Edgewise Therapeutics (NASDAQ:EWTX) Stock Price Target Cut by Wedbush

Key Points

• Wedbush cut its price target on Edgewise Therapeutics to $51 from $53 but maintained an “outperform” rating; the new target implies 35.89% upside from the prior close.
• Analyst sentiment remains positive overall: MarketBeat reports a “Moderate Buy” consensus and an average price target of $51.25.
• Edgewise reported quarterly EPS of $9.65, beating analysts’ consensus estimate of a $0.52 loss per share.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) had its target price dropped by stock analysts at Wedbush from $53.00 to $51.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Wedbush's price objective indicates a potential upside of 35.89% from the company's previous close.

Several other research analysts have also recently weighed in on EWTX. Oppenheimer started coverage on Edgewise Therapeutics in a research note on Thursday, July 9th. They set an "outperform" rating and a $51.00 target price for the company. William Blair started coverage on Edgewise Therapeutics in a report on Friday, October 16th. They issued an "outperform" rating for the company. Wall Street Zen upgraded shares of Edgewise Therapeutics from a "sell" rating to a "hold" rating in a report on Sunday, October 4th. JPMorgan Chase & Co. boosted their price target on Edgewise Therapeutics from $53.00 to $60.00 and gave the company an "overweight" rating in a research note on Thursday, August 20th. Finally, HC Wainwright restated a "buy" rating on shares of Edgewise Therapeutics in a report on Wednesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Edgewise Therapeutics presently has a consensus rating of "Moderate Buy" and an average price target of $51.25.

Edgewise Therapeutics Trading Down 0.4%

EWTX opened at $37.53 on Thursday. The business's 50 day moving average is $40.95 and its 200-day moving average is $36.40. The stock has a market cap of $4.08 billion, a PE ratio of -20.29 and a beta of 0.39. Edgewise Therapeutics has a twelve month low of $16.70 and a twelve month high of $48.51.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last announced its quarterly earnings results on Wednesday, November 4th. The company reported $9.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.52) by $10.17. As a group, analysts forecast that Edgewise Therapeutics will post -2.09 EPS for the current year.

Insider Activity

In related news, CEO Kevin Koch sold 17,971 shares of Edgewise Therapeutics stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $43.68, for a total value of $784,973.28. Following the transaction, the chief executive officer owned 52,488 shares in the company, valued at $2,292,675.84. This trade represents a 25.51% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel John R. Moore sold 5,016 shares of the business's stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $43.82, for a total transaction of $219,801.12. Following the transaction, the general counsel directly owned 17,697 shares of the company's stock, valued at approximately $775,482.54. This represents a 22.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 38,329 shares of company stock valued at $1,675,529. 21.30% of the stock is owned by corporate insiders.

Institutional Trading of Edgewise Therapeutics

Hedge funds have recently added to or reduced their stakes in the business. Pictet Asset Management Holding SA boosted its stake in Edgewise Therapeutics by 10,434.8% in the third quarter. Pictet Asset Management Holding SA now owns 661,586 shares of the company's stock worth $26,860,000 after purchasing an additional 655,306 shares in the last quarter. AlphaCentric Advisors LLC grew its holdings in shares of Edgewise Therapeutics by 4.6% during the third quarter. AlphaCentric Advisors LLC now owns 16,572 shares of the company's stock worth $673,000 after purchasing an additional 732 shares during the last quarter. Alps Advisors Inc. increased its stake in shares of Edgewise Therapeutics by 32.2% in the third quarter. Alps Advisors Inc. now owns 143,864 shares of the company's stock valued at $5,841,000 after buying an additional 35,069 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Edgewise Therapeutics in the third quarter valued at $225,000. Finally, Profund Advisors LLC raised its holdings in shares of Edgewise Therapeutics by 301.5% in the third quarter. Profund Advisors LLC now owns 36,798 shares of the company's stock valued at $1,494,000 after buying an additional 27,634 shares during the last quarter.

Edgewise Therapeutics Company Profile

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.

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