Edgewise Therapeutics (NASDAQ:EWTX) Posts Earnings Results, Beats Expectations By $0.01 EPS

Edgewise Therapeutics (NASDAQ:EWTX) issued its quarterly earnings data on Thursday. The company reported ($0.36) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01, reports.

Edgewise Therapeutics Stock Performance

Shares of NASDAQ:EWTX opened at $36.38 on Friday. The company has a market capitalization of $3.41 billion, a PE ratio of -23.47 and a beta of 0.14. The stock has a fifty day moving average of $27.95 and a 200-day moving average of $21.77. Edgewise Therapeutics has a one year low of $5.12 and a one year high of $37.29.

Insider Transactions at Edgewise Therapeutics

In other Edgewise Therapeutics news, insider Alan J. Russell sold 75,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $28.27, for a total value of $2,120,250.00. Following the completion of the transaction, the insider now directly owns 12,719 shares in the company, valued at $359,566.13. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In other Edgewise Therapeutics news, CFO R Michael Carruthers sold 125,092 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $28.57, for a total transaction of $3,573,878.44. Following the completion of the sale, the chief financial officer now directly owns 6,904 shares in the company, valued at approximately $197,247.28. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Alan J. Russell sold 75,000 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $28.27, for a total value of $2,120,250.00. Following the completion of the transaction, the insider now owns 12,719 shares in the company, valued at $359,566.13. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 278,176 shares of company stock valued at $7,893,316 over the last three months. Company insiders own 24.11% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quest Partners LLC lifted its holdings in shares of Edgewise Therapeutics by 156.9% during the 2nd quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock valued at $31,000 after buying an additional 1,064 shares during the last quarter. Meeder Asset Management Inc. acquired a new stake in Edgewise Therapeutics in the second quarter valued at approximately $35,000. Mirae Asset Global Investments Co. Ltd. grew its position in Edgewise Therapeutics by 21.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock worth $88,000 after acquiring an additional 604 shares in the last quarter. Ameritas Investment Partners Inc. increased its stake in shares of Edgewise Therapeutics by 37.3% during the 1st quarter. Ameritas Investment Partners Inc. now owns 5,751 shares of the company’s stock worth $105,000 after purchasing an additional 1,561 shares during the last quarter. Finally, Chicago Partners Investment Group LLC bought a new position in shares of Edgewise Therapeutics during the 3rd quarter valued at $161,000.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on EWTX. Royal Bank of Canada reissued an “outperform” rating and issued a $32.00 price target on shares of Edgewise Therapeutics in a research note on Tuesday, September 17th. JPMorgan Chase & Co. raised their target price on shares of Edgewise Therapeutics from $30.00 to $31.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Truist Financial upped their price target on shares of Edgewise Therapeutics from $25.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Wedbush raised their price objective on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Friday. Finally, Piper Sandler upped their target price on Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $38.40.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics, Inc, a biopharmaceutical company, discovers, develops, and commercializes therapies for the treatment of muscle disorders. Its lead product candidate, EDG-5506, an orally administered small molecule that is in Phase II clinical trials, designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy and Becker muscular dystrophy.