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

Key Points

• Edgewise Therapeutics has received an average analyst rating of “Moderate Buy”, with eight buy recommendations and one strong buy, while one analyst has rated the stock a sell.
• The average 12-month price target for Edgewise Therapeutics stock is $38.83, with recent analyst opinions varying significantly on price targets.
• Insider trading activity has seen significant sales, including CEO Kevin Koch reducing his stake by 20.66%, with insiders having sold over 116,000 shares in the past three months.

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) has received an average rating of "Moderate Buy" from the thirteen analysts that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, eight have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $38.8333.

A number of equities analysts have commented on the stock. The Goldman Sachs Group assumed coverage on shares of Edgewise Therapeutics in a research note on Thursday, September 25th. They set a "neutral" rating and a $20.00 target price on the stock. HC Wainwright assumed coverage on shares of Edgewise Therapeutics in a research note on Monday, June 30th. They set a "buy" rating and a $42.00 target price on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Edgewise Therapeutics in a research note on Wednesday, October 8th. Raymond James Financial assumed coverage on shares of Edgewise Therapeutics in a research note on Wednesday, July 30th. They set a "strong-buy" rating and a $46.00 target price on the stock. Finally, JPMorgan Chase & Co. reduced their target price on shares of Edgewise Therapeutics from $40.00 to $30.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 19th.

Insider Activity at Edgewise Therapeutics

In other Edgewise Therapeutics news, CEO Kevin Koch sold 7,972 shares of the stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $13.39, for a total transaction of $106,745.08. Following the completion of the transaction, the chief executive officer owned 30,615 shares of the company's stock, valued at $409,934.85. This trade represents a 20.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel John R. Moore sold 2,098 shares of the stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $13.39, for a total transaction of $28,092.22. Following the transaction, the general counsel directly owned 10,214 shares of the company's stock, valued at approximately $136,765.46. This trade represents a 17.04% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 116,267 shares of company stock worth $1,677,815. 23.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Orbimed Advisors LLC boosted its stake in Edgewise Therapeutics by 3.3% during the second quarter. Orbimed Advisors LLC now owns 15,518,492 shares of the company's stock worth $203,447,000 after buying an additional 496,771 shares during the period. Braidwell LP boosted its stake in Edgewise Therapeutics by 111.9% during the second quarter. Braidwell LP now owns 5,210,831 shares of the company's stock worth $68,314,000 after buying an additional 2,752,023 shares during the period. Cormorant Asset Management LP boosted its stake in shares of Edgewise Therapeutics by 20.4% in the first quarter. Cormorant Asset Management LP now owns 4,101,992 shares of the company's stock valued at $90,244,000 after purchasing an additional 695,458 shares during the period. Bellevue Group AG boosted its stake in shares of Edgewise Therapeutics by 94.3% in the second quarter. Bellevue Group AG now owns 2,775,997 shares of the company's stock valued at $36,393,000 after purchasing an additional 1,347,068 shares during the period. Finally, First Light Asset Management LLC boosted its stake in shares of Edgewise Therapeutics by 137.3% in 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 purchasing an additional 1,071,651 shares during the period.

Edgewise Therapeutics Trading Down 5.9%

Edgewise Therapeutics stock opened at $15.11 on Monday. The company has a 50-day moving average price of $14.59 and a 200 day moving average price of $14.43. Edgewise Therapeutics has a 12-month low of $10.60 and a 12-month high of $38.12. The stock has a market cap of $1.59 billion, a P/E ratio of -9.75 and a beta of 0.28.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.34) EPS for the quarter, topping analysts' consensus estimates of ($0.42) by $0.08. As a group, analysts forecast that Edgewise Therapeutics will post -1.45 EPS 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.