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

Key Points

• Analysts maintain a positive outlook: Edgewise Therapeutics has a “Moderate Buy” consensus from 12 analysts, with an average 12-month price target of $51.33 versus the stock’s $39.99 opening price.
• Shares have risen substantially: EWTX has traded between $14.85 and $48.51 over the past year, with a market capitalization of approximately $4.34 billion.
• Recent financial and insider activity was mixed: The company reported a quarterly loss of $0.53 per share, missing estimates by $0.06, while insiders sold $1.68 million of stock over the past 90 days, primarily to cover tax obligations tied to equity awards.

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the twelve brokerages that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, one has given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $51.33.

A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Edgewise Therapeutics from $53.00 to $60.00 and gave the company an "overweight" rating in a research report on Thursday, August 20th. William Blair began coverage on shares of Edgewise Therapeutics in a research note on Friday, October 16th. They issued an "outperform" rating for the company. Guggenheim lifted their target price on shares of Edgewise Therapeutics from $41.00 to $51.00 and gave the company a "buy" rating in a report on Monday, July 6th. Evercore reiterated an "outperform" rating and set a $55.00 price target on shares of Edgewise Therapeutics in a research note on Monday, July 20th. Finally, Oppenheimer started coverage on shares of Edgewise Therapeutics in a report on Thursday, July 9th. They set an "outperform" rating and a $51.00 price target for the company.

Insiders Place Their Bets

In other news, 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 value of $258,050.73. Following the completion of the sale, the insider directly owned 31,466 shares of the company's stock, valued at $1,376,008.18. This trade represents a 15.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CMO Joanne M. Donovan sold 6,522 shares of Edgewise Therapeutics stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $43.85, for a total value of $285,989.70. Following the completion of the sale, the chief marketing officer owned 11,544 shares in the company, valued at approximately $506,204.40. This trade represents a 36.10% decrease in their ownership of the stock. 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 worth $1,675,529. Company insiders own 21.30% of the company's stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. Parallel Advisors LLC boosted its position in shares of Edgewise Therapeutics by 64.9% during the 1st quarter. Parallel Advisors LLC now owns 1,032 shares of the company's stock worth $33,000 after purchasing an additional 406 shares in the last quarter. KBC Group NV purchased a new position in shares of Edgewise Therapeutics in the 1st quarter valued at about $49,000. Sterling Capital Management LLC lifted its stake in shares of Edgewise Therapeutics by 840.2% in the third quarter. Sterling Capital Management LLC now owns 2,360 shares of the company's stock valued at $96,000 after purchasing an additional 2,109 shares during the period. GAMMA Investing LLC lifted its stake in shares of Edgewise Therapeutics by 26.5% in the third quarter. GAMMA Investing LLC now owns 2,666 shares of the company's stock valued at $108,000 after purchasing an additional 559 shares during the period. Finally, Squarepoint Ops LLC purchased a new stake in Edgewise Therapeutics during the second quarter worth about $230,000.

Edgewise Therapeutics Stock Performance

NASDAQ EWTX opened at $39.99 on Friday. The firm has a market cap of $4.34 billion, a PE ratio of -21.62 and a beta of 0.35. Edgewise Therapeutics has a one year low of $14.85 and a one year high of $48.51. The firm's fifty day moving average is $41.92 and its two-hundred day moving average is $38.77.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.53) earnings per share for the quarter, missing analysts' consensus estimates of ($0.47) by ($0.06). Research analysts predict that Edgewise Therapeutics will post -2.09 earnings per share for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.