Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Receives $39.78 Average PT from Analysts

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the nine ratings firms that are presently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $39.78.

Several brokerages have recently weighed in on EWTX. Guggenheim began coverage on Edgewise Therapeutics in a report on Wednesday, April 30th. They set a "buy" rating and a $41.00 price objective on the stock. Wedbush restated an "outperform" rating and issued a $43.00 price objective on shares of Edgewise Therapeutics in a research note on Monday, April 21st. Royal Bank of Canada reaffirmed an "outperform" rating and set a $48.00 price objective on shares of Edgewise Therapeutics in a report on Thursday, June 5th. Piper Sandler reissued an "overweight" rating and issued a $51.00 target price on shares of Edgewise Therapeutics in a research note on Wednesday, April 2nd. Finally, Scotiabank cut shares of Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and cut their price target for the stock from $50.00 to $14.00 in a research note on Wednesday, April 2nd.

Edgewise Therapeutics Stock Performance

Shares of EWTX traded down $0.13 during mid-day trading on Tuesday, hitting $15.29. The company's stock had a trading volume of 878,074 shares, compared to its average volume of 1,205,231. The stock's 50-day moving average is $14.34 and its two-hundred day moving average is $22.47. The firm has a market capitalization of $1.61 billion, a PE ratio of -10.19 and a beta of 0.28. 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 posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.43) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.45) by $0.02. Analysts expect that Edgewise Therapeutics will post -1.45 EPS for the current fiscal year.

Insider Activity at Edgewise Therapeutics

In other news, Director Orbimed Advisors Llc acquired 496,771 shares of Edgewise Therapeutics stock in a transaction on Thursday, April 3rd. The shares were purchased at an average price of $20.13 per share, with a total value of $10,000,000.23. Following the acquisition, the director now owns 14,809,075 shares in the company, valued at $298,106,679.75. This represents a 3.47% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Alan J. Russell sold 1,551 shares of Edgewise Therapeutics 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 completion of the sale, the insider now directly owns 18,521 shares of the company's stock, valued at $304,670.45. This trade represents a 7.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 14,258 shares of company stock valued at $234,544 over the last ninety days. 23.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Several large investors have recently made changes to their positions in the company. Diadema Partners LP acquired a new position in Edgewise Therapeutics during the 4th quarter valued at about $36,000. GF Fund Management CO. LTD. bought a new position in Edgewise Therapeutics in the fourth quarter valued at approximately $53,000. Jones Financial Companies Lllp acquired a new stake in Edgewise Therapeutics during the 1st quarter worth $47,000. Aquatic Capital Management LLC bought a new stake in shares of Edgewise Therapeutics during the 4th quarter valued at $77,000. Finally, Allostery Investments LP bought a new position in shares of Edgewise Therapeutics in the 1st quarter worth $66,000.

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.