Edgewise Therapeutics (NASDAQ:EWTX) Stock Price Expected to Rise, Evercore ISI Analyst Says

Edgewise Therapeutics (NASDAQ:EWTX) had its price objective upped by Evercore ISI from $45.00 to $50.00 in a research note published on Tuesday,Benzinga reports. They currently have an outperform rating on the stock.

Several other analysts also recently commented on EWTX. Wedbush increased their price objective on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Truist Financial increased their price target on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Royal Bank of Canada restated an “outperform” rating and issued a $32.00 price objective on shares of Edgewise Therapeutics in a report on Tuesday, September 17th. Finally, Piper Sandler upped their price objective on Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $43.17.

Edgewise Therapeutics Stock Performance

EWTX stock opened at $30.17 on Tuesday. The firm has a market capitalization of $2.86 billion, a price-to-earnings ratio of -20.11 and a beta of 0.12. The firm has a 50 day moving average price of $32.82 and a 200-day moving average price of $24.39. Edgewise Therapeutics has a 52-week low of $6.82 and a 52-week high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.01. As a group, sell-side analysts forecast that Edgewise Therapeutics will post -1.45 earnings per share for the current fiscal year.

Insider Activity at Edgewise Therapeutics

In other Edgewise Therapeutics news, insider Alan J. Russell sold 75,000 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was 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 $359,566.13. The trade was a 85.50 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO R Michael Carruthers sold 125,092 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $28.57, for a total transaction of $3,573,878.44. Following the completion of the transaction, the chief financial officer now 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 have sold a total of 278,176 shares of company stock worth $7,893,316 over the last quarter. Company insiders own 24.11% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EWTX. Novo Holdings A S purchased a new position in shares of Edgewise Therapeutics during the 2nd quarter worth $114,263,000. Janus Henderson Group PLC grew its holdings in Edgewise Therapeutics by 74.8% during the third quarter. Janus Henderson Group PLC now owns 4,558,519 shares of the company’s stock valued at $121,616,000 after purchasing an additional 1,951,220 shares during the period. Frazier Life Sciences Management L.P. increased its position in Edgewise Therapeutics by 12.9% in the second quarter. Frazier Life Sciences Management L.P. now owns 3,731,067 shares of the company’s stock worth $67,197,000 after buying an additional 427,500 shares in the last quarter. Braidwell LP bought a new position in shares of Edgewise Therapeutics in the third quarter worth about $52,267,000. Finally, State Street Corp lifted its position in shares of Edgewise Therapeutics by 1.2% during the 3rd quarter. State Street Corp now owns 1,685,115 shares of the company’s stock valued at $44,976,000 after buying an additional 20,020 shares in the last quarter.

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.