Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Receives $43.17 Average PT from Brokerages

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) has received an average recommendation of “Buy” from the six analysts that are currently covering the firm, MarketBeat.com reports. Six investment analysts have rated the stock with a buy recommendation. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $43.17.

A number of research analysts recently weighed in on the stock. Piper Sandler lifted 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. Evercore ISI boosted their price objective on Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, December 17th. Wedbush increased their price objective on Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Finally, Truist Financial lifted their target price on Edgewise Therapeutics from $33.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, November 27th.

Insider Buying and Selling

In other news, insider Marc Semigran sold 29,709 shares of the business’s stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $29.69, for a total transaction of $882,060.21. Following the completion of the transaction, the insider now owns 6,716 shares of the company’s stock, valued at approximately $199,398.04. The trade was a 81.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Alan J. Russell sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $27.37, for a total transaction of $2,737,000.00. Following the completion of the sale, the insider now directly owns 14,863 shares in the company, valued at $406,800.31. This represents a 87.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 24.11% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EWTX. Quest Partners LLC raised its position in Edgewise Therapeutics by 156.9% during the second quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock valued at $31,000 after purchasing an additional 1,064 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in shares of Edgewise Therapeutics during the 2nd quarter valued at about $35,000. Mirae Asset Global Investments Co. Ltd. lifted its position in 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 worth $88,000 after buying an additional 604 shares during the last quarter. Chicago Partners Investment Group LLC bought a new stake in Edgewise Therapeutics in the 3rd quarter worth approximately $161,000. Finally, Arizona State Retirement System purchased a new stake in Edgewise Therapeutics in the second quarter worth approximately $188,000.

Edgewise Therapeutics Stock Performance

Shares of EWTX opened at $28.20 on Friday. Edgewise Therapeutics has a fifty-two week low of $9.00 and a fifty-two week high of $38.12. The business has a 50-day moving average of $30.37 and a 200 day moving average of $25.85. The firm has a market cap of $2.67 billion, a P/E ratio of -18.80 and a beta of 0.20.

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

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.