Edgewise Therapeutics (NASDAQ:EWTX) Price Target Raised to $45.00

Edgewise Therapeutics (NASDAQ:EWTX) had its target price hoisted by investment analysts at Wedbush from $44.00 to $45.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Wedbush’s target price points to a potential upside of 25.59% from the company’s previous close.

Several other brokerages have also recently issued reports on EWTX. Piper Sandler boosted 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. JPMorgan Chase & Co. boosted their price objective on shares of Edgewise Therapeutics from $30.00 to $31.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Royal Bank of Canada reissued an “outperform” rating and issued a $32.00 price objective on shares of Edgewise Therapeutics in a research report on Tuesday, September 17th. Finally, Truist Financial upped their target price on shares of Edgewise Therapeutics from $25.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Edgewise Therapeutics has a consensus rating of “Buy” and a consensus price target of $38.40.

Edgewise Therapeutics Price Performance

EWTX traded up $0.40 during trading on Friday, hitting $35.83. The company’s stock had a trading volume of 114,369 shares, compared to its average volume of 955,754. The firm’s 50 day moving average price is $27.59 and its 200-day moving average price is $21.58. The stock has a market cap of $3.36 billion, a PE ratio of -23.06 and a beta of 0.14. Edgewise Therapeutics has a twelve month low of $5.12 and a twelve month high of $37.29.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.34) earnings per share for the quarter, beating the consensus estimate of ($0.36) by $0.02. Equities analysts anticipate that Edgewise Therapeutics will post -1.47 earnings per share for the current year.

Insider Activity

In other news, insider Alan J. Russell sold 75,000 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $28.27, for a total value of $2,120,250.00. Following the completion of the transaction, the insider now directly owns 12,719 shares in the company, valued at $359,566.13. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Alan J. Russell sold 75,000 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $28.27, for a total transaction of $2,120,250.00. Following the completion of the sale, the insider now directly owns 12,719 shares in the company, valued at approximately $359,566.13. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CMO Joanne M. Donovan sold 7,162 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $28.29, for a total transaction of $202,612.98. Following the sale, the chief marketing officer now owns 14,538 shares of the company’s stock, valued at $411,280.02. The trade was a 0.00 % 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. Corporate insiders own 24.11% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

A number of large investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Edgewise Therapeutics by 21.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock valued at $88,000 after acquiring an additional 604 shares in the last quarter. Quest Partners LLC lifted its position in shares of Edgewise Therapeutics by 156.9% in the 2nd quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock valued at $31,000 after acquiring an additional 1,064 shares in the last quarter. Meeder Asset Management Inc. lifted its position in shares of Edgewise Therapeutics by 69.9% in the 3rd quarter. Meeder Asset Management Inc. now owns 3,307 shares of the company’s stock valued at $88,000 after acquiring an additional 1,361 shares in the last quarter. Ameritas Investment Partners Inc. lifted its position in shares of Edgewise Therapeutics by 37.3% in 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 in the last quarter. Finally, Quantum Private Wealth LLC lifted its position in shares of Edgewise Therapeutics by 5.5% in the 1st quarter. Quantum Private Wealth LLC now owns 66,674 shares of the company’s stock valued at $1,216,000 after acquiring an additional 3,455 shares in the last quarter.

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.