Edgewise Therapeutics (NASDAQ:EWTX) Price Target Raised to $57.00 at HC Wainwright

Key Points

• HC Wainwright raised Edgewise Therapeutics’ price target from $45 to $57 while maintaining a “Buy” rating, implying roughly 25.8% upside. The analyst consensus is “Moderate Buy,” with an average target of $51.33.
• EWTX shares opened at $45.32, near their 52-week high of $48.51, but the company reported a quarterly loss of $0.53 per share, missing estimates by $0.06.
• Institutional interest has increased, including new stakes from BlackRock and Jupiter Topco, while insiders sold approximately $9.6 million of stock over the past three months, primarily to cover tax obligations tied to equity awards.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) had its price target boosted by investment analysts at HC Wainwright from $45.00 to $57.00 in a note issued to investors on Monday, MarketBeat Ratings reports. The firm presently has a "buy" rating on the stock. HC Wainwright's price target suggests a potential upside of 25.77% from the stock's current price.

EWTX has been the subject of a number of other reports. Raymond James Financial reiterated a "strong-buy" rating and issued a $66.00 target price on shares of Edgewise Therapeutics in a research note on Monday, June 1st. Wedbush upped their price target on shares of Edgewise Therapeutics from $46.00 to $52.00 and gave the company an "outperform" rating in a research note on Monday, June 1st. Guggenheim raised their price target on shares of Edgewise Therapeutics from $41.00 to $51.00 and gave the stock a "buy" rating in a report on Monday, July 6th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Edgewise Therapeutics in a report on Friday, July 17th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Edgewise Therapeutics from $53.00 to $60.00 and gave the stock an "overweight" rating in a research note on Thursday, August 20th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Edgewise Therapeutics has an average rating of "Moderate Buy" and an average target price of $51.33.

Edgewise Therapeutics Price Performance

Shares of EWTX stock opened at $45.32 on Monday. The stock's fifty day moving average price is $42.61 and its 200 day moving average price is $37.17. Edgewise Therapeutics has a 1-year low of $14.09 and a 1-year high of $48.51. The company has a market cap of $4.92 billion, a price-to-earnings ratio of -24.50 and a beta of 0.32.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.53) EPS for the quarter, missing analysts' consensus estimates of ($0.47) by ($0.06). As a group, equities research analysts anticipate that Edgewise Therapeutics will post -2.09 earnings per share for the current year.

Insider Transactions at Edgewise Therapeutics

In other Edgewise Therapeutics news, CEO Kevin Koch sold 17,971 shares of the firm's stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $43.68, for a total transaction of $784,973.28. Following the completion of the transaction, the chief executive officer directly owned 52,488 shares of the company's stock, valued at approximately $2,292,675.84. This trade represents a 25.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Alan J. Russell sold 5,901 shares of Edgewise Therapeutics stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $43.73, for a total transaction of $258,050.73. Following the sale, 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 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. Over the last three months, insiders sold 238,329 shares of company stock worth $9,557,529. 21.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EWTX. BlackRock Inc. acquired a new stake in shares of Edgewise Therapeutics during the 2nd quarter worth approximately $268,415,000. Jupiter Topco LLC purchased a new position in shares of Edgewise Therapeutics during the 2nd quarter valued at approximately $246,945,000. Bank of America Corp DE acquired a new position in shares of Edgewise Therapeutics in the 2nd quarter valued at $63,312,000. Janus Henderson Group PLC lifted its stake 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 purchasing an additional 1,348,706 shares during the period. Finally, Norges Bank purchased a new stake in Edgewise Therapeutics during the fourth quarter worth $18,645,000.

About Edgewise Therapeutics

Edgewise Therapeutics, Inc is a clinical-stage biotechnology company focused on developing small-molecule medicines for severe muscle disorders. The company's research is centered on therapies intended to address the biological mechanisms that contribute to muscle damage and impaired function in diseases affecting skeletal and cardiac muscle.

Edgewise's lead program is sevasemten (also known as EDG-5506), an orally administered investigational therapy designed to reduce contraction-related muscle injury by selectively modulating fast skeletal muscle contractility.

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