Edgewise Therapeutics (NASDAQ:EWTX) Given New $30.00 Price Target at JPMorgan Chase & Co.

Key Points

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Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) had its target price cut by equities researchers at JPMorgan Chase & Co. from $40.00 to $30.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 102.02% from the company's previous close.

EWTX has been the subject of a number of other research reports. Raymond James Financial initiated coverage on Edgewise Therapeutics in a research report on Wednesday, July 30th. They issued a "strong-buy" rating and a $46.00 target price for the company. Wedbush reaffirmed an "outperform" rating and set a $43.00 price target on shares of Edgewise Therapeutics in a research report on Monday, April 21st. HC Wainwright initiated coverage on shares of Edgewise Therapeutics in a research report on Monday, June 30th. They set a "buy" rating and a $42.00 price target for the company. Guggenheim initiated coverage on shares of Edgewise Therapeutics in a research report on Wednesday, April 30th. They set a "buy" rating and a $41.00 price target for the company. Finally, Royal Bank Of Canada upped their price target on shares of Edgewise Therapeutics from $48.00 to $49.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Edgewise Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus target price of $40.55.

Edgewise Therapeutics Trading Up 1.6%

NASDAQ:EWTX traded up $0.23 during mid-day trading on Tuesday, reaching $14.85. The company's stock had a trading volume of 570,322 shares, compared to its average volume of 664,563. Edgewise Therapeutics has a 12-month low of $10.60 and a 12-month high of $38.12. The firm's fifty day moving average price is $13.79 and its two-hundred day moving average price is $17.12. The stock has a market cap of $1.56 billion, a P/E ratio of -9.58 and a beta of 0.26.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.34) earnings per share for the quarter, topping analysts' consensus estimates of ($0.42) by $0.08. Analysts predict that Edgewise Therapeutics will post -1.45 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Alan J. Russell sold 1,907 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $13.39, for a total value of $25,534.73. Following the completion of the sale, the insider directly owned 23,400 shares of the company's stock, valued at approximately $313,326. This represents a 7.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel John R. Moore sold 2,098 shares of the stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $13.39, for a total transaction of $28,092.22. Following the completion of the sale, the general counsel directly owned 10,214 shares of the company's stock, valued at $136,765.46. This represents a 17.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,267 shares of company stock valued at $217,815. 23.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Diadema Partners LP bought a new position in Edgewise Therapeutics in the 4th quarter worth approximately $36,000. GF Fund Management CO. LTD. bought a new position in Edgewise Therapeutics in the 4th quarter worth approximately $53,000. Jones Financial Companies Lllp bought a new position in Edgewise Therapeutics in the 1st quarter worth approximately $47,000. Aquatic Capital Management LLC bought a new position in Edgewise Therapeutics in the 4th quarter worth approximately $77,000. Finally, Allostery Investments LP bought a new position in Edgewise Therapeutics in the 1st quarter worth approximately $66,000.

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.