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

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) have earned a consensus recommendation of “Moderate Buy” from the seven brokerages that are covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating and six have issued a buy rating on the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $44.71.

EWTX has been the topic of a number of research reports. Stifel Nicolaus assumed coverage on shares of Edgewise Therapeutics in a report on Wednesday, January 22nd. They set a “hold” rating and a $30.00 target price on the stock. Wedbush boosted their price objective 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. Royal Bank of Canada reaffirmed an “outperform” rating and set a $56.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday. Truist Financial boosted their price target on Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Finally, Evercore ISI raised their price objective on Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, December 17th.

Insiders Place Their Bets

In other news, CEO Kevin Koch sold 8,636 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $30.03, for a total transaction of $259,339.08. Following the transaction, the chief executive officer now directly owns 14,478 shares in the company, valued at approximately $434,774.34. This trade represents a 37.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Alan J. Russell sold 1,200 shares of the company’s stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $30.13, for a total value of $36,156.00. Following the sale, the insider now owns 14,863 shares of the company’s stock, valued at $447,822.19. This trade represents a 7.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 164,545 shares of company stock worth $4,605,305 in the last ninety days. 24.11% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Summit Investment Advisors Inc. increased its holdings in shares of Edgewise Therapeutics by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 7,594 shares of the company’s stock worth $203,000 after buying an additional 482 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Edgewise Therapeutics by 21.7% during the 3rd 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 during the period. Alliancebernstein L.P. increased its position in Edgewise Therapeutics by 1.7% during the 4th quarter. Alliancebernstein L.P. now owns 77,260 shares of the company’s stock worth $2,063,000 after purchasing an additional 1,300 shares in the last quarter. Diadema Partners LP purchased a new position in Edgewise Therapeutics in the fourth quarter valued at approximately $36,000. Finally, Meeder Asset Management Inc. lifted its position in Edgewise Therapeutics by 69.9% during the third quarter. Meeder Asset Management Inc. now owns 3,307 shares of the company’s stock valued at $88,000 after buying an additional 1,361 shares in the last quarter.

Edgewise Therapeutics Price Performance

Shares of NASDAQ:EWTX opened at $28.13 on Friday. The company has a market capitalization of $2.68 billion, a PE ratio of -18.75 and a beta of 0.22. Edgewise Therapeutics has a 1 year low of $14.90 and a 1 year high of $38.12. The business has a fifty day moving average price of $26.78 and a two-hundred day moving average price of $27.76.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings data on Monday, March 3rd. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.39) by ($0.03). Sell-side analysts anticipate that Edgewise Therapeutics will post -1.45 earnings per share for the current year.

Edgewise Therapeutics Company Profile

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.