Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) have earned an average recommendation of "Moderate Buy" from the ten brokerages that are currently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $40.00.

EWTX has been the topic of a number of recent research reports. Scotiabank cut Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and dropped their price objective for the stock from $50.00 to $14.00 in a report on Wednesday, April 2nd. Royal Bank Of Canada reissued an "outperform" rating and set a $48.00 price target on shares of Edgewise Therapeutics in a research note on Thursday, June 5th. HC Wainwright assumed coverage on Edgewise Therapeutics in a report on Monday, June 30th. They set a "buy" rating and a $42.00 target price for the company. Wedbush reissued an "outperform" rating and issued a $43.00 price target on shares of Edgewise Therapeutics in a report on Monday, April 21st. Finally, Piper Sandler reissued an "overweight" rating and set a $51.00 target price on shares of Edgewise Therapeutics in a research note on Wednesday, April 2nd.

Insider Activity

In other news, General Counsel John R. Moore sold 1,930 shares of the stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $16.45, for a total transaction of $31,748.50. Following the sale, the general counsel owned 6,531 shares in the company, valued at $107,434.95. This represents a 22.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Alan J. Russell sold 1,551 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 $25,513.95. Following the transaction, the insider directly owned 18,521 shares in the company, valued at approximately $304,670.45. The trade was a 7.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 14,258 shares of company stock worth $234,544. 23.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the company. Baker BROS. Advisors LP lifted its stake in shares of Edgewise Therapeutics by 5.4% in the 4th quarter. Baker BROS. Advisors LP now owns 6,155,940 shares of the company's stock worth $164,364,000 after purchasing an additional 315,881 shares during the period. Janus Henderson Group PLC boosted its holdings in Edgewise Therapeutics by 9.3% in the 4th quarter. Janus Henderson Group PLC now owns 4,983,940 shares of the company's stock worth $133,044,000 after buying an additional 425,421 shares during the period. Paradigm Biocapital Advisors LP increased its stake in Edgewise Therapeutics by 61.1% in the 4th quarter. Paradigm Biocapital Advisors LP now owns 4,493,929 shares of the company's stock worth $119,988,000 after buying an additional 1,704,757 shares in the last quarter. Cormorant Asset Management LP raised its holdings in Edgewise Therapeutics by 20.4% during the first quarter. Cormorant Asset Management LP now owns 4,101,992 shares of the company's stock valued at $90,244,000 after acquiring an additional 695,458 shares during the period. Finally, Braidwell LP lifted its position in shares of Edgewise Therapeutics by 5.4% in 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.

Edgewise Therapeutics Stock Up 3.3%

Edgewise Therapeutics stock traded up $0.41 during mid-day trading on Friday, reaching $13.02. 582,669 shares of the company's stock were exchanged, compared to its average volume of 1,190,249. The business's fifty day simple moving average is $14.51 and its 200 day simple moving average is $20.25. The firm has a market capitalization of $1.37 billion, a PE ratio of -8.40 and a beta of 0.25. Edgewise Therapeutics has a one year low of $10.60 and a one year high of $38.12.

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

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.