Edgewise Therapeutics (NASDAQ:EWTX) Given Outperform Rating at Wedbush

Wedbush reaffirmed their outperform rating on shares of Edgewise Therapeutics (NASDAQ:EWTX) in a report published on Wednesday, Benzinga reports. Wedbush currently has a $31.00 price target on the stock.

EWTX has been the topic of several other reports. Royal Bank of Canada raised their price objective on Edgewise Therapeutics from $28.00 to $32.00 and gave the company an outperform rating in a report on Monday, April 22nd. Piper Sandler began coverage on shares of Edgewise Therapeutics in a report on Thursday, March 7th. They issued an overweight rating and a $48.00 price target for the company. Finally, Truist Financial reaffirmed a buy rating and set a $25.00 price objective on shares of Edgewise Therapeutics in a report on Wednesday, April 17th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, Edgewise Therapeutics has an average rating of Buy and an average price target of $32.20.

Edgewise Therapeutics Price Performance

Shares of NASDAQ EWTX opened at $17.48 on Wednesday. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of -11.28 and a beta of 0.13. The firm’s 50 day simple moving average is $17.57 and its 200-day simple moving average is $15.77. Edgewise Therapeutics has a 12 month low of $5.12 and a 12 month high of $21.60.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.33) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.06. Analysts anticipate that Edgewise Therapeutics will post -1.59 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Edgewise Therapeutics news, insider Behrad Derakhshan sold 1,718 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total value of $32,487.38. Following the transaction, the insider now owns 13,422 shares in the company, valued at approximately $253,810.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Behrad Derakhshan sold 1,718 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $18.91, for a total value of $32,487.38. Following the completion of the sale, the insider now directly owns 13,422 shares in the company, valued at $253,810.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel John R. Moore sold 1,956 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total transaction of $36,987.96. Following the completion of the transaction, the general counsel now directly owns 3,252 shares in the company, valued at $61,495.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,665 shares of company stock worth $239,495. 24.11% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of large investors have recently made changes to their positions in the stock. Pale Fire Capital SE boosted its stake in Edgewise Therapeutics by 529.3% during the fourth quarter. Pale Fire Capital SE now owns 98,449 shares of the company’s stock worth $1,077,000 after buying an additional 82,804 shares during the last quarter. Perceptive Advisors LLC acquired a new position in shares of Edgewise Therapeutics during the 4th quarter valued at about $6,078,000. Trexquant Investment LP purchased a new stake in shares of Edgewise Therapeutics in the fourth quarter valued at about $608,000. Frazier Life Sciences Management L.P. increased its position in Edgewise Therapeutics by 214.2% during the fourth quarter. Frazier Life Sciences Management L.P. now owns 2,667,203 shares of the company’s stock worth $29,179,000 after purchasing an additional 1,818,181 shares during the last quarter. Finally, Jump Financial LLC purchased a new position in Edgewise Therapeutics during the fourth quarter worth about $515,000.

About Edgewise Therapeutics

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.