Wedbush Reaffirms Outperform Rating for Edgewise Therapeutics (NASDAQ:EWTX)

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report)'s stock had its "outperform" rating reiterated by equities research analysts at Wedbush in a research note issued to investors on Tuesday, Benzinga reports. They presently have a $26.00 price objective on the stock. Wedbush's target price would indicate a potential upside of 56.34% from the stock's previous close.

Separately, Piper Sandler initiated coverage on shares of Edgewise Therapeutics in a research report on Thursday, March 7th. They set an "overweight" rating and a $48.00 price objective on the stock.

Edgewise Therapeutics Stock Performance

Shares of Edgewise Therapeutics stock traded up $0.15 on Tuesday, hitting $16.63. 561,136 shares of the company's stock were exchanged, compared to its average volume of 954,314. The company has a 50-day simple moving average of $17.30 and a 200-day simple moving average of $11.88. The stock has a market capitalization of $1.55 billion, a PE ratio of -10.53 and a beta of 0.14. Edgewise Therapeutics has a 1 year low of $5.12 and a 1 year high of $20.69.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last announced its quarterly earnings data on Thursday, February 22nd. The company reported ($0.47) EPS for the quarter, missing the consensus estimate of ($0.44) by ($0.03). On average, analysts expect that Edgewise Therapeutics will post -1.76 EPS for the current fiscal year.

Insider Activity

In other news, insider Behrad Derakhshan sold 4,600 shares of the firm's stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $20.01, for a total transaction of $92,046.00. Following the sale, the insider now directly owns 7,020 shares in the company, valued at approximately $140,470.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Edgewise Therapeutics news, insider Behrad Derakhshan sold 4,600 shares of Edgewise Therapeutics stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $20.01, for a total value of $92,046.00. Following the sale, the insider now directly owns 7,020 shares in the company, valued at approximately $140,470.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO R Michael Carruthers sold 90,000 shares of Edgewise Therapeutics stock in a transaction on Tuesday, January 23rd. The shares were sold at an average price of $15.78, for a total transaction of $1,420,200.00. Following the completion of the sale, the chief financial officer now owns 29,024 shares in the company, valued at $457,998.72. The disclosure for this sale can be found here. Insiders have sold 120,622 shares of company stock worth $2,032,766 in the last three months. Company insiders own 31.95% of the company's stock.

Hedge Funds Weigh In On Edgewise Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Nuveen Asset Management LLC boosted its stake in shares of Edgewise Therapeutics by 0.5% during the 4th quarter. Nuveen Asset Management LLC now owns 153,292 shares of the company's stock worth $1,677,000 after purchasing an additional 806 shares during the period. Legal & General Group Plc boosted its stake in shares of Edgewise Therapeutics by 41.2% during the 4th quarter. Legal & General Group Plc now owns 3,634 shares of the company's stock worth $32,000 after purchasing an additional 1,060 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Edgewise Therapeutics by 4.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 27,283 shares of the company's stock worth $182,000 after purchasing an additional 1,091 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Edgewise Therapeutics by 11.2% during the 1st quarter. Principal Financial Group Inc. now owns 12,178 shares of the company's stock worth $81,000 after purchasing an additional 1,230 shares during the period. Finally, Quantum Private Wealth LLC boosted its stake in shares of Edgewise Therapeutics by 2.4% during the 4th quarter. Quantum Private Wealth LLC now owns 63,219 shares of the company's stock worth $692,000 after purchasing an additional 1,500 shares during the period.

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.