Edgewise Therapeutics (NASDAQ:EWTX) Research Coverage Started at Evercore ISI

Evercore ISI assumed coverage on shares of Edgewise Therapeutics (NASDAQ:EWTX) in a report released on Friday, MarketBeat Ratings reports. The brokerage issued an outperform rating and a $45.00 target price on the stock.

Several other brokerages also recently issued reports on EWTX. Piper Sandler upped their price objective 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. Wedbush upped their price target on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Truist Financial lifted their target price on Edgewise Therapeutics from $25.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, September 19th. 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. Finally, JPMorgan Chase & Co. raised their price target on shares of Edgewise Therapeutics from $30.00 to $31.00 and gave the company an “overweight” rating in a report on Monday, August 12th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $39.50.

Edgewise Therapeutics Trading Up 0.7 %

Shares of NASDAQ EWTX opened at $32.20 on Friday. Edgewise Therapeutics has a 52 week low of $5.93 and a 52 week high of $38.12. The stock has a market cap of $3.05 billion, a price-to-earnings ratio of -21.47 and a beta of 0.14. The company’s 50-day moving average price is $30.92 and its 200 day moving average price is $22.79.

Edgewise Therapeutics (NASDAQ:EWTX) last announced 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. As a group, research analysts expect that Edgewise Therapeutics will post -1.46 earnings per share for the current year.

Insider Activity at Edgewise Therapeutics

In other Edgewise Therapeutics news, insider Alan J. Russell sold 75,000 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $28.27, for a total transaction of $2,120,250.00. Following the transaction, the insider now directly owns 12,719 shares in the company, valued at $359,566.13. This represents a 85.50 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO R Michael Carruthers sold 125,092 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $28.57, for a total transaction of $3,573,878.44. Following the transaction, the chief financial officer now directly owns 6,904 shares in the company, valued at $197,247.28. The trade was a 94.77 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 278,176 shares of company stock valued at $7,893,316. Corporate insiders own 24.11% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the company. Sofinnova Investments Inc. acquired a new position in shares of Edgewise Therapeutics in the 2nd quarter valued at about $8,567,000. Federated Hermes Inc. acquired a new position in Edgewise Therapeutics during the 2nd quarter worth $833,000. Vanguard Group Inc. increased its holdings in shares of Edgewise Therapeutics by 89.0% during the first quarter. Vanguard Group Inc. now owns 4,017,433 shares of the company’s stock valued at $73,278,000 after purchasing an additional 1,892,053 shares during the period. SG Americas Securities LLC raised its stake in shares of Edgewise Therapeutics by 657.9% during the second quarter. SG Americas Securities LLC now owns 64,173 shares of the company’s stock valued at $1,156,000 after purchasing an additional 55,706 shares in the last quarter. Finally, abrdn plc acquired a new position in Edgewise Therapeutics during the 3rd quarter valued at about $6,850,000.

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.