Evercore ISI Initiates Coverage on Edgewise Therapeutics (NASDAQ:EWTX)

Evercore ISI initiated coverage on shares of Edgewise Therapeutics (NASDAQ:EWTX) in a research report sent to investors on Friday, MarketBeat reports. The firm issued an outperform rating and a $45.00 price target on the stock.

A number of other equities analysts also recently issued reports on EWTX. Wedbush lifted 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. Royal Bank of Canada reaffirmed an “outperform” rating and set a $32.00 price target on shares of Edgewise Therapeutics in a research report on Tuesday, September 17th. JPMorgan Chase & Co. raised their price objective on shares of Edgewise Therapeutics from $30.00 to $31.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. 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, Piper Sandler increased their target price on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $39.50.

Edgewise Therapeutics Trading Down 0.7 %

EWTX opened at $31.98 on Friday. The company has a fifty day moving average price of $31.23 and a two-hundred day moving average price of $22.88. Edgewise Therapeutics has a 1-year low of $5.93 and a 1-year high of $38.12. The company has a market cap of $3.03 billion, a P/E ratio of -21.32 and a beta of 0.14.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. On average, research analysts forecast that Edgewise Therapeutics will post -1.46 EPS for the current fiscal year.

Insider Buying and Selling

In other Edgewise Therapeutics news, CFO R Michael Carruthers sold 125,092 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $28.57, for a total value of $3,573,878.44. Following the transaction, the chief financial officer now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel John R. Moore sold 20,922 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $27.63, for a total value of $578,074.86. Following the transaction, the general counsel now directly owns 3,252 shares of the company’s stock, valued at $89,852.76. The trade was a 86.55 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 278,176 shares of company stock worth $7,893,316 in the last 90 days. 24.11% of the stock is owned by company insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of large investors have recently modified their holdings of EWTX. Quest Partners LLC raised its position in shares of Edgewise Therapeutics by 156.9% in the 2nd quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock worth $31,000 after acquiring an additional 1,064 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in Edgewise Therapeutics in the second quarter worth $35,000. Mirae Asset Global Investments Co. Ltd. raised its holdings 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 worth $88,000 after purchasing an additional 604 shares in the last quarter. Ameritas Investment Partners Inc. lifted its position in Edgewise Therapeutics by 37.3% during the first quarter. Ameritas Investment Partners Inc. now owns 5,751 shares of the company’s stock valued at $105,000 after buying an additional 1,561 shares during the period. Finally, Chicago Partners Investment Group LLC purchased a new position in Edgewise Therapeutics during the third quarter valued at $161,000.

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.