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 MarketBeat. This analysis reveals a mixed outlook, with one analyst issuing a sell recommendation, two maintaining a hold rating, six advising a buy, and one assigning a strong buy rating. The average 12-month price objective among these brokerages stands at approximately $36.67.
Several notable firms have recently adjusted their price targets for Edgewise Therapeutics. JPMorgan Chase & Co. raised its price target from $33.00 to $34.00, maintaining an “overweight” rating in a report dated November 14, 2023. Meanwhile, the Royal Bank of Canada increased its target from $49.00 to $50.00, categorizing the stock as “outperform” in a research note released on November 7, 2023. Conversely, Weiss Ratings reiterated a “sell (d-)” rating on the company’s shares in a report issued the same day.
In terms of earnings performance, Edgewise Therapeutics reported its financial results on November 6, 2023. The company posted a loss of $0.39 earnings per share (EPS), which exceeded analysts’ consensus estimates of $0.40 loss by a margin of $0.01. Analysts predict an average EPS of -1.45 for the current year.
Insider Trading Activity
Recent insider transactions at Edgewise Therapeutics have drawn attention. On November 12, 2023, insider Alan J. Russell sold 100,000 shares at an average price of $21.12, resulting in a total transaction value of $2,112,000. Following this sale, Russell holds 23,400 shares, valued at approximately $494,208, reflecting an 81.04% decrease in his holdings.
In contrast, Director Jonathan C. Fox acquired 10,700 shares on November 11, 2023, at an average price of $18.64. This purchase, amounting to $199,448, increased Fox’s holdings to 23,702 shares, valued at around $441,805.28, a notable increase of 82.30% in his position. These transactions have been disclosed in filings with the Securities and Exchange Commission.
Investments and Market Trends
Hedge funds have recently adjusted their investments in Edgewise Therapeutics. Braidwell LP increased its holdings by 111.9% in the second quarter, owning 5,210,831 shares valued at approximately $68.31 million after acquiring an additional 2,752,023 shares. Similarly, Bellevue Group AG raised its stake by 94.3%, owning 2,775,997 shares valued at $36.39 million.
Other significant transactions include Sofinnova Investments Inc., which grew its stake by an astonishing 3,185.7% to hold 716,873 shares worth about $9.4 million, and MPM Bioimpact LLC, which increased its position by 55.7% to 1,720,741 shares, valued at $22.56 million. A new position was also established by Sio Capital Management LLC, valued at around $7.08 million.
Edgewise Therapeutics, headquartered in Cambridge, Massachusetts, specializes in developing precision medicines aimed at treating rare diseases. The company focuses on innovative solutions for conditions such as kidney disorders and neuromuscular diseases, with its lead product, EWTX-101, being a novel inhibitor targeting TRPC5 calcium channels implicated in nephrotic syndromes.
This comprehensive analysis highlights both the market potential and the mixed perceptions surrounding Edgewise Therapeutics as it continues to navigate the complexities of the biopharmaceutical landscape.
