Evercore ISI Begins Coverage on Edgewise Therapeutics (NASDAQ:EWTX)

Evercore ISI began coverage on shares of Edgewise Therapeutics (NASDAQ:EWTX) in a research note issued to investors on Friday, Marketbeat Ratings reports. The firm issued an outperform rating and a $45.00 price target on the stock.

Several other brokerages have also issued reports on EWTX. JPMorgan Chase & Co. lifted their price target on Edgewise Therapeutics from $30.00 to $31.00 and gave the company an “overweight” rating in a report on Monday, August 12th. Wedbush boosted their target price on Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Truist Financial boosted their price objective on shares of Edgewise Therapeutics from $25.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Royal Bank of Canada reiterated an “outperform” rating and issued a $32.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday, September 17th. Finally, Piper Sandler boosted their target price on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $39.50.

Edgewise Therapeutics Stock Performance

Edgewise Therapeutics stock opened at $32.20 on Friday. Edgewise Therapeutics has a twelve month low of $5.93 and a twelve month high of $38.12. The firm 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 moving average price is $30.92 and its two-hundred day moving average price is $22.79.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. Equities analysts anticipate that Edgewise Therapeutics will post -1.46 EPS for the current fiscal year.

Insider Activity at Edgewise Therapeutics

In other Edgewise Therapeutics news, General Counsel John R. Moore sold 20,922 shares of Edgewise Therapeutics stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $27.63, for a total transaction of $578,074.86. Following the sale, the general counsel now owns 3,252 shares in the company, valued at $89,852.76. The trade was a 86.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO R Michael Carruthers sold 125,092 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $28.57, for a total transaction of $3,573,878.44. Following the completion of the sale, the chief financial officer now directly owns 6,904 shares in the company, valued at $197,247.28. This trade represents a 94.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 278,176 shares of company stock worth $7,893,316 in the last ninety days. 24.11% of the stock is currently owned by insiders.

Institutional Trading of Edgewise Therapeutics

Institutional investors have recently made changes to their positions in the business. Quest Partners LLC boosted its holdings 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. bought a new position in shares of Edgewise Therapeutics during the 2nd quarter worth approximately $35,000. Mirae Asset Global Investments Co. Ltd. boosted its stake 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 valued at $88,000 after buying an additional 604 shares in the last quarter. Ameritas Investment Partners Inc. grew its position in Edgewise Therapeutics by 37.3% in the first 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, Chicago Partners Investment Group LLC acquired a new position in Edgewise Therapeutics during the third quarter worth $161,000.

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.