Analysts Set Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Price Target at $40.38

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) have received an average rating of "Moderate Buy" from the eight brokerages that are covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $40.13.

A number of equities analysts have weighed in on the company. Scotiabank lowered Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and reduced their price objective for the company from $50.00 to $14.00 in a research note on Wednesday, April 2nd. Wedbush reaffirmed an "outperform" rating and issued a $43.00 price target on shares of Edgewise Therapeutics in a report on Monday. Piper Sandler restated an "overweight" rating and issued a $51.00 price objective on shares of Edgewise Therapeutics in a research report on Wednesday, April 2nd. Royal Bank of Canada dropped their price target on shares of Edgewise Therapeutics from $56.00 to $52.00 and set an "outperform" rating on the stock in a research note on Thursday, April 3rd. Finally, Stifel Nicolaus started coverage on shares of Edgewise Therapeutics in a report on Wednesday, January 22nd. They set a "hold" rating and a $30.00 price objective on the stock.

Edgewise Therapeutics Trading Down 3.1 %

Shares of EWTX traded down $0.49 during midday trading on Monday, hitting $14.92. 300,103 shares of the company's stock traded hands, compared to its average volume of 1,143,758. Edgewise Therapeutics has a 1 year low of $10.60 and a 1 year high of $38.12. The firm's fifty day moving average is $20.54 and its 200-day moving average is $26.94. The stock has a market capitalization of $1.56 billion, a price-to-earnings ratio of -9.96 and a beta of 0.32.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last posted its quarterly earnings data on Monday, March 3rd. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.03). On average, equities research analysts anticipate that Edgewise Therapeutics will post -1.45 EPS for the current year.

Insider Buying and Selling at Edgewise Therapeutics

In related news, Director Orbimed Advisors Llc purchased 496,771 shares of the business's stock in a transaction that occurred on Thursday, April 3rd. The stock was purchased at an average price of $20.13 per share, with a total value of $10,000,000.23. Following the completion of the acquisition, the director now owns 14,809,075 shares in the company, valued at $298,106,679.75. This trade represents a 3.47 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Alan J. Russell sold 1,200 shares of the business's stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $30.13, for a total value of $36,156.00. Following the transaction, the insider now directly owns 14,863 shares in the company, valued at $447,822.19. This trade represents a 7.47 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,836 shares of company stock worth $986,245. Insiders own 24.11% of the company's stock.

Hedge Funds Weigh In On Edgewise Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the company. SG Americas Securities LLC purchased a new stake in shares of Edgewise Therapeutics during the 1st quarter valued at approximately $283,000. Contravisory Investment Management Inc. purchased a new stake in Edgewise Therapeutics in the first quarter valued at $225,000. Rhumbline Advisers lifted its stake in shares of Edgewise Therapeutics by 6.3% in the 1st quarter. Rhumbline Advisers now owns 108,837 shares of the company's stock valued at $2,394,000 after purchasing an additional 6,440 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Edgewise Therapeutics by 2,243.2% during the 1st quarter. GAMMA Investing LLC now owns 30,954 shares of the company's stock worth $681,000 after purchasing an additional 29,633 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Edgewise Therapeutics during the 4th quarter worth $2,404,000.

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.