Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Stock Has Average Target Price of $51.33

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) have been assigned a consensus rating of “Moderate Buy” from the eleven ratings firms that are covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, eight have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $51.33.

Several research firms have commented on EWTX. Royal Bank Of Canada raised their target price on shares of Edgewise Therapeutics from $48.00 to $59.00 and gave the company an “outperform” rating in a research note on Wednesday, June 17th. Leerink Partners set a $52.00 price target on shares of Edgewise Therapeutics in a research note on Tuesday, June 16th. Wall Street Zen cut shares of Edgewise Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, September 26th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Friday, July 17th. Finally, HC Wainwright boosted their target price on Edgewise Therapeutics from $45.00 to $57.00 and gave the stock a “buy” rating in a report on Monday, September 21st.

Edgewise Therapeutics Stock Performance

NASDAQ:EWTX opened at $40.72 on Monday. The stock has a market cap of $4.42 billion, a price-to-earnings ratio of -22.01 and a beta of 0.32. Edgewise Therapeutics has a 1 year low of $14.25 and a 1 year high of $48.51. The business has a fifty day moving average of $42.89 and a 200-day moving average of $37.86.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.53) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.06). On average, equities research analysts predict that Edgewise Therapeutics will post -2.09 EPS for the current year.

Insider Transactions at Edgewise Therapeutics

In other news, insider Alan Russell sold 5,901 shares of Edgewise Therapeutics stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $43.73, for a total transaction of $258,050.73. Following the transaction, the insider directly owned 31,466 shares in the company, valued at approximately $1,376,008.18. This trade represents a 15.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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 the business’s 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 completion of the sale, the chief marketing officer directly owned 11,544 shares in the company, valued at $506,204.40. This represents a 36.10% decrease in their position. 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. In the last 90 days, insiders sold 38,329 shares of company stock valued at $1,675,529. Company insiders own 21.30% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. First Light Asset Management LLC boosted its position in shares of Edgewise Therapeutics by 9.3% during the 2nd quarter. First Light Asset Management LLC now owns 1,095,171 shares of the company’s stock valued at $44,497,000 after purchasing an additional 93,325 shares in the last quarter. Engineers Gate Manager LP bought a new stake in shares of Edgewise Therapeutics in the 2nd quarter worth approximately $271,000. Squarepoint Ops LLC acquired a new stake in Edgewise Therapeutics during the second quarter valued at approximately $230,000. Allianz Asset Management GmbH acquired a new stake in Edgewise Therapeutics during the second quarter valued at approximately $370,000. Finally, Corient Private Wealth LP acquired a new stake in Edgewise Therapeutics during the second quarter valued at approximately $502,000.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics, Inc is a biopharmaceutical company focused on developing small-molecule therapies for severe neuromuscular and cardiovascular diseases. The company’s research is centered on muscle biology, with the goal of developing treatments that address the underlying mechanisms of muscle damage and dysfunction.

Edgewise’s lead investigational product is sevasemten, formerly known as EDG-5506, a selective fast skeletal muscle myosin inhibitor being developed for dystrophinopathies, including Duchenne muscular dystrophy and Becker muscular dystrophy.