Edgewise downgraded yesterday at Scotiabank after CIRRUS-HCM readout

As previously reported yesterday, Scotiabank downgraded Edgewise Therapeutics (EWTX) to Sector Perform from Outperform with a price target of $14, down from $50, after the company reported “mixed” 28 day data from its CIRRUS-HCM study for patients with obstructive hypertrophic cardiomyopathy and non-obstructive hypertrophic cardiomyopathy. Though a lot of the data were framed positively, two participants notably experienced serious adverse events of atrial fibrillation requiring cardioversion, and one participant discontinued treatment due to moderate dizziness, which “was not expected by the Street,” the analyst tells investors. Even if AF has been seen in other cardiac myosin inhibitors, this “still diminishes the main competitive advantage” of EDG-7500, namely safety, the analyst contends.