Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Receives Average Rating of "Moderate Buy" from Analysts

Key Points

• Analysts maintain a “Moderate Buy” consensus on Edgewise Therapeutics, with eight buy ratings, one strong buy, one hold and one sell. The average 12-month price target is $51.33, above the stock’s reported $39.34 opening price.
• Insiders sold 238,329 shares worth approximately $9.56 million over the past three months, though the company says the highlighted transactions were made to cover tax obligations related to vested equity awards.
• Edgewise reported a quarterly loss of $0.53 per share, missing the $0.47 consensus estimate. Meanwhile, major institutional investors—including BlackRock and Jupiter Topco—established sizable positions during the second quarter.

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) have received an average recommendation of "Moderate Buy" from the eleven brokerages that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, eight have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $51.33.

A number of equities research analysts recently weighed in on the company. Oppenheimer assumed coverage on Edgewise Therapeutics in a research note on Thursday, July 9th. They set an "outperform" rating and a $51.00 price objective for the company. Leerink Partners set a $52.00 target price on shares of Edgewise Therapeutics in a research report on Tuesday, June 16th. Raymond James Financial reiterated a "strong-buy" rating and issued a $66.00 price objective on shares of Edgewise Therapeutics in a research report on Monday, June 1st. Evercore reaffirmed an "outperform" rating and set a $55.00 price objective on shares of Edgewise Therapeutics in a research note on Monday, July 20th. Finally, Wall Street Zen lowered shares of Edgewise Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday.

Insider Activity

In other news, General Counsel John Moore sold 5,016 shares of the company's 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 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. The transaction was disclosed in a legal 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 the firm's stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $43.73, for a total transaction of $258,050.73. Following the sale, the insider directly owned 31,466 shares in the company, valued at approximately $1,376,008.18. The trade was a 15.79% decrease in their position. 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 have sold a total of 238,329 shares of company stock valued at $9,557,529 over the last three months. 21.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Several hedge funds have recently made changes to their positions in EWTX. BlackRock Inc. purchased a new stake in shares of Edgewise Therapeutics in the 2nd quarter valued at about $268,415,000. Jupiter Topco LLC purchased a new position in Edgewise Therapeutics during the 2nd quarter worth approximately $246,945,000. Janus Henderson Group PLC grew its stake in Edgewise Therapeutics by 29.5% during the 1st 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 last quarter. Perceptive Advisors LLC increased its position in Edgewise Therapeutics by 17.4% during the fourth quarter. Perceptive Advisors LLC now owns 4,457,974 shares of the company's stock worth $110,625,000 after buying an additional 662,080 shares during the period. Finally, Bank of America Corp DE acquired a new position in Edgewise Therapeutics during the second quarter worth approximately $63,312,000.

Edgewise Therapeutics Stock Performance

Shares of EWTX stock opened at $39.34 on Monday. The firm has a market capitalization of $4.27 billion, a P/E ratio of -21.26 and a beta of 0.32. Edgewise Therapeutics has a 52-week low of $14.25 and a 52-week high of $48.51. The stock has a 50 day moving average price of $42.83 and a 200 day moving average price of $37.65.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last issued its 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, sell-side analysts forecast that Edgewise Therapeutics will post -2.09 EPS for the current year.

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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