Evercore ISI Initiates Coverage on Edgewise Therapeutics (NASDAQ:EWTX)

Stock analysts at Evercore ISI began coverage on shares of Edgewise Therapeutics (NASDAQ:EWTX) in a report released on Friday, Marketbeat Ratings reports. The brokerage set an “outperform” rating and a $45.00 price target on the stock. Evercore ISI’s target price would suggest a potential upside of 39.75% from the company’s current price.

EWTX has been the subject of several other reports. Piper Sandler boosted their price objective on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Royal Bank of Canada restated an “outperform” rating and set a $32.00 price objective on shares of Edgewise Therapeutics in a research report on Tuesday, September 17th. Wedbush lifted their target price on Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. increased their target price on shares of Edgewise Therapeutics from $30.00 to $31.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Finally, Truist Financial lifted their price target 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. Six analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $39.50.

Edgewise Therapeutics Stock Up 0.7 %

EWTX stock opened at $32.20 on Friday. Edgewise Therapeutics has a 52 week low of $5.93 and a 52 week high of $38.12. The business has a 50-day simple moving average of $30.92 and a 200 day simple moving average of $22.78. The company has a market cap of $3.05 billion, a PE ratio of -21.47 and a beta of 0.14.

Edgewise Therapeutics (NASDAQ:EWTX) last released its earnings results on Thursday, November 7th. The company reported ($0.36) EPS for the quarter, beating the consensus estimate of ($0.37) by $0.01. On average, analysts anticipate that Edgewise Therapeutics will post -1.46 EPS for the current fiscal year.

Insider Activity

In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 7,162 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $28.29, for a total value of $202,612.98. Following the sale, the chief marketing officer now owns 14,538 shares in the company, valued at approximately $411,280.02. The trade was a 33.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Alan J. Russell sold 75,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $28.27, for a total value of $2,120,250.00. Following the transaction, the insider now owns 12,719 shares of the company’s stock, valued at $359,566.13. This trade represents a 85.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 278,176 shares of company stock valued at $7,893,316 over the last quarter. 24.11% of the stock is owned by company insiders.

Institutional Trading of Edgewise Therapeutics

Several institutional investors have recently added to or reduced their stakes in the stock. Quest Partners LLC boosted its position in 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 acquiring an additional 1,064 shares during the last quarter. Meeder Asset Management Inc. acquired a new stake in Edgewise Therapeutics during the second quarter worth approximately $35,000. Mirae Asset Global Investments Co. Ltd. increased its holdings 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 purchasing an additional 604 shares in the last quarter. Ameritas Investment Partners Inc. lifted its stake in Edgewise Therapeutics by 37.3% in the first quarter. Ameritas Investment Partners Inc. now owns 5,751 shares of the company’s stock valued at $105,000 after buying an additional 1,561 shares during the period. Finally, Chicago Partners Investment Group LLC acquired a new position in Edgewise Therapeutics in the third quarter valued at approximately $161,000.

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.