HC Wainwright Begins Coverage on Edgewise Therapeutics (NASDAQ:EWTX)

HC Wainwright initiated coverage on shares of Edgewise Therapeutics (NASDAQ:EWTX - Free Report) in a research note issued to investors on Monday, MarketBeat reports. The brokerage issued a buy rating and a $42.00 price objective on the stock.

A number of other brokerages also recently commented on EWTX. Guggenheim began coverage on Edgewise Therapeutics in a research report on Wednesday, April 30th. They issued a "buy" rating and a $41.00 price objective for the company. Wedbush reiterated an "outperform" rating and set a $43.00 price target on shares of Edgewise Therapeutics in a research note on Monday, April 21st. Piper Sandler reissued an "overweight" rating and issued a $51.00 price target on shares of Edgewise Therapeutics in a report on Wednesday, April 2nd. 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. Finally, Scotiabank lowered shares of Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and decreased their target price for the company from $50.00 to $14.00 in a research report on Wednesday, April 2nd. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $40.00.

Edgewise Therapeutics Stock Down 0.5%

NASDAQ EWTX traded down $0.06 during midday trading on Monday, hitting $13.11. The company had a trading volume of 921,186 shares, compared to its average volume of 1,195,202. The firm has a fifty day simple moving average of $14.76 and a two-hundred day simple moving average of $21.04. Edgewise Therapeutics has a fifty-two week low of $10.60 and a fifty-two week high of $38.12. The stock has a market cap of $1.38 billion, a price-to-earnings ratio of -8.46 and a beta of 0.29.

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

Insiders Place Their Bets

In related news, General Counsel John R. Moore sold 1,930 shares of Edgewise Therapeutics stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $16.45, for a total transaction of $31,748.50. Following the completion of the transaction, the general counsel directly owned 6,531 shares of the company's stock, valued at $107,434.95. This trade represents a 22.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Kevin Koch sold 4,276 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $16.45, for a total transaction of $70,340.20. Following the sale, the chief executive officer directly owned 20,619 shares of the company's stock, valued at approximately $339,182.55. The trade was a 17.18% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 14,258 shares of company stock worth $234,544 in the last quarter. 23.20% of the stock is owned by corporate insiders.

Institutional Trading of Edgewise Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Goldman Sachs Group Inc. increased its position in Edgewise Therapeutics by 5.7% in the 1st 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 in the last quarter. Rhumbline Advisers lifted its stake in shares of Edgewise Therapeutics by 6.3% during the first quarter. Rhumbline Advisers now owns 108,837 shares of the company's stock valued at $2,394,000 after acquiring an additional 6,440 shares during the period. Strs Ohio acquired a new stake in Edgewise Therapeutics in the first quarter worth about $84,000. Woodline Partners LP lifted its position in Edgewise Therapeutics by 93.4% during the 1st quarter. Woodline Partners LP now owns 1,096,809 shares of the company's stock valued at $24,130,000 after purchasing an additional 529,591 shares during the period. Finally, Fred Alger Management LLC bought a new stake in shares of Edgewise Therapeutics during the first quarter worth approximately $608,000.

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.