Edgewise Therapeutics (NASDAQ:EWTX) Now Covered by Analysts at Evercore ISI

Evercore ISI initiated coverage on shares of Edgewise Therapeutics (NASDAQ:EWTX) in a research note released on Friday morning, MarketBeat reports. The brokerage issued an outperform rating and a $45.00 target price on the stock.

Several other research analysts also recently issued reports on the company. JPMorgan Chase & Co. upped their price objective on Edgewise Therapeutics from $30.00 to $31.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Piper Sandler boosted 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. Truist Financial lifted their price target on shares of Edgewise Therapeutics from $25.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. 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. Finally, 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 research report on Friday, November 8th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $39.50.

Edgewise Therapeutics Trading Down 0.7 %

NASDAQ:EWTX opened at $31.98 on Friday. The stock has a market capitalization of $3.03 billion, a P/E ratio of -21.32 and a beta of 0.14. The firm has a 50 day moving average of $31.23 and a 200-day moving average of $22.88. Edgewise Therapeutics has a 1 year low of $5.93 and a 1 year high of $38.12.

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

Insider Activity at Edgewise Therapeutics

In related news, insider Alan J. Russell sold 75,000 shares of the firm’s stock in a transaction dated 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 sale, the insider now directly owns 12,719 shares of the company’s stock, valued at $359,566.13. This trade represents a 85.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CMO Joanne M. Donovan sold 7,162 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $28.29, for a total transaction of $202,612.98. Following the completion of the transaction, the chief marketing officer now directly owns 14,538 shares of the company’s stock, valued at $411,280.02. This trade represents a 33.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 278,176 shares of company stock worth $7,893,316. Company insiders own 24.11% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Quest Partners LLC increased its position in Edgewise Therapeutics by 156.9% in the 2nd quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock valued at $31,000 after acquiring an additional 1,064 shares during the period. Meeder Asset Management Inc. bought a new position in Edgewise Therapeutics during the 2nd quarter worth $35,000. Mirae Asset Global Investments Co. Ltd. raised its position in 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 worth $88,000 after purchasing an additional 604 shares during the last quarter. Ameritas Investment Partners Inc. lifted its holdings in 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 buying an additional 1,561 shares during the period. Finally, Chicago Partners Investment Group LLC acquired a new stake in shares of Edgewise Therapeutics in the third 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.