Piper Sandler Reaffirms Overweight Rating for Edgewise Therapeutics (NASDAQ:EWTX)

Piper Sandler reiterated their overweight rating on shares of Edgewise Therapeutics (NASDAQ:EWTX) in a research note published on Monday morning, Benzinga reports. Piper Sandler currently has a $48.00 price objective on the stock.

Several other research firms have also issued reports on EWTX. Truist Financial restated a buy rating and issued a $25.00 price target on shares of Edgewise Therapeutics in a research report on Wednesday, April 17th. Wedbush restated an outperform rating and issued a $31.00 price target on shares of Edgewise Therapeutics in a research report on Wednesday, June 26th. Finally, Royal Bank of Canada lifted their price target 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.

Edgewise Therapeutics Price Performance

NASDAQ EWTX opened at $19.38 on Monday. Edgewise Therapeutics has a 12 month low of $5.12 and a 12 month high of $21.60. The firm has a market capitalization of $1.81 billion, a PE ratio of -12.50 and a beta of 0.14. The company’s 50 day simple moving average is $17.75 and its 200 day simple moving average is $16.07.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings results on Thursday, May 9th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.39) by $0.06. Sell-side analysts anticipate that Edgewise Therapeutics will post -1.59 earnings per share 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 owns 13,422 shares of the company’s stock, valued at approximately $253,810.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 owns 13,422 shares of the company’s stock, valued at approximately $253,810.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO R Michael Carruthers sold 2,157 shares of Edgewise Therapeutics stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $18.91, for a total transaction of $40,788.87. Following the sale, the chief financial officer now directly owns 35,230 shares of the company’s stock, valued at approximately $666,199.30. The disclosure for this sale can be found here. In the last 90 days, insiders sold 12,665 shares of company stock valued at $239,495. Company insiders own 24.11% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of institutional investors have recently modified their holdings of the stock. RA Capital Management L.P. acquired a new stake in shares of Edgewise Therapeutics during the 1st quarter valued at $162,502,000. Baker BROS. Advisors LP boosted its stake in shares of Edgewise Therapeutics by 87.6% during the 1st quarter. Baker BROS. Advisors LP now owns 5,840,059 shares of the company’s stock valued at $106,523,000 after buying an additional 2,727,273 shares during the period. 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 period. Frazier Life Sciences Management L.P. boosted its stake in shares of Edgewise Therapeutics by 214.2% during the 4th quarter. Frazier Life Sciences Management L.P. now owns 2,667,203 shares of the company’s stock valued at $29,179,000 after buying an additional 1,818,181 shares during the period. Finally, Janus Henderson Group PLC lifted its stake in shares of Edgewise Therapeutics by 48.6% in the 1st quarter. Janus Henderson Group PLC now owns 1,805,312 shares of the company’s stock valued at $32,898,000 after purchasing an additional 590,299 shares during the last quarter.

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.