Edgewise Therapeutics’ (EWTX) “Buy” Rating Reiterated at Truist Financial

Truist Financial reiterated their buy rating on shares of Edgewise Therapeutics (NASDAQ:EWTX) in a report published on Wednesday morning, Benzinga reports. They currently have a $25.00 price objective on the stock.

A number of other brokerages have also recently weighed in on EWTX. Wedbush restated an outperform rating and issued a $26.00 price objective on shares of Edgewise Therapeutics in a report on Tuesday. Piper Sandler started coverage on Edgewise Therapeutics in a research report on Thursday, March 7th. They set an overweight rating and a $48.00 price objective on the stock.

Edgewise Therapeutics Stock Performance

NASDAQ:EWTX opened at $15.23 on Wednesday. Edgewise Therapeutics has a fifty-two week low of $5.12 and a fifty-two week high of $20.69. The company has a 50 day moving average price of $17.04 and a 200 day moving average price of $12.00. The stock has a market capitalization of $1.42 billion, a P/E ratio of -9.64 and a beta of 0.14.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its earnings results on Thursday, February 22nd. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($0.03). Research analysts forecast that Edgewise Therapeutics will post -1.76 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Behrad Derakhshan sold 4,600 shares of Edgewise Therapeutics stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $20.01, for a total value of $92,046.00. Following the completion of the transaction, the insider now owns 7,020 shares in the company, valued at $140,470.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Edgewise Therapeutics news, Director Peter A. Thompson acquired 454,545 shares of the company’s stock in a transaction dated Tuesday, January 23rd. The shares were acquired at an average price of $11.00 per share, for a total transaction of $4,999,995.00. Following the acquisition, the director now owns 14,436,497 shares in the company, valued at approximately $158,801,467. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Behrad Derakhshan sold 4,600 shares of the firm’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $20.01, for a total value of $92,046.00. Following the sale, the insider now directly owns 7,020 shares in the company, valued at approximately $140,470.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 120,622 shares of company stock worth $2,032,766. Company insiders own 31.95% of the company’s stock.

Hedge Funds Weigh In On Edgewise Therapeutics

Several hedge funds have recently added to or reduced their stakes in EWTX. Legal & General Group Plc boosted its holdings in shares of Edgewise Therapeutics by 41.2% in the 4th quarter. Legal & General Group Plc now owns 3,634 shares of the company’s stock valued at $32,000 after buying an additional 1,060 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of Edgewise Therapeutics by 395.2% during the third quarter. Tower Research Capital LLC TRC now owns 6,056 shares of the company’s stock worth $35,000 after purchasing an additional 4,833 shares during the last quarter. Royal Bank of Canada increased its position in shares of Edgewise Therapeutics by 82.8% during the second quarter. Royal Bank of Canada now owns 5,164 shares of the company’s stock worth $40,000 after purchasing an additional 2,339 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its holdings in shares of Edgewise Therapeutics by 349.1% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 7,338 shares of the company’s stock valued at $80,000 after purchasing an additional 5,704 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Edgewise Therapeutics by 11.2% in the 1st quarter. Principal Financial Group Inc. now owns 12,178 shares of the company’s stock valued at $81,000 after purchasing an additional 1,230 shares during the period.

About Edgewise Therapeutics

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.