Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) have received a consensus rating of “Moderate Buy” from ten ratings firms currently covering the stock, according to data from MarketBeat. Analysts have a mixed outlook, with one recommending a sell, two suggesting a hold, six indicating a buy, and one issuing a strong buy recommendation.
The average price target for Edgewise Therapeutics over the next twelve months is approximately $36.67. Recent reports highlight the varying opinions within the investment community regarding the company’s stock. For instance, JPMorgan Chase & Co. raised its price target from $33.00 to $34.00, maintaining an “overweight” rating. Additionally, the Royal Bank of Canada increased its price objective from $49.00 to $50.00, classifying the stock as “outperform.”
In contrast, Wedbush lowered its price target from $35.00 to $32.00, while reiterating an “outperform” rating. Meanwhile, Weiss Ratings maintained a “sell (d-)” rating on the stock in a report released recently. On November 10, Wall Street Zen upgraded Edgewise from a “sell” to a “hold” rating.
Recent Earnings and Insider Transactions
On November 6, 2023, Edgewise Therapeutics reported earnings of ($0.39) per share for the quarter, slightly outpacing analysts’ expectations of ($0.40). Analysts project that the company will achieve earnings of ($1.45) per share for the current year.
Insider trading activity has also been noteworthy. On November 12, Alan J. Russell, an insider at Edgewise, sold 100,000 shares at an average price of $21.12, totaling $2,112,000. Following this transaction, Russell’s holdings decreased significantly to 23,400 shares, valued at approximately $494,208.
In a contrasting move, Jonathan C. Fox, a director of the company, purchased 10,700 shares on November 11 at an average price of $18.64, amounting to $199,448. After this acquisition, Fox’s stake in Edgewise increased to 23,702 shares, valued at about $441,805.28. Currently, corporate insiders hold 23.20% of the company’s stock.
Investor Activity and Company Profile
Recently, several institutional investors have adjusted their positions in Edgewise Therapeutics. Braidwell LP increased its holdings by 111.9% in the second quarter, owning 5,210,831 shares worth approximately $68.3 million after acquiring an additional 2,752,023 shares.
Similarly, Bellevue Group AG boosted its stake by 94.3%, now owning 2,775,997 shares valued at $36.4 million. Sofinnova Investments Inc. expanded its position by 3,185.7%, with 716,873 shares valued at $9.4 million.
Founded in Cambridge, Massachusetts, Edgewise Therapeutics is a clinical-stage biopharmaceutical company focusing on precision medicines for rare diseases. The company’s lead candidate, EWTX-101, is an orally available inhibitor targeting TRPC5, a calcium channel associated with nephrotic syndromes, including focal segmental glomerulosclerosis (FSGS) and other proteinuric kidney diseases.
As the company navigates its growth potential, the evolving landscape of analyst ratings and insider activities will be critical for investors watching Edgewise Therapeutics.
