Edgewise Therapeutics (NASDAQ:EWTX) Stock Price Expected to Rise, Truist Financial Analyst Says

Edgewise Therapeutics (NASDAQ:EWTX) had its price target increased by investment analysts at Truist Financial from $33.00 to $50.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s target price suggests a potential upside of 55.28% from the company’s previous close.

Several other brokerages have also recently weighed in on EWTX. Evercore ISI initiated coverage on Edgewise Therapeutics in a research note on Friday, November 22nd. They set an “outperform” rating and a $45.00 price objective on the stock. Royal Bank of Canada restated an “outperform” rating and set a $32.00 price target on shares of Edgewise Therapeutics in a report on Tuesday, September 17th. Piper Sandler increased their price objective on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Wedbush lifted 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, November 8th. Finally, JPMorgan Chase & Co. upped their target price on Edgewise Therapeutics from $30.00 to $31.00 and gave the company an “overweight” rating in a report on Monday, August 12th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, Edgewise Therapeutics has a consensus rating of “Buy” and a consensus target price of $42.33.

Edgewise Therapeutics Price Performance

EWTX opened at $32.20 on Wednesday. Edgewise Therapeutics has a fifty-two week low of $5.93 and a fifty-two week high of $38.12. The firm has a market capitalization of $3.05 billion, a PE ratio of -21.47 and a beta of 0.14. The company’s 50-day moving average is $31.77 and its 200 day moving average is $23.04.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.36) EPS for the quarter, topping the consensus estimate of ($0.37) by $0.01. As a group, analysts expect that Edgewise Therapeutics will post -1.46 EPS for the current year.

Insider Buying and Selling at Edgewise Therapeutics

In other news, insider Alan J. Russell sold 75,000 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $28.27, for a total transaction of $2,120,250.00. Following the completion of the transaction, the insider now owns 12,719 shares in the company, valued at approximately $359,566.13. This represents a 85.50 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO R Michael Carruthers sold 125,092 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief financial officer now owns 6,904 shares in the company, valued at $197,247.28. This represents a 94.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 278,176 shares of company stock worth $7,893,316 over the last three months. 24.11% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Several large investors have recently modified their holdings of EWTX. Novo Holdings A S bought a new position in Edgewise Therapeutics in the 2nd quarter worth approximately $114,263,000. Braidwell LP purchased a new position in shares of Edgewise Therapeutics in the third quarter valued at $52,267,000. Janus Henderson Group PLC lifted its holdings in Edgewise Therapeutics by 74.8% during the 3rd quarter. Janus Henderson Group PLC now owns 4,558,519 shares of the company’s stock worth $121,616,000 after purchasing an additional 1,951,220 shares in the last quarter. Vanguard Group Inc. boosted its stake in Edgewise Therapeutics by 89.0% in the 1st quarter. Vanguard Group Inc. now owns 4,017,433 shares of the company’s stock worth $73,278,000 after purchasing an additional 1,892,053 shares during the period. Finally, Millennium Management LLC grew its holdings in Edgewise Therapeutics by 115.2% during the 2nd quarter. Millennium Management LLC now owns 1,145,506 shares of the company’s stock valued at $20,631,000 after buying an additional 613,251 shares in the last quarter.

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.