Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Receives $38.40 Average PT from Analysts

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) have been assigned an average rating of “Buy” from the six ratings firms that are presently covering the company, MarketBeat Ratings reports. Six analysts have rated the stock with a buy rating. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $39.50.

A number of equities research analysts have weighed in on the stock. Evercore ISI began coverage on shares of Edgewise Therapeutics in a research note on Friday. They set an “outperform” rating and a $45.00 target price for the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $32.00 price target on shares of Edgewise Therapeutics in a report on Tuesday, September 17th. Piper Sandler upped their price objective on Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a research note on Friday, October 11th. Truist Financial lifted their target price on Edgewise Therapeutics from $25.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Finally, JPMorgan Chase & Co. upped 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.

Edgewise Therapeutics Stock Performance

Shares of EWTX opened at $32.20 on Friday. The stock has a market cap of $3.05 billion, a PE ratio of -21.47 and a beta of 0.14. The firm’s 50-day simple moving average is $30.92 and its two-hundred day simple moving average is $22.79. 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) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. Equities research analysts predict that Edgewise Therapeutics will post -1.46 EPS for the current year.

Insider Buying and Selling

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 86.55 % 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, insider Alan J. Russell sold 75,000 shares of Edgewise Therapeutics stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $28.27, for a total transaction of $2,120,250.00. Following the completion of the transaction, the insider now directly owns 12,719 shares in the company, valued at approximately $359,566.13. The trade was a 85.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 278,176 shares of company stock valued at $7,893,316 in the last 90 days. Company insiders own 24.11% of the company’s stock.

Hedge Funds Weigh In On Edgewise Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Swiss National Bank increased its position in shares of Edgewise Therapeutics by 34.3% in the first quarter. Swiss National Bank now owns 67,300 shares of the company’s stock valued at $1,228,000 after buying an additional 17,200 shares in the last quarter. ProShare Advisors LLC increased its position in shares of Edgewise Therapeutics by 51.6% during the 1st quarter. ProShare Advisors LLC now owns 16,885 shares of the company’s stock worth $308,000 after purchasing an additional 5,748 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Edgewise Therapeutics by 89.0% in the 1st quarter. Vanguard Group Inc. now owns 4,017,433 shares of the company’s stock valued at $73,278,000 after acquiring an additional 1,892,053 shares during the period. Ameritas Investment Partners Inc. boosted its holdings in Edgewise Therapeutics by 37.3% during the 1st quarter. Ameritas Investment Partners Inc. now owns 5,751 shares of the company’s stock valued at $105,000 after acquiring an additional 1,561 shares during the period. Finally, American International Group Inc. lifted its position in shares of Edgewise Therapeutics by 33.6% during the first quarter. American International Group Inc. now owns 28,418 shares of the company’s stock worth $518,000 after purchasing an additional 7,151 shares in the last quarter.

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.