Truist Financial Forecasts Strong Price Appreciation for Edgewise Therapeutics (NASDAQ:EWTX) Stock

Edgewise Therapeutics (NASDAQ:EWTX) had its price objective lifted by research analysts at Truist Financial from $33.00 to $50.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s target price indicates a potential upside of 55.28% from the stock’s current price.

Several other research firms have also recently weighed in on EWTX. Wedbush raised their price objective on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Evercore ISI assumed coverage on Edgewise Therapeutics in a research note on Friday, November 22nd. They issued an “outperform” rating and a $45.00 target price on the stock. JPMorgan Chase & Co. lifted their price target on Edgewise Therapeutics from $30.00 to $31.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. Royal Bank of Canada reiterated an “outperform” rating and set a $32.00 price objective on shares of Edgewise Therapeutics in a research report on Tuesday, September 17th. Finally, Piper Sandler boosted their target price on Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $42.33.

Edgewise Therapeutics Stock Up 0.4 %

Edgewise Therapeutics stock opened at $32.20 on Wednesday. The business has a 50-day simple moving average of $31.77 and a 200 day simple moving average of $23.04. 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.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.36) earnings per share for the quarter, topping the consensus estimate of ($0.37) by $0.01. On average, research analysts anticipate that Edgewise Therapeutics will post -1.46 earnings per share for the current year.

Insider Activity

In other news, CFO R Michael Carruthers sold 125,092 shares of the stock in a transaction that occurred on 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 completion of the sale, the chief financial officer now owns 6,904 shares of the company’s stock, valued at approximately $197,247.28. This represents a 94.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel John R. Moore sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $28.37, for a total transaction of $1,418,500.00. Following the completion of the transaction, the general counsel now owns 3,252 shares in the company, valued at $92,259.24. This represents a 93.89 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 278,176 shares of company stock valued at $7,893,316. 24.11% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of EWTX. Quest Partners LLC grew its stake in shares of Edgewise Therapeutics by 156.9% in the second quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock worth $31,000 after purchasing an additional 1,064 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in Edgewise Therapeutics in the 2nd quarter worth approximately $35,000. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Edgewise Therapeutics by 21.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock worth $88,000 after buying an additional 604 shares during the last quarter. Chicago Partners Investment Group LLC bought a new stake in shares of Edgewise Therapeutics in the 3rd quarter worth approximately $161,000. Finally, Arizona State Retirement System purchased a new position in shares of Edgewise Therapeutics during the second quarter valued at approximately $188,000.

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.