Brokerages Set Edgewise Therapeutics, Inc. (NASDAQ:EWTX) PT at $42.33

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) have been given an average recommendation of “Buy” by the six analysts that are presently covering the company, Marketbeat reports. Six equities research analysts have rated the stock with a buy recommendation. The average 12-month price target among brokerages that have covered the stock in the last year is $43.17.

EWTX has been the topic of several recent analyst reports. Truist Financial upped their price target on Edgewise Therapeutics from $33.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Royal Bank of Canada reiterated an “outperform” rating and issued a $32.00 target price on shares of Edgewise Therapeutics in a report on Tuesday, September 17th. Wedbush increased 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. Evercore ISI boosted their price objective on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, 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.

Insider Activity at Edgewise Therapeutics

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 stock was sold at an average price of $27.63, for a total value of $578,074.86. Following the completion of the sale, the general counsel now owns 3,252 shares of the company’s stock, valued at $89,852.76. The trade was a 86.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 24.11% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Quest Partners LLC raised its holdings in Edgewise Therapeutics by 156.9% during the 2nd 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. bought a new position in Edgewise Therapeutics during the second quarter worth about $35,000. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Edgewise Therapeutics by 21.7% during 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 period. Chicago Partners Investment Group LLC bought a new stake in shares of Edgewise Therapeutics in the 3rd quarter valued at about $161,000. Finally, Arizona State Retirement System acquired a new stake in shares of Edgewise Therapeutics in the 2nd quarter valued at approximately $188,000.

Edgewise Therapeutics Price Performance

EWTX stock opened at $30.80 on Tuesday. The firm has a market capitalization of $2.92 billion, a P/E ratio of -20.53 and a beta of 0.12. Edgewise Therapeutics has a 52-week low of $8.49 and a 52-week high of $38.12. The company’s 50 day simple moving average is $32.83 and its 200-day simple moving average is $24.47.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its earnings results on Thursday, November 7th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.37) by $0.01. Sell-side analysts predict that Edgewise Therapeutics will post -1.45 EPS for the current fiscal year.

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.