Edgewise Therapeutics (NASDAQ:EWTX) Research Coverage Started at Scotiabank

Scotiabank assumed coverage on shares of Edgewise Therapeutics (NASDAQ:EWTX) in a report released on Friday morning, MarketBeat Ratings reports. The brokerage issued a sector outperform rating and a $50.00 target price on the stock.

A number of other analysts have also commented on the company. Evercore ISI boosted their price objective on Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an “outperform” rating in a report on Tuesday, December 17th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $56.00 target price on shares of Edgewise Therapeutics in a report on Tuesday, March 4th. Truist Financial upped their target price on Edgewise Therapeutics from $33.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Wedbush upped their target price on Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Finally, Stifel Nicolaus initiated coverage on Edgewise Therapeutics in a report on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 target price for the company. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $45.38.

Edgewise Therapeutics Stock Performance

Shares of EWTX opened at $28.01 on Friday. The stock has a 50 day moving average price of $26.77 and a two-hundred day moving average price of $27.93. The firm has a market capitalization of $2.67 billion, a P/E ratio of -18.67 and a beta of 0.22. Edgewise Therapeutics has a 52 week low of $14.90 and a 52 week high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings data on Monday, March 3rd. The company reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.03). On average, equities analysts forecast that Edgewise Therapeutics will post -1.45 earnings per share for the current year.

Insider Activity at Edgewise Therapeutics

In related news, CMO Joanne M. Donovan sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $27.63, for a total value of $690,750.00. Following the transaction, the chief marketing officer now owns 16,358 shares in the company, valued at approximately $451,971.54. This represents a 60.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Alan J. Russell sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $27.37, for a total value of $2,737,000.00. Following the completion of the transaction, the insider now owns 14,863 shares in the company, valued at approximately $406,800.31. The trade was a 87.06 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 164,545 shares of company stock worth $4,605,305. Insiders own 24.11% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Several institutional investors have recently made changes to their positions in EWTX. US Bancorp DE lifted its position in shares of Edgewise Therapeutics by 12,452.9% during the third quarter. US Bancorp DE now owns 8,536 shares of the company’s stock worth $228,000 after acquiring an additional 8,468 shares in the last quarter. Quantum Private Wealth LLC lifted its position in shares of Edgewise Therapeutics by 10.0% during the third quarter. Quantum Private Wealth LLC now owns 73,424 shares of the company’s stock worth $1,960,000 after acquiring an additional 6,650 shares in the last quarter. Quest Partners LLC lifted its position in shares of Edgewise Therapeutics by 418.7% during the third quarter. Quest Partners LLC now owns 9,035 shares of the company’s stock worth $241,000 after acquiring an additional 7,293 shares in the last quarter. Meeder Asset Management Inc. lifted its position in shares of Edgewise Therapeutics by 69.9% during the third quarter. Meeder Asset Management Inc. now owns 3,307 shares of the company’s stock worth $88,000 after acquiring an additional 1,361 shares in the last quarter. Finally, Intech Investment Management LLC purchased a new stake in shares of Edgewise Therapeutics during the third quarter worth $531,000.

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.