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

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) have earned a consensus rating of “Buy” from the six brokerages that are covering the firm, MarketBeat reports. Six analysts have rated the stock with a buy recommendation. The average 12 month price objective among brokers that have covered the stock in the last year is $43.17.

Several research analysts recently weighed in on EWTX shares. Truist Financial boosted their target price on Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Evercore ISI upped their price objective on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, December 17th. Wedbush lifted their target price on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. 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 research note on Friday, October 11th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $32.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday, September 17th.

Insider Buying and Selling at Edgewise Therapeutics

In other news, insider Alan J. Russell sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $27.37, for a total transaction of $2,737,000.00. Following the sale, the insider now owns 14,863 shares of the company’s stock, valued at $406,800.31. This trade represents a 87.06 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Marc Semigran sold 29,709 shares of Edgewise Therapeutics stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $29.69, for a total transaction of $882,060.21. Following the transaction, the insider now directly owns 6,716 shares of the company’s stock, valued at approximately $199,398.04. This trade represents a 81.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 24.11% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

Hedge funds have recently added to or reduced their stakes in the company. Sofinnova Investments Inc. purchased a new stake in shares of Edgewise Therapeutics in the second quarter valued at approximately $8,567,000. Federated Hermes Inc. acquired a new stake in Edgewise Therapeutics in the 2nd quarter valued at $833,000. Ally Bridge Group NY LLC purchased a new stake in Edgewise Therapeutics in the 3rd quarter worth $5,010,000. Franklin Resources Inc. raised its position in Edgewise Therapeutics by 84.2% during the third quarter. Franklin Resources Inc. now owns 45,223 shares of the company’s stock worth $1,207,000 after acquiring an additional 20,674 shares during the period. Finally, abrdn plc purchased a new position in Edgewise Therapeutics during the third quarter valued at $6,850,000.

Edgewise Therapeutics Stock Performance

NASDAQ:EWTX opened at $24.15 on Friday. The company’s 50-day simple moving average is $30.72 and its 200-day simple moving average is $25.62. Edgewise Therapeutics has a fifty-two week low of $9.00 and a fifty-two week high of $38.12. The stock has a market capitalization of $2.29 billion, a P/E ratio of -16.10 and a beta of 0.20.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its earnings results on Thursday, November 7th. The company reported ($0.36) EPS for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.01. On average, research analysts forecast that Edgewise Therapeutics will post -1.45 EPS 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.