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

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) have earned an average rating of “Moderate Buy” from the twelve ratings firms that are presently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $51.33.

A number of research analysts have issued reports on the stock. The Goldman Sachs Group raised their price target on shares of Edgewise Therapeutics from $32.00 to $36.00 and gave the stock a “neutral” rating in a report on Tuesday, August 11th. Guggenheim upped their target price on Edgewise Therapeutics from $41.00 to $51.00 and gave the company a “buy” rating in a research report on Monday, July 6th. JPMorgan Chase & Co. upped their target price on Edgewise Therapeutics from $53.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday, August 20th. HC Wainwright restated a “buy” rating on shares of Edgewise Therapeutics in a research note on Wednesday, October 14th. Finally, Oppenheimer started coverage on Edgewise Therapeutics in a research report on Thursday, July 9th. They set an “outperform” rating and a $51.00 price target for the company.

Insider Transactions at Edgewise Therapeutics

In other news, General Counsel John R. Moore sold 5,016 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $43.82, for a total value of $219,801.12. Following the completion of the transaction, the general counsel directly owned 17,697 shares in the company, valued at $775,482.54. This trade represents a 22.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Alan Russell sold 5,901 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $43.73, for a total value of $258,050.73. Following the completion of the transaction, the insider owned 31,466 shares of the company’s stock, valued at approximately $1,376,008.18. The trade was a 15.79% 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. Insiders sold a total of 38,329 shares of company stock valued at $1,675,529 over the last three months. Company insiders own 21.30% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Large investors have recently bought and sold shares of the company. Hsbc Holdings PLC acquired a new stake in Edgewise Therapeutics during the 2nd quarter valued at approximately $3,723,000. Janus Henderson Group PLC boosted its holdings in shares of Edgewise Therapeutics by 29.5% in the 1st quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company’s stock valued at $186,289,000 after acquiring an additional 1,348,706 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new stake in shares of Edgewise Therapeutics in the 2nd quarter valued at $1,656,000. Persistent Asset Partners Ltd purchased a new stake in shares of Edgewise Therapeutics in the 2nd quarter valued at $2,821,000. Finally, California State Teachers Retirement System increased its stake in shares of Edgewise Therapeutics by 45.7% in the first quarter. California State Teachers Retirement System now owns 73,419 shares of the company’s stock worth $2,313,000 after acquiring an additional 23,027 shares during the period.

Edgewise Therapeutics Price Performance

EWTX opened at $39.31 on Friday. The company has a market cap of $4.27 billion, a P/E ratio of -21.25 and a beta of 0.35. The firm’s 50-day moving average price is $41.82 and its 200-day moving average price is $38.82. Edgewise Therapeutics has a 52-week low of $15.02 and a 52-week high of $48.51.

Edgewise Therapeutics (NASDAQ:EWTX) last released its earnings results on Thursday, August 6th. The company reported ($0.53) earnings per share for the quarter, missing the consensus estimate of ($0.47) by ($0.06). On average, research analysts anticipate that Edgewise Therapeutics will post -2.09 EPS for the current fiscal year.

About Edgewise Therapeutics

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.