on Friday. Edgewise Therapeutics has a 12 month low of $14.25 and a 12 month high of $48.51. The company has a 50-day moving average price of $42.83 and a 200 day moving average price of $37.65. The stock has a market cap of $4.27 billion, a PE ratio of -21.26 and a beta of 0.32.

Edgewise Therapeutics (NASDAQ:EWTX – Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.53) EPS for the quarter, missing the consensus estimate of ($0.47) by ($0.06). Sell-side analysts forecast that Edgewise Therapeutics will post -2.09 EPS for the current year.

Insider Activity at Edgewise Therapeutics

In other news, General Counsel John R. Moore sold 5,016 shares of Edgewise Therapeutics stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $43.82, for a total transaction of $219,801.12. Following the completion of the sale, the general counsel owned 17,697 shares of the company’s stock, valued at approximately $775,482.54. The trade was a 22.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CMO Joanne Donovan sold 6,522 shares of the business’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $43.85, for a total value of $285,989.70. Following the completion of the sale, the chief marketing officer owned 11,544 shares of the company’s stock, valued at $506,204.40. The trade was a 36.10% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 238,329 shares of company stock valued at $9,557,529. 21.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the company. Parallel Advisors LLC increased its position in shares of Edgewise Therapeutics by 64.9% during the first quarter. Parallel Advisors LLC now owns 1,032 shares of the company’s stock worth $33,000 after purchasing an additional 406 shares in the last quarter. AlphaCentric Advisors LLC lifted its holdings in shares of Edgewise Therapeutics by 6.2% during the 1st quarter. AlphaCentric Advisors LLC now owns 15,615 shares of the company’s stock valued at $492,000 after purchasing an additional 912 shares during the last quarter. Intech Investment Management LLC boosted its position in shares of Edgewise Therapeutics by 4.1% in the 4th quarter. Intech Investment Management LLC now owns 30,389 shares of the company’s stock worth $754,000 after purchasing an additional 1,210 shares in the last quarter. KBC Group NV acquired a new stake in shares of Edgewise Therapeutics in the 1st quarter worth $49,000. Finally, ProShare Advisors LLC grew its stake in Edgewise Therapeutics by 11.0% during the 4th quarter. ProShare Advisors LLC now owns 16,976 shares of the company’s stock worth $421,000 after buying an additional 1,685 shares during the last quarter.

About Edgewise Therapeutics

(Get Free Report)

Edgewise Therapeutics, Inc is a clinical-stage biotechnology company focused on developing small-molecule medicines for severe muscle disorders. The company’s research is centered on therapies intended to address the biological mechanisms that contribute to muscle damage and impaired function in diseases affecting skeletal and cardiac muscle.

Edgewise’s lead program is sevasemten (also known as EDG-5506), an orally administered investigational therapy designed to reduce contraction-related muscle injury by selectively modulating fast skeletal muscle contractility.

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