Piper Sandler Reiterates Overweight Rating for Edgewise Therapeutics (NASDAQ:EWTX)

Edgewise Therapeutics (NASDAQ:EWTX)‘s stock had its “overweight” rating reissued by research analysts at Piper Sandler in a note issued to investors on Wednesday,Benzinga reports. They currently have a $51.00 price objective on the stock. Piper Sandler’s target price indicates a potential upside of 219.15% from the stock’s previous close.

EWTX has been the topic of a number of other research reports. Scotiabank downgraded shares of Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and set a $14.00 price target on the stock. in a report on Wednesday. Evercore ISI lifted their target price on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 17th. Stifel Nicolaus started coverage on Edgewise Therapeutics in a report on Wednesday, January 22nd. They set a “hold” rating and a $30.00 price target on the stock. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $56.00 price target on shares of Edgewise Therapeutics in a research note on Tuesday, March 4th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Edgewise Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.88.

Edgewise Therapeutics Stock Performance

Shares of EWTX traded down $4.15 on Wednesday, hitting $15.98. 11,958,620 shares of the stock traded hands, compared to its average volume of 1,014,538. The company has a market capitalization of $1.52 billion, a PE ratio of -10.65 and a beta of 0.22. Edgewise Therapeutics has a one year low of $12.26 and a one year high of $38.12. The business has a 50 day simple moving average of $26.04 and a 200 day simple moving average of $28.64.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings results on Monday, March 3rd. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.03). On average, equities analysts expect that Edgewise Therapeutics will post -1.45 earnings per share for the current year.

Insider Activity

In other Edgewise Therapeutics news, insider Alan J. Russell sold 1,200 shares of the firm’s stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $30.13, for a total transaction of $36,156.00. Following the sale, the insider now directly owns 14,863 shares of the company’s stock, valued at $447,822.19. This trade represents a 7.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CMO Joanne M. Donovan sold 25,000 shares of the business’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $27.63, for a total value of $690,750.00. Following the completion of the transaction, the chief marketing officer now owns 16,358 shares in the company, valued at $451,971.54. The trade was a 60.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,836 shares of company stock worth $986,245 in the last three months. Company insiders own 24.11% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Diadema Partners LP purchased a new position in Edgewise Therapeutics during the fourth quarter valued at $36,000. GF Fund Management CO. LTD. purchased a new position in shares of Edgewise Therapeutics during the fourth quarter valued at about $53,000. Aquatic Capital Management LLC bought a new stake in shares of Edgewise Therapeutics in the fourth quarter worth about $77,000. Tower Research Capital LLC TRC lifted its position in shares of Edgewise Therapeutics by 1,097.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 3,676 shares of the company’s stock worth $98,000 after buying an additional 3,369 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new stake in shares of Edgewise Therapeutics in the fourth quarter worth about $103,000.

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.