Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Receives Average Recommendation of “Buy” from Brokerages

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) have been assigned an average rating of “Buy” from the six analysts that are covering the firm, Marketbeat.com reports. Six analysts have rated the stock with a buy recommendation. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $42.33.

A number of research analysts have commented on the company. Evercore ISI assumed coverage on Edgewise Therapeutics in a report on Friday, November 22nd. They set an “outperform” rating and a $45.00 target price on the stock. Wedbush increased their target price on Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $32.00 target price on shares of Edgewise Therapeutics in a report on Tuesday, September 17th. Piper Sandler increased their target price on Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Finally, Truist Financial increased their target price on Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th.

Insider Buying and Selling

In related news, insider Alan J. Russell sold 75,000 shares of the firm’s stock in a transaction that occurred on 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 owns 12,719 shares of the company’s stock, valued at approximately $359,566.13. This trade represents a 85.50 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CMO Joanne M. Donovan sold 7,162 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $28.29, for a total value of $202,612.98. Following the completion of the sale, the chief marketing officer now owns 14,538 shares in the company, valued at approximately $411,280.02. This represents a 33.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 278,176 shares of company stock valued at $7,893,316. Insiders own 24.11% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

Several large investors have recently added to or reduced their stakes in EWTX. Quest Partners LLC raised its stake 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 buying an additional 1,064 shares in the last quarter. Meeder Asset Management Inc. bought a new stake in shares of Edgewise Therapeutics in the 2nd quarter worth $35,000. Mirae Asset Global Investments Co. Ltd. raised its stake 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 worth $88,000 after buying an additional 604 shares in the last quarter. Chicago Partners Investment Group LLC bought a new stake in shares of Edgewise Therapeutics in the 3rd quarter worth $161,000. Finally, Arizona State Retirement System bought a new stake in shares of Edgewise Therapeutics in the 2nd quarter worth $188,000.

Edgewise Therapeutics Stock Up 18.4 %

Shares of NASDAQ EWTX opened at $32.69 on Tuesday. Edgewise Therapeutics has a fifty-two week low of $6.82 and a fifty-two week high of $38.12. The business has a 50 day moving average price of $32.79 and a two-hundred day moving average price of $24.30. The firm has a market cap of $3.10 billion, a PE ratio of -21.79 and a beta of 0.12.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.36) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.01. On average, analysts anticipate that Edgewise Therapeutics will post -1.45 earnings per share for the current 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.