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

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) has earned a consensus recommendation of “Buy” from the six ratings firms that are currently covering the company, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a buy recommendation. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $42.33.

EWTX has been the subject of a number of research analyst reports. Truist Financial boosted their target price on Edgewise Therapeutics from $33.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday. Wedbush increased their target price on Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Evercore ISI assumed coverage on shares of Edgewise Therapeutics in a report on Friday, November 22nd. They set an “outperform” rating and a $45.00 target price on the stock. Piper Sandler upped their price target on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Finally, JPMorgan Chase & Co. increased their price objective 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.

Insider Activity

In other news, CFO R Michael Carruthers sold 125,092 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $28.57, for a total value of $3,573,878.44. Following the completion of the transaction, the chief financial officer now owns 6,904 shares in the company, valued at $197,247.28. This trade represents a 94.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel John R. Moore sold 50,000 shares of Edgewise Therapeutics stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $28.37, for a total value of $1,418,500.00. Following the completion of the sale, the general counsel now directly owns 3,252 shares in the company, valued at approximately $92,259.24. This 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 worth $7,893,316 over the last ninety days. Insiders own 24.11% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in EWTX. Quest Partners LLC increased its holdings in Edgewise Therapeutics by 156.9% during the second quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock worth $31,000 after buying 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 worth about $35,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Edgewise Therapeutics by 21.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock valued at $88,000 after purchasing an additional 604 shares during the period. Ameritas Investment Partners Inc. raised its holdings in shares of Edgewise Therapeutics by 37.3% in the 1st quarter. Ameritas Investment Partners Inc. now owns 5,751 shares of the company’s stock valued at $105,000 after purchasing an additional 1,561 shares during the period. Finally, Chicago Partners Investment Group LLC acquired a new stake in Edgewise Therapeutics in the 3rd quarter valued at about $161,000.

Edgewise Therapeutics Price Performance

Edgewise Therapeutics stock opened at $32.20 on Friday. Edgewise Therapeutics has a fifty-two week low of $5.93 and a fifty-two week high of $38.12. The firm has a market capitalization of $3.05 billion, a price-to-earnings ratio of -21.47 and a beta of 0.14. The company’s 50 day simple moving average is $31.77 and its 200 day simple moving average is $23.04.

Edgewise Therapeutics (NASDAQ:EWTX) last announced 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. As a group, analysts predict that Edgewise Therapeutics will post -1.46 EPS for the current fiscal year.

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.