Brokerages Set Edgewise Therapeutics, Inc. (NASDAQ:EWTX) PT at $40.22

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) has been assigned an average rating of "Moderate Buy" from the nine analysts that are presently covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $40.22.

Several equities research analysts recently weighed in on the company. Guggenheim assumed coverage on Edgewise Therapeutics in a report on Wednesday, April 30th. They issued a "buy" rating and a $41.00 target price for the company. Piper Sandler restated an "overweight" rating and issued a $51.00 target price on shares of Edgewise Therapeutics in a report on Wednesday, April 2nd. Royal Bank of Canada reduced their target price on Edgewise Therapeutics from $56.00 to $52.00 and set an "outperform" rating for the company in a report on Thursday, April 3rd. Stifel Nicolaus assumed coverage on Edgewise Therapeutics in a report on Wednesday, January 22nd. They issued a "hold" rating and a $30.00 target price for the company. Finally, Wedbush reiterated an "outperform" rating and set a $43.00 price target on shares of Edgewise Therapeutics in a report on Monday, April 21st.

Insider Activity at Edgewise Therapeutics

In related news, insider Alan J. Russell sold 1,551 shares of the company's stock in a transaction on Friday, May 2nd. The stock was 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 directly owns 18,521 shares in the company, valued at approximately $304,670.45. This represents a 7.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CMO Joanne M. Donovan sold 5,187 shares of the company's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $16.45, for a total value of $85,326.15. Following the completion of the sale, the chief marketing officer now owns 21,588 shares in the company, valued at $355,122.60. This trade represents a 19.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 14,258 shares of company stock worth $234,544. 23.20% of the stock is owned by corporate insiders.

Institutional Trading of Edgewise Therapeutics

A number of large investors have recently bought and sold shares of the stock. Woodline Partners LP grew its position in Edgewise Therapeutics by 93.4% in the first quarter. Woodline Partners LP now owns 1,096,809 shares of the company's stock valued at $24,130,000 after acquiring an additional 529,591 shares during the period. Fred Alger Management LLC bought a new stake in Edgewise Therapeutics in the first quarter valued at $608,000. Goldman Sachs Group Inc. grew its position in Edgewise Therapeutics by 5.7% in the first quarter. Goldman Sachs Group Inc. now owns 366,644 shares of the company's stock valued at $8,066,000 after acquiring an additional 19,753 shares during the period. Jones Financial Companies Lllp bought a new stake in Edgewise Therapeutics in the first quarter valued at $47,000. Finally, Parkman Healthcare Partners LLC grew its position in Edgewise Therapeutics by 11.6% in the first quarter. Parkman Healthcare Partners LLC now owns 425,407 shares of the company's stock valued at $9,359,000 after acquiring an additional 44,234 shares during the period.

Edgewise Therapeutics Stock Performance

Shares of NASDAQ EWTX traded down $0.28 during trading hours on Friday, hitting $14.59. The stock had a trading volume of 1,027,922 shares, compared to its average volume of 1,173,406. The company has a market capitalization of $1.53 billion, a P/E ratio of -9.73 and a beta of 0.36. The firm's 50-day moving average price is $16.33 and its two-hundred day moving average price is $24.55. Edgewise Therapeutics has a 52 week low of $10.60 and a 52 week high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.43) EPS for the quarter, beating the consensus estimate of ($0.45) by $0.02. As a group, analysts expect that Edgewise Therapeutics will post -1.45 EPS for the current fiscal year.

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.