Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Given Consensus Rating of “Buy” by Brokerages

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) have been assigned a consensus recommendation of “Buy” from the five research firms that are covering the firm, Marketbeat Ratings reports. Five research analysts have rated the stock with a buy rating. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $38.40.

EWTX has been the subject of several recent research reports. Piper Sandler increased their price objective on Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. JPMorgan Chase & Co. boosted their price objective on Edgewise Therapeutics from $30.00 to $31.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Wedbush boosted their price target on Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Truist Financial upped their price objective on Edgewise Therapeutics from $25.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Finally, Evercore ISI assumed coverage on Edgewise Therapeutics in a report on Friday. They issued an “outperform” rating and a $45.00 target price on the stock.

Edgewise Therapeutics Price Performance

EWTX stock traded up $0.07 on Friday, reaching $32.05. The company’s stock had a trading volume of 16,757 shares, compared to its average volume of 941,698. Edgewise Therapeutics has a 52 week low of $5.93 and a 52 week high of $38.12. The company has a market capitalization of $3.03 billion, a P/E ratio of -21.37 and a beta of 0.14. The firm has a fifty day moving average of $30.66 and a two-hundred day moving average of $22.69.

Edgewise Therapeutics (NASDAQ:EWTX) last issued 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 analysts expect that Edgewise Therapeutics will post -1.46 EPS for the current fiscal year.

Insider Transactions at Edgewise Therapeutics

In related news, CFO R Michael Carruthers sold 125,092 shares of the business’s stock in a transaction that occurred on 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 directly owns 6,904 shares in the company, valued at approximately $197,247.28. The trade was a 94.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 directly owns 3,252 shares in the company, valued at $92,259.24. This trade represents a 93.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 278,176 shares of company stock valued at $7,893,316 in the last quarter. Insiders own 24.11% of the company’s stock.

Hedge Funds Weigh In On Edgewise Therapeutics

Institutional investors have recently bought and sold shares of the business. Quest Partners LLC boosted its stake in Edgewise Therapeutics by 156.9% during the 2nd 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 last quarter. Meeder Asset Management Inc. acquired a new position in shares of Edgewise Therapeutics during the 2nd quarter valued at about $35,000. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Edgewise Therapeutics by 21.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock valued at $88,000 after acquiring an additional 604 shares during the last quarter. Ameritas Investment Partners Inc. boosted its position 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 valued at $105,000 after acquiring an additional 1,561 shares during the last quarter. Finally, Chicago Partners Investment Group LLC acquired a new position in shares of Edgewise Therapeutics during the 3rd quarter valued at 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.