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

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) has been assigned an average recommendation of “Buy” from the six analysts that are covering the stock, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a buy rating. The average 1-year target price among brokers that have covered the stock in the last year is $43.17.

A number of analysts have weighed in on EWTX shares. Truist Financial raised their price objective on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Piper Sandler raised their price objective on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Wedbush raised their price objective on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Evercore ISI raised their price objective on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an “outperform” rating in a report on Tuesday, December 17th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $32.00 price objective on shares of Edgewise Therapeutics in a report on Tuesday, September 17th.

Insider Activity at Edgewise Therapeutics

In related news, insider Marc Semigran sold 29,709 shares of Edgewise Therapeutics stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $29.69, for a total value of $882,060.21. Following the transaction, the insider now directly owns 6,716 shares in the company, valued at $199,398.04. This trade represents a 81.56 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Alan J. Russell sold 100,000 shares of Edgewise Therapeutics stock in a transaction 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 transaction, the insider now owns 14,863 shares in the company, valued at approximately $406,800.31. This trade 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 currently owned by insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. grew its stake in shares of Edgewise Therapeutics by 146.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 158,506 shares of the company’s stock worth $4,231,000 after purchasing an additional 94,147 shares during the period. Exome Asset Management LLC acquired a new position in shares of Edgewise Therapeutics during the 3rd quarter worth $1,599,000. Franklin Resources Inc. grew its stake in shares of Edgewise Therapeutics by 84.2% during the 3rd 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. Barclays PLC grew its stake in shares of Edgewise Therapeutics by 291.0% during the 3rd quarter. Barclays PLC now owns 119,350 shares of the company’s stock worth $3,186,000 after purchasing an additional 88,826 shares during the period. Finally, Orion Portfolio Solutions LLC acquired a new position in shares of Edgewise Therapeutics during the 3rd quarter worth $347,000.

Edgewise Therapeutics Stock Up 4.9 %

Shares of NASDAQ:EWTX opened at $25.33 on Friday. The firm’s 50 day moving average price is $30.54 and its 200 day moving average price is $25.79. The stock has a market cap of $2.40 billion, a price-to-earnings ratio of -16.89 and a beta of 0.20. Edgewise Therapeutics has a fifty-two week low of $9.00 and a fifty-two week high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its earnings results on Thursday, November 7th. The company reported ($0.36) earnings per share for the quarter, beating the consensus estimate of ($0.37) by $0.01. On average, equities analysts anticipate that Edgewise Therapeutics will post -1.45 EPS for the current 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.