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

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) has been assigned an average rating of “Buy” from the five research firms that are covering the stock, Marketbeat.com reports. Five investment analysts have rated the stock with a buy rating. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $38.40.

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

Edgewise Therapeutics Price Performance

Shares of EWTX stock traded up $0.07 during trading hours on Friday, reaching $32.05. 16,757 shares of the stock were exchanged, compared to its average volume of 941,698. The business’s fifty day moving average is $30.66 and its two-hundred day moving average is $22.69. The firm has a market capitalization of $3.03 billion, a P/E ratio of -21.37 and a beta of 0.14. Edgewise Therapeutics has a 12-month low of $5.93 and a 12-month high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.01. As a group, equities research analysts predict that Edgewise Therapeutics will post -1.46 earnings per share for the current fiscal year.

Insider Activity at Edgewise Therapeutics

In other Edgewise Therapeutics news, General Counsel John R. Moore sold 50,000 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $28.37, for a total transaction of $1,418,500.00. Following the completion of the transaction, the general counsel now owns 3,252 shares in the company, valued at approximately $92,259.24. The trade was a 93.89 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Alan J. Russell sold 75,000 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $28.27, for a total value of $2,120,250.00. Following the transaction, the insider now owns 12,719 shares of the company’s stock, valued at $359,566.13. This trade represents a 85.50 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 278,176 shares of company stock worth $7,893,316. 24.11% of the stock is currently owned by company insiders.

Institutional Trading of Edgewise Therapeutics

Institutional investors have recently modified their holdings of the company. Quest Partners LLC raised its position in shares of Edgewise Therapeutics by 156.9% during the second quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock worth $31,000 after purchasing an additional 1,064 shares during the period. Meeder Asset Management Inc. purchased a new position in Edgewise Therapeutics in the second quarter valued at about $35,000. Mirae Asset Global Investments Co. Ltd. grew 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 valued at $88,000 after purchasing an additional 604 shares in the last quarter. Ameritas Investment Partners Inc. boosted its stake in shares of Edgewise Therapeutics by 37.3% during the 1st quarter. Ameritas Investment Partners Inc. now owns 5,751 shares of the company’s stock worth $105,000 after acquiring an additional 1,561 shares in the last quarter. Finally, Chicago Partners Investment Group LLC bought a new stake in shares of Edgewise Therapeutics during the 3rd quarter worth about $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.