Edgewise Therapeutics (NASDAQ:EWTX) Receives Outperform Rating from Wedbush

Wedbush reiterated their outperform rating on shares of Edgewise Therapeutics (NASDAQ:EWTX) in a research note released on Wednesday, Benzinga reports. The brokerage currently has a $31.00 price objective on the stock.

A number of other equities research analysts also recently issued reports on EWTX. Royal Bank of Canada upped their price objective on shares of Edgewise Therapeutics from $28.00 to $32.00 and gave the stock an outperform rating in a research report on Monday, April 22nd. Piper Sandler initiated coverage on shares of Edgewise Therapeutics in a research report on Thursday, March 7th. They issued an overweight rating and a $48.00 price objective for the company. Finally, Truist Financial reissued a buy rating and set a $25.00 target price on shares of Edgewise Therapeutics in a research report on Wednesday, April 17th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of Buy and an average price target of $32.20.

Edgewise Therapeutics Price Performance

NASDAQ EWTX opened at $18.01 on Wednesday. The company has a fifty day moving average price of $17.66 and a 200-day moving average price of $15.93. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of -11.62 and a beta of 0.13. Edgewise Therapeutics has a 1 year low of $5.12 and a 1 year high of $21.60.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.06. On average, research analysts anticipate that Edgewise Therapeutics will post -1.59 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Behrad Derakhshan sold 1,718 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $18.91, for a total value of $32,487.38. Following the completion of the transaction, the insider now directly owns 13,422 shares of the company’s stock, valued at approximately $253,810.02. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CFO R Michael Carruthers sold 2,157 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $18.91, for a total value of $40,788.87. Following the completion of the transaction, the chief financial officer now directly owns 35,230 shares of the company’s stock, valued at approximately $666,199.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Behrad Derakhshan sold 1,718 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total transaction of $32,487.38. Following the completion of the sale, the insider now owns 13,422 shares in the company, valued at $253,810.02. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,665 shares of company stock valued at $239,495. Company insiders own 24.11% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the company. Pale Fire Capital SE lifted its stake in Edgewise Therapeutics by 529.3% in the 4th quarter. Pale Fire Capital SE now owns 98,449 shares of the company’s stock worth $1,077,000 after purchasing an additional 82,804 shares in the last quarter. Perceptive Advisors LLC purchased a new stake in Edgewise Therapeutics in the 4th quarter worth approximately $6,078,000. Trexquant Investment LP purchased a new stake in Edgewise Therapeutics in the 4th quarter worth approximately $608,000. Frazier Life Sciences Management L.P. lifted its stake in Edgewise Therapeutics by 214.2% in the 4th quarter. Frazier Life Sciences Management L.P. now owns 2,667,203 shares of the company’s stock worth $29,179,000 after purchasing an additional 1,818,181 shares in the last quarter. Finally, Jump Financial LLC purchased a new stake in Edgewise Therapeutics in the 4th quarter worth approximately $515,000.

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.