Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) have been assigned an average recommendation of “Moderate Buy” from the eight brokerages that are presently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $40.88.

Several equities research analysts have recently weighed in on the company. Stifel Nicolaus initiated coverage on Edgewise Therapeutics in a research note on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 price objective on the stock. Scotiabank lowered Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and set a $14.00 price objective for the company. in a research note on Wednesday. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $56.00 target price on shares of Edgewise Therapeutics in a report on Tuesday, March 4th. Evercore ISI lifted their price target on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, December 17th. Finally, Piper Sandler restated an “overweight” rating and issued a $51.00 price target on shares of Edgewise Therapeutics in a research report on Wednesday.

Insider Transactions at Edgewise Therapeutics

In other news, CMO Joanne M. Donovan sold 25,000 shares of the business’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $27.63, for a total transaction of $690,750.00. Following the completion of the sale, 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Kevin Koch sold 8,636 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $30.03, for a total value of $259,339.08. Following the completion of the transaction, the chief executive officer now owns 14,478 shares in the company, valued at approximately $434,774.34. This represents a 37.36 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,836 shares of company stock worth $986,245. Corporate insiders own 24.11% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of EWTX. Ally Bridge Group NY LLC acquired a new stake in Edgewise Therapeutics during the 3rd quarter worth $5,010,000. Franklin Resources Inc. grew its stake in shares of Edgewise Therapeutics by 84.2% during the third quarter. Franklin Resources Inc. now owns 45,223 shares of the company’s stock worth $1,207,000 after purchasing an additional 20,674 shares during the period. Amundi grew its stake in shares of Edgewise Therapeutics by 127.2% during the fourth quarter. Amundi now owns 341,687 shares of the company’s stock worth $8,686,000 after purchasing an additional 191,267 shares during the period. Braidwell LP bought a new stake in Edgewise Therapeutics in the third quarter valued at about $52,267,000. Finally, Victory Capital Management Inc. acquired a new position in Edgewise Therapeutics in the fourth quarter valued at about $576,000.

Edgewise Therapeutics Price Performance

Shares of EWTX stock opened at $15.52 on Thursday. Edgewise Therapeutics has a one year low of $12.18 and a one year high of $38.12. The stock has a fifty day moving average price of $25.81 and a 200 day moving average price of $28.55. The stock has a market cap of $1.48 billion, a P/E ratio of -10.35 and a beta of 0.22.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its 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). Equities research analysts anticipate that Edgewise Therapeutics will post -1.45 EPS for the current 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.