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

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) have been assigned an average recommendation of “Moderate Buy” from the eleven research firms that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $51.33.

A number of equities research analysts recently issued reports on EWTX shares. Leerink Partners set a $52.00 price objective on Edgewise Therapeutics in a research report on Tuesday, June 16th. The Goldman Sachs Group raised their price target on Edgewise Therapeutics from $32.00 to $36.00 and gave the company a “neutral” rating in a report on Tuesday, August 11th. HC Wainwright boosted their price target on shares of Edgewise Therapeutics from $45.00 to $57.00 and gave the stock a “buy” rating in a research note on Monday, September 21st. Royal Bank Of Canada raised their price objective on shares of Edgewise Therapeutics from $48.00 to $59.00 and gave the company an “outperform” rating in a research report on Wednesday, June 17th. Finally, Oppenheimer initiated coverage on shares of Edgewise Therapeutics in a report on Thursday, July 9th. They set an “outperform” rating and a $51.00 price objective for the company.

Edgewise Therapeutics Stock Up 2.3%

Shares of NASDAQ EWTX opened at $41.40 on Monday. The company has a market cap of $4.50 billion, a P/E ratio of -22.38 and a beta of 0.35. Edgewise Therapeutics has a 52 week low of $14.25 and a 52 week high of $48.51. The business has a 50-day simple moving average of $42.92 and a two-hundred day simple moving average of $37.96.

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

Insider Transactions at Edgewise Therapeutics

In other Edgewise Therapeutics news, General Counsel John R. Moore sold 5,016 shares of Edgewise Therapeutics stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $43.82, for a total transaction of $219,801.12. Following the completion of the sale, the general counsel owned 17,697 shares of the company’s stock, valued at $775,482.54. The trade was a 22.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CMO Joanne Donovan sold 2,919 shares of the company’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $43.41, for a total value of $126,713.79. Following the completion of the transaction, the chief marketing officer owned 8,625 shares of the company’s stock, valued at $374,411.25. The trade was a 25.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 38,329 shares of company stock worth $1,675,529. Company insiders own 21.30% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

Several hedge funds have recently added to or reduced their stakes in EWTX. BlackRock Inc. purchased a new position in shares of Edgewise Therapeutics in the second quarter worth about $268,415,000. Jupiter Topco LLC purchased a new position in shares of Edgewise Therapeutics in the second quarter worth $246,945,000. Janus Henderson Group PLC increased its stake in shares of 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 buying an additional 1,348,706 shares during the period. Perceptive Advisors LLC raised its holdings in Edgewise Therapeutics by 17.4% during the 4th quarter. Perceptive Advisors LLC now owns 4,457,974 shares of the company’s stock valued at $110,625,000 after buying an additional 662,080 shares during the last quarter. Finally, Bank of America Corp DE purchased a new stake in Edgewise Therapeutics during the 2nd quarter valued at $63,312,000.

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.