Edgewise Therapeutics (NASDAQ:EWTX) Shares Up 4.5% on Analyst Upgrade

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s stock price shot up 4.5% on Friday after Piper Sandler raised their price target on the stock from $48.00 to $51.00. Piper Sandler currently has an overweight rating on the stock. Edgewise Therapeutics traded as high as $31.34 and last traded at $31.34. 61,766 shares traded hands during trading, a decline of 94% from the average session volume of 962,308 shares. The stock had previously closed at $29.99.

EWTX has been the subject of several other reports. Royal Bank of Canada restated an “outperform” rating and issued a $32.00 price objective on shares of Edgewise Therapeutics in a report on Tuesday, September 17th. Wedbush restated an “outperform” rating and issued a $31.00 price objective on shares of Edgewise Therapeutics in a report on Friday, August 16th. Truist Financial lifted their price objective on Edgewise Therapeutics from $25.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Finally, JPMorgan Chase & Co. lifted their price objective on Edgewise Therapeutics from $30.00 to $31.00 and gave the company an “overweight” rating in a report on Monday, August 12th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $35.60.

Insiders Place Their Bets

In other Edgewise Therapeutics news, General Counsel John R. Moore sold 20,922 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $27.63, for a total value of $578,074.86. Following the completion of the transaction, the general counsel now directly owns 3,252 shares in the company, valued at approximately $89,852.76. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Edgewise Therapeutics news, CFO R Michael Carruthers sold 125,092 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $28.57, for a total value of $3,573,878.44. Following the completion of the transaction, the chief financial officer now directly owns 6,904 shares in the company, valued at approximately $197,247.28. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, General Counsel John R. Moore sold 20,922 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $27.63, for a total value of $578,074.86. Following the sale, the general counsel now owns 3,252 shares in the company, valued at $89,852.76. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 278,176 shares of company stock worth $7,893,316. 24.11% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of large investors have recently modified their holdings of the business. Quest Partners LLC grew its stake in shares of Edgewise Therapeutics by 156.9% during the second quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock worth $31,000 after acquiring an additional 1,064 shares during the last quarter. Ameritas Investment Partners Inc. grew its stake in shares of Edgewise Therapeutics by 37.3% during the first quarter. Ameritas Investment Partners Inc. now owns 5,751 shares of the company’s stock worth $105,000 after acquiring an additional 1,561 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of Edgewise Therapeutics during the second quarter worth about $35,000. Quantum Private Wealth LLC grew its stake in shares of Edgewise Therapeutics by 5.5% during the first quarter. Quantum Private Wealth LLC now owns 66,674 shares of the company’s stock worth $1,216,000 after acquiring an additional 3,455 shares during the last quarter. Finally, ProShare Advisors LLC grew its stake in shares of Edgewise Therapeutics by 51.6% during the first quarter. ProShare Advisors LLC now owns 16,885 shares of the company’s stock worth $308,000 after acquiring an additional 5,748 shares during the last quarter.

Edgewise Therapeutics Stock Up 6.4 %

The stock has a 50 day moving average price of $21.36 and a two-hundred day moving average price of $19.26. The firm has a market cap of $2.99 billion, a PE ratio of -20.59 and a beta of 0.20.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its earnings results on Thursday, August 8th. The company reported ($0.34) EPS for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.02. As a group, equities analysts anticipate that Edgewise Therapeutics, Inc. will post -1.47 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.