Piper Sandler Reiterates “Overweight” Rating for Edgewise Therapeutics (NASDAQ:EWTX)

Edgewise Therapeutics (NASDAQ:EWTX)‘s stock had its “overweight” rating reissued by Piper Sandler in a note issued to investors on Monday, Benzinga reports. They currently have a $48.00 target price on the stock. Piper Sandler’s price objective indicates a potential upside of 171.03% from the stock’s current price.

A number of other equities research analysts have also recently commented on EWTX. Truist Financial reaffirmed a “buy” rating and set a $25.00 price objective on shares of Edgewise Therapeutics in a research note on Wednesday, April 17th. Wedbush reaffirmed an “outperform” rating and issued a $31.00 price objective on shares of Edgewise Therapeutics in a report on Wednesday, June 26th. Finally, Royal Bank of Canada raised their target price on Edgewise Therapeutics from $28.00 to $32.00 and gave the company an “outperform” rating in a research report on Monday, April 22nd.

Edgewise Therapeutics Stock Down 1.7 %

Shares of NASDAQ:EWTX traded down $0.30 during trading on Monday, hitting $17.71. The stock had a trading volume of 44,956 shares, compared to its average volume of 862,744. Edgewise Therapeutics has a 12-month low of $5.12 and a 12-month high of $21.60. The stock has a market capitalization of $1.65 billion, a price-to-earnings ratio of -11.43 and a beta of 0.14. The stock has a 50-day simple moving average of $17.66 and a two-hundred day simple moving average of $15.99.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.39) by $0.06. As a group, sell-side analysts forecast that Edgewise Therapeutics will post -1.59 earnings per share for the current year.

Insider Buying and Selling

In other news, CMO Joanne M. Donovan sold 3,682 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $18.91, for a total transaction of $69,626.62. Following the completion of the sale, the chief marketing officer now owns 19,897 shares of the company’s stock, valued at $376,252.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Edgewise Therapeutics news, CFO R Michael Carruthers sold 2,157 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total transaction of $40,788.87. Following the transaction, the chief financial officer now owns 35,230 shares of the company’s stock, valued at $666,199.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CMO Joanne M. Donovan sold 3,682 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $18.91, for a total value of $69,626.62. Following the completion of the sale, the chief marketing officer now owns 19,897 shares of the company’s stock, valued at $376,252.27. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,665 shares of company stock worth $239,495. Insiders own 24.11% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of hedge funds have recently modified their holdings of the company. Quantum Private Wealth LLC increased its stake in Edgewise Therapeutics by 2.4% during the fourth quarter. Quantum Private Wealth LLC now owns 63,219 shares of the company’s stock worth $692,000 after acquiring an additional 1,500 shares during the last quarter. 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 buying an additional 1,561 shares during the period. Schonfeld Strategic Advisors LLC lifted its stake in Edgewise Therapeutics by 3.5% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 116,900 shares of the company’s stock worth $670,000 after acquiring an additional 3,900 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Edgewise Therapeutics by 29.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 20,833 shares of the company’s stock valued at $228,000 after acquiring an additional 4,785 shares during the period. Finally, 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 acquiring an additional 5,704 shares in the last quarter.

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.