Edgewise Therapeutics’ (EWTX) “Outperform” Rating Reiterated at Wedbush

Wedbush reissued their outperform rating on shares of Edgewise Therapeutics (NASDAQ:EWTX) in a report issued on Wednesday, Benzinga reports. Wedbush currently has a $31.00 target price on the stock.

Other analysts have also issued research reports about the stock. Royal Bank of Canada lifted their price target on shares of Edgewise Therapeutics from $28.00 to $32.00 and gave the stock an outperform rating in a research note on Monday, April 22nd. Piper Sandler began coverage on shares of Edgewise Therapeutics in a research note on Thursday, March 7th. They issued an overweight rating and a $48.00 price target for the company. Finally, Truist Financial restated a buy rating and issued a $25.00 price target on shares of Edgewise Therapeutics in a research note on Wednesday, April 17th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of Buy and a consensus target price of $32.20.

Edgewise Therapeutics Stock Performance

NASDAQ EWTX opened at $17.48 on Wednesday. Edgewise Therapeutics has a one year low of $5.12 and a one year high of $21.60. The company’s 50 day moving average price is $17.57 and its 200 day moving average price is $15.77. The firm has a market capitalization of $1.63 billion, a price-to-earnings ratio of -11.28 and a beta of 0.13.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings results on Thursday, May 9th. The company reported ($0.33) EPS for the quarter, beating the consensus estimate of ($0.39) by $0.06. Sell-side analysts forecast that Edgewise Therapeutics will post -1.59 EPS for the current fiscal year.

Insiders Place Their Bets

In other Edgewise Therapeutics news, insider Behrad Derakhshan sold 1,718 shares of Edgewise Therapeutics stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $18.91, for a total value of $32,487.38. Following the completion of the transaction, the insider now owns 13,422 shares of the company’s stock, valued at $253,810.02. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CFO R Michael Carruthers sold 2,157 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $18.91, for a total transaction of $40,788.87. Following the completion of the transaction, the chief financial officer now owns 35,230 shares in the company, valued at $666,199.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Behrad Derakhshan sold 1,718 shares of the company’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total transaction of $32,487.38. Following the transaction, the insider now owns 13,422 shares of the company’s stock, valued at approximately $253,810.02. The disclosure for this sale can be found here. Insiders sold a total of 12,665 shares of company stock valued at $239,495 over the last 90 days. 24.11% of the stock is owned by company insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Several institutional investors have recently modified their holdings of the company. China Universal Asset Management Co. Ltd. grew its position in Edgewise Therapeutics by 349.1% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 7,338 shares of the company’s stock valued at $80,000 after buying an additional 5,704 shares in the last quarter. AJOVista LLC bought a new position in Edgewise Therapeutics in the 4th quarter valued at about $84,000. Corton Capital Inc. bought a new position in Edgewise Therapeutics in the 3rd quarter valued at about $98,000. Ameritas Investment Partners Inc. grew its position in 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 buying an additional 1,561 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in Edgewise Therapeutics by 29.8% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 20,833 shares of the company’s stock valued at $228,000 after buying an additional 4,785 shares in the last quarter.

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.