Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Receives $38.40 Consensus PT from Brokerages

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) have been assigned an average recommendation of “Buy” from the six brokerages that are currently covering the firm, MarketBeat.com reports. Six investment analysts have rated the stock with a buy rating. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $39.50.

A number of research firms have weighed in on EWTX. Evercore ISI initiated coverage on Edgewise Therapeutics in a research report on Friday. They set an “outperform” rating and a $45.00 price target for the company. Royal Bank of Canada reissued an “outperform” rating and set a $32.00 price target on shares of Edgewise Therapeutics in a research report on Tuesday, September 17th. Truist Financial raised their target price on shares of Edgewise Therapeutics from $25.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Wedbush increased their price target on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Finally, Piper Sandler lifted their target price on Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a report on Friday, October 11th.

Edgewise Therapeutics Trading Up 0.7 %

Shares of NASDAQ:EWTX opened at $32.20 on Friday. The business’s 50 day moving average is $30.92 and its 200-day moving average is $22.79. Edgewise Therapeutics has a 1-year low of $5.93 and a 1-year 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.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.36) earnings per share for the quarter, topping the consensus estimate of ($0.37) by $0.01. On average, sell-side analysts predict that Edgewise Therapeutics will post -1.46 EPS for the current year.

Insider Transactions at Edgewise Therapeutics

In related news, CFO R Michael Carruthers sold 125,092 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $28.57, for a total transaction 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 approximately $197,247.28. This trade represents a 94.77 % decrease in their ownership of the stock. 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 Edgewise Therapeutics stock in a transaction that occurred 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 sale, the insider now directly owns 12,719 shares in the company, valued at $359,566.13. This trade represents a 85.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 278,176 shares of company stock worth $7,893,316 in the last quarter. 24.11% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Several hedge funds have recently bought and sold shares of EWTX. Quest Partners LLC raised its holdings in shares of Edgewise Therapeutics by 156.9% during the 2nd quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock valued at $31,000 after buying an additional 1,064 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in shares of Edgewise Therapeutics during the second quarter worth approximately $35,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Edgewise Therapeutics by 21.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock worth $88,000 after acquiring an additional 604 shares during the last quarter. Ameritas Investment Partners Inc. boosted its stake in shares of Edgewise Therapeutics by 37.3% in the 1st quarter. Ameritas Investment Partners Inc. now owns 5,751 shares of the company’s stock valued at $105,000 after purchasing an additional 1,561 shares in the last quarter. Finally, Chicago Partners Investment Group LLC bought a new position in shares of Edgewise Therapeutics during the 3rd quarter valued at $161,000.

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.