Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Given Average Recommendation of “Moderate Buy” by Analysts

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) has been assigned an average recommendation of “Moderate Buy” from the eight analysts that are presently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $40.13.

Several research firms have recently weighed in on EWTX. Royal Bank of Canada cut their price target on Edgewise Therapeutics from $56.00 to $52.00 and set an “outperform” rating for the company in a research note on Thursday, April 3rd. Wedbush reiterated an “outperform” rating and set a $43.00 target price on shares of Edgewise Therapeutics in a research report on Monday, April 21st. Stifel Nicolaus began coverage on shares of Edgewise Therapeutics in a research report on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 price target on the stock. Scotiabank cut shares of Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and dropped their price target for the company from $50.00 to $14.00 in a research note on Wednesday, April 2nd. Finally, Piper Sandler reiterated an “overweight” rating and issued a $51.00 price objective on shares of Edgewise Therapeutics in a research note on Wednesday, April 2nd.

Insider Buying and Selling at Edgewise Therapeutics

In other Edgewise Therapeutics news, Director Orbimed Advisors Llc bought 496,771 shares of the firm’s stock in a transaction on Thursday, April 3rd. The shares were acquired at an average cost of $20.13 per share, for a total transaction of $10,000,000.23. Following the purchase, the director now directly owns 14,809,075 shares of the company’s stock, valued at $298,106,679.75. The trade was a 3.47 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CMO Joanne M. Donovan sold 25,000 shares of Edgewise Therapeutics stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $27.63, for a total value of $690,750.00. Following the sale, the chief marketing officer now owns 16,358 shares of the company’s stock, valued at approximately $451,971.54. This trade represents a 60.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,836 shares of company stock valued at $986,245 in the last three months. Company insiders own 24.11% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of EWTX. SG Americas Securities LLC bought a new position in shares of Edgewise Therapeutics in the 1st quarter worth $283,000. Contravisory Investment Management Inc. bought a new position in Edgewise Therapeutics in the first quarter valued at $225,000. Rhumbline Advisers raised its position in Edgewise Therapeutics by 6.3% during the first quarter. Rhumbline Advisers now owns 108,837 shares of the company’s stock valued at $2,394,000 after purchasing an additional 6,440 shares in the last quarter. GAMMA Investing LLC raised its position in Edgewise Therapeutics by 2,243.2% during the first quarter. GAMMA Investing LLC now owns 30,954 shares of the company’s stock valued at $681,000 after purchasing an additional 29,633 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Edgewise Therapeutics during the fourth quarter worth about $2,404,000.

Edgewise Therapeutics Stock Down 3.6 %

EWTX opened at $14.84 on Monday. Edgewise Therapeutics has a twelve month low of $10.60 and a twelve month high of $38.12. The company’s 50-day moving average price is $20.32 and its two-hundred day moving average price is $26.80. The stock has a market cap of $1.55 billion, a price-to-earnings ratio of -9.89 and a beta of 0.32.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Monday, March 3rd. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.39) by ($0.03). As a group, sell-side analysts anticipate that Edgewise Therapeutics will post -1.45 earnings per share for the current year.

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.