Analysts Set Edgewise Therapeutics, Inc. (NASDAQ:EWTX) PT at $38.40

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) has been assigned an average recommendation of “Buy” from the six research firms that are covering the company, Marketbeat.com reports. Six analysts have rated the stock with a buy recommendation. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $39.50.

A number of brokerages have recently commented on EWTX. Wedbush lifted their target price on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Friday, November 8th. JPMorgan Chase & Co. boosted their target price on shares of Edgewise Therapeutics from $30.00 to $31.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Truist Financial boosted their target price 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 restated an “outperform” rating and set a $32.00 target price on shares of Edgewise Therapeutics in a research report on Tuesday, September 17th. Finally, Evercore ISI initiated coverage on shares of Edgewise Therapeutics in a research report on Friday, November 22nd. They set an “outperform” rating and a $45.00 target price on the stock.

Edgewise Therapeutics Stock Up 0.3 %

Shares of NASDAQ EWTX opened at $32.08 on Friday. The firm has a 50-day simple moving average of $31.23 and a 200-day simple moving average of $22.88. The stock has a market capitalization of $3.04 billion, a price-to-earnings ratio of -21.39 and a beta of 0.14. Edgewise Therapeutics has a 52 week low of $5.93 and a 52 week high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.36) EPS for the quarter, beating the consensus estimate of ($0.37) by $0.01. As a group, equities research analysts expect that Edgewise Therapeutics will post -1.46 EPS for the current year.

Insider Buying and Selling at Edgewise Therapeutics

In related news, General Counsel John R. Moore sold 20,922 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $27.63, for a total transaction of $578,074.86. Following the completion of the sale, the general counsel now owns 3,252 shares of the company’s stock, valued at approximately $89,852.76. This represents a 86.55 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO R Michael Carruthers sold 125,092 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $28.57, for a total transaction of $3,573,878.44. Following the sale, the chief financial officer now directly owns 6,904 shares of the company’s stock, valued at approximately $197,247.28. This trade represents a 94.77 % 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. Corporate insiders own 24.11% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of EWTX. Sofinnova Investments Inc. acquired a new stake in Edgewise Therapeutics in the second quarter valued at approximately $8,567,000. Federated Hermes Inc. purchased a new position in shares of Edgewise Therapeutics during the 2nd quarter valued at approximately $833,000. Vanguard Group Inc. boosted its stake in shares of Edgewise Therapeutics by 89.0% during the 1st quarter. Vanguard Group Inc. now owns 4,017,433 shares of the company’s stock valued at $73,278,000 after buying an additional 1,892,053 shares during the last quarter. SG Americas Securities LLC boosted its stake in shares of Edgewise Therapeutics by 657.9% during the 2nd quarter. SG Americas Securities LLC now owns 64,173 shares of the company’s stock valued at $1,156,000 after buying an additional 55,706 shares during the last quarter. Finally, abrdn plc purchased a new position in shares of Edgewise Therapeutics during the 3rd quarter valued at approximately $6,850,000.

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.