Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Receives Consensus Recommendation of “Buy” from Analysts

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) has earned an average recommendation of “Buy” from the six analysts that are currently covering the stock, Marketbeat.com reports. Six analysts have rated the stock with a buy rating. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $43.17.

A number of research analysts have recently commented on the company. Truist Financial increased their target price on Edgewise Therapeutics from $33.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. 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 report on Friday, October 11th. Royal Bank of Canada restated an “outperform” rating and issued a $32.00 target price on shares of Edgewise Therapeutics in a report on Tuesday, September 17th. Evercore ISI increased their price target on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, December 17th. Finally, Wedbush boosted their price objective on Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th.

Edgewise Therapeutics Stock Performance

Shares of NASDAQ EWTX opened at $24.15 on Friday. The company has a market cap of $2.29 billion, a P/E ratio of -16.10 and a beta of 0.20. Edgewise Therapeutics has a 52-week low of $9.00 and a 52-week high of $38.12. The firm’s fifty day moving average is $30.72 and its two-hundred day moving average is $25.62.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its earnings results on Thursday, November 7th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.37) by $0.01. As a group, analysts forecast that Edgewise Therapeutics will post -1.45 EPS for the current fiscal year.

Insider Buying and Selling at Edgewise Therapeutics

In related news, insider Marc Semigran sold 29,709 shares of Edgewise Therapeutics stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $29.69, for a total transaction of $882,060.21. Following the completion of the sale, the insider now owns 6,716 shares in the company, valued at $199,398.04. This trade represents a 81.56 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Alan J. Russell sold 100,000 shares of the business’s stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $27.37, for a total transaction of $2,737,000.00. Following the completion of the sale, the insider now directly owns 14,863 shares of the company’s stock, valued at approximately $406,800.31. This trade represents a 87.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 24.11% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Quest Partners LLC increased its position in 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 purchasing an additional 1,064 shares during the period. Meeder Asset Management Inc. purchased a new position in Edgewise Therapeutics during the second quarter valued at approximately $35,000. Mirae Asset Global Investments Co. Ltd. raised its stake 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 buying an additional 604 shares in the last quarter. Chicago Partners Investment Group LLC bought a new position in Edgewise Therapeutics in the third quarter worth approximately $161,000. Finally, US Bancorp DE lifted its holdings in 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 buying an additional 8,468 shares during the period.

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.