Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Given Consensus Rating of "Moderate Buy" by Analysts

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) has been given an average rating of "Moderate Buy" by the nine analysts that are covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $40.22.

EWTX has been the topic of a number of recent analyst reports. Stifel Nicolaus initiated coverage on shares of Edgewise Therapeutics in a research report on Wednesday, January 22nd. They set a "hold" rating and a $30.00 price target on the stock. Wedbush reissued an "outperform" rating and set a $43.00 price target on shares of Edgewise Therapeutics in a research report on Monday, April 21st. Guggenheim began coverage on shares of Edgewise Therapeutics in a research report on Wednesday, April 30th. They set a "buy" rating and a $41.00 price target on the stock. Scotiabank lowered shares of Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and lowered their price objective for the stock from $50.00 to $14.00 in a research report on Wednesday, April 2nd. Finally, Royal Bank of Canada lowered their price objective on shares of Edgewise Therapeutics from $56.00 to $52.00 and set an "outperform" rating on the stock in a research report on Thursday, April 3rd.

Edgewise Therapeutics Price Performance

EWTX opened at $14.45 on Friday. The company's 50-day moving average is $17.22 and its 200 day moving average is $25.08. Edgewise Therapeutics has a fifty-two week low of $10.60 and a fifty-two week high of $38.12. The firm has a market capitalization of $1.52 billion, a P/E ratio of -9.63 and a beta of 0.36.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.43) earnings per share for the quarter, beating analysts' consensus estimates of ($0.45) by $0.02. On average, equities research analysts expect that Edgewise Therapeutics will post -1.45 earnings per share for the current year.

Insider Transactions at Edgewise Therapeutics

In other news, insider Alan J. Russell sold 1,551 shares of Edgewise Therapeutics stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $16.45, for a total value of $25,513.95. Following the completion of the transaction, the insider now owns 18,521 shares in the company, valued at $304,670.45. This trade represents a 7.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Orbimed Advisors Llc acquired 496,771 shares of Edgewise Therapeutics stock in a transaction that occurred on Thursday, April 3rd. The shares were purchased at an average cost of $20.13 per share, with a total value of $10,000,000.23. Following the purchase, the director now owns 14,809,075 shares of the company's stock, valued at $298,106,679.75. This represents a 3.47% increase in their position. The disclosure for this purchase can be found here. Insiders sold 14,258 shares of company stock worth $234,544 over the last quarter. Corporate insiders own 23.20% of the company's stock.

Hedge Funds Weigh In On Edgewise Therapeutics

Several hedge funds have recently bought and sold shares of the company. First Light Asset Management LLC grew its stake in Edgewise Therapeutics by 137.3% during the first quarter. First Light Asset Management LLC now owns 1,852,290 shares of the company's stock valued at $40,750,000 after acquiring an additional 1,071,651 shares in the last quarter. MPM Bioimpact LLC grew its stake in Edgewise Therapeutics by 2.4% during the first quarter. MPM Bioimpact LLC now owns 1,105,444 shares of the company's stock valued at $24,320,000 after acquiring an additional 26,128 shares in the last quarter. Braidwell LP grew its stake in Edgewise Therapeutics by 5.4% during the first quarter. Braidwell LP now owns 2,458,808 shares of the company's stock valued at $54,094,000 after acquiring an additional 126,612 shares in the last quarter. Siren L.L.C. grew its stake in Edgewise Therapeutics by 131.0% during the first quarter. Siren L.L.C. now owns 1,696,444 shares of the company's stock valued at $37,322,000 after acquiring an additional 962,101 shares in the last quarter. Finally, AlphaQuest LLC grew its stake in Edgewise Therapeutics by 324.8% during the first quarter. AlphaQuest LLC now owns 9,358 shares of the company's stock valued at $206,000 after acquiring an additional 7,155 shares in the last quarter.

Edgewise Therapeutics Company Profile

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.

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