Edgewise Therapeutics (NASDAQ:EWTX) Announces Quarterly Earnings Results, Beats Estimates By $0.01 EPS

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

Edgewise Therapeutics Trading Up 2.7 %

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

Insiders Place Their Bets

In other news, CFO R Michael Carruthers sold 125,092 shares of Edgewise Therapeutics 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 sale, the chief financial officer now directly owns 6,904 shares of the company’s stock, valued at approximately $197,247.28. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO R Michael Carruthers sold 125,092 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $28.57, for a total value of $3,573,878.44. Following the sale, the chief financial officer now directly owns 6,904 shares of the company’s stock, valued at $197,247.28. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel John R. Moore sold 50,000 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $28.37, for a total transaction of $1,418,500.00. Following the transaction, the general counsel now owns 3,252 shares in the company, valued at $92,259.24. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 278,176 shares of company stock worth $7,893,316 in the last quarter. 24.11% of the stock is owned by corporate insiders.

Institutional Trading of Edgewise Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of EWTX. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Edgewise Therapeutics by 21.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock valued at $88,000 after buying an additional 604 shares during the period. Quest Partners LLC grew its holdings in shares of Edgewise Therapeutics by 156.9% during the second quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock valued at $31,000 after purchasing an additional 1,064 shares during the last quarter. Meeder Asset Management Inc. raised its position in shares of Edgewise Therapeutics by 69.9% during the 3rd quarter. Meeder Asset Management Inc. now owns 3,307 shares of the company’s stock worth $88,000 after purchasing an additional 1,361 shares during the period. Ameritas Investment Partners Inc. lifted its holdings in shares of Edgewise Therapeutics by 37.3% in 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, Quantum Private Wealth LLC boosted its position in Edgewise Therapeutics by 5.5% during the 1st quarter. Quantum Private Wealth LLC now owns 66,674 shares of the company’s stock valued at $1,216,000 after purchasing an additional 3,455 shares during the period.

Analyst Ratings Changes

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