Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Receives Average Rating of “Buy” from Brokerages

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) has received an average recommendation of “Buy” from the six research firms that are covering the firm, Marketbeat.com reports. Six analysts have rated the stock with a buy rating. The average 12-month price target among analysts that have covered the stock in the last year is $42.33.

A number of equities analysts have recently weighed in on EWTX shares. Wedbush increased their target price on Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Evercore ISI initiated coverage on Edgewise Therapeutics in a research report on Friday, November 22nd. They set an “outperform” rating and a $45.00 price objective on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $32.00 target price on shares of Edgewise Therapeutics in a report on Tuesday, September 17th. Truist Financial upped their price target on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Piper Sandler lifted their price objective on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a research note on Friday, October 11th.

Edgewise Therapeutics Price Performance

Shares of EWTX opened at $32.20 on Friday. The company’s 50-day moving average is $31.77 and its 200-day moving average is $23.04. The firm has a market capitalization of $3.05 billion, a PE ratio of -21.47 and a beta of 0.14. Edgewise Therapeutics has a fifty-two week low of $5.93 and a fifty-two week high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly 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. Analysts predict that Edgewise Therapeutics will post -1.46 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CMO Joanne M. Donovan sold 7,162 shares of Edgewise Therapeutics stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $28.29, for a total transaction of $202,612.98. Following the sale, the chief marketing officer now directly owns 14,538 shares of the company’s stock, valued at approximately $411,280.02. The trade was a 33.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO R Michael Carruthers sold 125,092 shares of the company’s 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 transaction, 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 disclosure for this sale can be found here. Insiders sold 278,176 shares of company stock worth $7,893,316 over the last three months. Insiders own 24.11% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of EWTX. RA Capital Management L.P. bought a new position in shares of Edgewise Therapeutics in the 1st quarter valued at $162,502,000. Novo Holdings A S bought a new position in Edgewise Therapeutics in the second quarter valued at about $114,263,000. Baker BROS. Advisors LP boosted its stake in shares of Edgewise Therapeutics by 87.6% during the first quarter. Baker BROS. Advisors LP now owns 5,840,059 shares of the company’s stock valued at $106,523,000 after purchasing an additional 2,727,273 shares in the last quarter. Braidwell LP bought a new stake in shares of Edgewise Therapeutics during the third quarter worth about $52,267,000. Finally, Janus Henderson Group PLC increased its stake in shares of Edgewise Therapeutics by 74.8% in the third quarter. Janus Henderson Group PLC now owns 4,558,519 shares of the company’s stock valued at $121,616,000 after buying an additional 1,951,220 shares during the period.

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.