Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Receives $40.55 Average Price Target from Analysts

Key Points

• Edgewise Therapeutics, Inc. has received an average analyst rating of "Moderate Buy", with two hold ratings, eight buy ratings, and one strong buy rating from the eleven analysts covering the stock.
• Recent insider transactions include CEO Kevin Koch selling 7,972 shares at an average price of $13.39, indicating a decrease in his ownership by over 20%.
• Institutional investors have shown significant interest in Edgewise, with Braidwell LP increasing its holdings by 111.9%, now owning over 5 million shares worth approximately $68 million.

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) has received an average recommendation of "Moderate Buy" from the eleven analysts that are currently covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $40.5455.

EWTX has been the subject of several analyst reports. JPMorgan Chase & Co. reduced their price target on shares of Edgewise Therapeutics from $40.00 to $30.00 and set an "overweight" rating for the company in a research report on Tuesday, August 19th. HC Wainwright initiated coverage on shares of Edgewise Therapeutics in a research report on Monday, June 30th. They set a "buy" rating and a $42.00 price target for the company. Raymond James Financial initiated coverage on shares of Edgewise Therapeutics in a research report on Wednesday, July 30th. They set a "strong-buy" rating and a $46.00 price target for the company. Finally, Royal Bank Of Canada lifted their target price on shares of Edgewise Therapeutics from $48.00 to $49.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th.

Edgewise Therapeutics Price Performance

EWTX stock traded down $1.27 during trading on Thursday, reaching $14.26. The company had a trading volume of 2,072,555 shares, compared to its average volume of 926,997. Edgewise Therapeutics has a 52 week low of $10.60 and a 52 week high of $38.12. The company has a market cap of $1.50 billion, a P/E ratio of -9.20 and a beta of 0.26. The business has a 50 day moving average of $14.12 and a 200 day moving average of $15.43.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.34) earnings per share for the quarter, topping the consensus estimate of ($0.42) by $0.08. Research analysts expect that Edgewise Therapeutics will post -1.45 earnings per share for the current year.

Insider Buying and Selling at Edgewise Therapeutics

In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 2,862 shares of Edgewise Therapeutics stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $13.39, for a total value of $38,322.18. Following the sale, the chief marketing officer directly owned 25,361 shares in the company, valued at approximately $339,583.79. The trade was a 10.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel John R. Moore sold 2,098 shares of Edgewise Therapeutics stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $13.39, for a total transaction of $28,092.22. Following the completion of the sale, the general counsel owned 10,214 shares in the company, valued at approximately $136,765.46. This represents a 17.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 116,267 shares of company stock worth $1,677,815. 23.20% of the stock is owned by insiders.

Institutional Trading of Edgewise Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of EWTX. China Universal Asset Management Co. Ltd. increased its holdings in shares of Edgewise Therapeutics by 11.2% in the 2nd quarter. China Universal Asset Management Co. Ltd. now owns 21,120 shares of the company's stock worth $277,000 after buying an additional 2,127 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in Edgewise Therapeutics by 14.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 9,148 shares of the company's stock valued at $120,000 after purchasing an additional 1,188 shares during the last quarter. Exome Asset Management LLC grew its holdings in Edgewise Therapeutics by 74.2% during the 2nd quarter. Exome Asset Management LLC now owns 124,470 shares of the company's stock valued at $1,632,000 after purchasing an additional 53,032 shares during the last quarter. Soleus Capital Management L.P. grew its holdings in Edgewise Therapeutics by 5.8% during the 2nd quarter. Soleus Capital Management L.P. now owns 76,493 shares of the company's stock valued at $1,003,000 after purchasing an additional 4,193 shares during the last quarter. Finally, Sofinnova Investments Inc. grew its holdings in Edgewise Therapeutics by 3,185.7% during the 2nd quarter. Sofinnova Investments Inc. now owns 716,873 shares of the company's stock valued at $9,398,000 after purchasing an additional 695,055 shares during the last quarter.

About Edgewise Therapeutics

Edgewise Therapeutics, Inc, a biopharmaceutical company, discovers, develops, and commercializes therapies for the treatment of muscle disorders. Its lead product candidate, EDG-5506, an orally administered small molecule that is in Phase II clinical trials, designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy and Becker muscular dystrophy.