Wedbush Issues Pessimistic Forecast for Edgewise Therapeutics (NASDAQ:EWTX) Stock Price

Edgewise Therapeutics (NASDAQ:EWTX) had its target price decreased by Wedbush from $53.00 to $51.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Wedbush‘s price target would suggest a potential upside of 35.89% from the stock’s previous close.

A number of other research analysts have also commented on the company. Oppenheimer began coverage on Edgewise Therapeutics in a research report on Thursday, July 9th. They issued an “outperform” rating and a $51.00 price objective on the stock. The Goldman Sachs Group lifted their target price on Edgewise Therapeutics from $32.00 to $36.00 and gave the company a “neutral” rating in a research note on Tuesday, August 11th. Evercore restated an “outperform” rating and set a $55.00 target price on shares of Edgewise Therapeutics in a research report on Monday, July 20th. HC Wainwright reaffirmed a “buy” rating on shares of Edgewise Therapeutics in a research note on Wednesday, October 14th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Edgewise Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.25.

Edgewise Therapeutics Price Performance

EWTX opened at $37.53 on Thursday. The stock has a market capitalization of $4.08 billion, a P/E ratio of -20.29 and a beta of 0.39. The company’s 50 day simple moving average is $40.95 and its 200-day simple moving average is $36.40. Edgewise Therapeutics has a one year low of $16.70 and a one year high of $48.51.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Wednesday, November 4th. The company reported $9.65 earnings per share for the quarter, topping the consensus estimate of ($0.52) by $10.17. As a group, analysts anticipate that Edgewise Therapeutics will post -2.09 EPS for the current year.

Insider Buying and Selling

In related news, CEO Kevin Koch sold 17,971 shares of Edgewise Therapeutics stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $43.68, for a total transaction of $784,973.28. Following the completion of the sale, the chief executive officer directly owned 52,488 shares of the company’s stock, valued at $2,292,675.84. The trade was a 25.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CMO Joanne Donovan sold 6,522 shares of Edgewise Therapeutics stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $43.85, for a total value of $285,989.70. Following the sale, the chief marketing officer directly owned 11,544 shares of the company’s stock, valued at approximately $506,204.40. This trade represents a 36.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 38,329 shares of company stock valued at $1,675,529 over the last 90 days. Company insiders own 21.30% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

A number of hedge funds have recently modified their holdings of EWTX. BlackRock Inc. acquired a new position in Edgewise Therapeutics during the second quarter valued at approximately $268,415,000. Jupiter Topco LLC bought a new stake in Edgewise Therapeutics in the second quarter valued at approximately $246,945,000. Bank of America Corp DE bought a new stake in Edgewise Therapeutics in the second quarter valued at approximately $63,312,000. Janus Henderson Group PLC raised its holdings in Edgewise Therapeutics by 29.5% in the first quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company’s stock worth $186,289,000 after purchasing an additional 1,348,706 shares during the period. Finally, Assenagon Asset Management S.A. bought a new position in shares of Edgewise Therapeutics during the third quarter worth $29,849,000.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics, Inc is a clinical-stage biotechnology company focused on developing small-molecule therapies for severe muscle disorders. The company’s research programs target the biology of skeletal and cardiac muscle, with the goal of addressing diseases for which treatment options remain limited.

Edgewise’s lead product candidate is sevasemten (formerly EDG-5506), an oral therapy designed to reduce contraction-induced muscle damage associated with dystrophinopathies, including Duchenne and Becker muscular dystrophy.