Edgewise Therapeutics (NASDAQ:EWTX) Given Buy Rating at Truist Financial

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report)'s stock had its "buy" rating reissued by Truist Financial in a report released on Wednesday, Benzinga reports. They currently have a $25.00 price objective on the stock. Truist Financial's target price suggests a potential upside of 59.74% from the stock's previous close.

EWTX has been the topic of a number of other reports. Wedbush reaffirmed an "outperform" rating and issued a $26.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday. Piper Sandler started coverage on shares of Edgewise Therapeutics in a research note on Thursday, March 7th. They issued an "overweight" rating and a $48.00 price objective on the stock.

Edgewise Therapeutics Stock Performance

Shares of NASDAQ:EWTX traded down $0.98 during trading on Wednesday, reaching $15.65. The stock had a trading volume of 681,629 shares, compared to its average volume of 950,629. The stock has a market cap of $1.46 billion, a price-to-earnings ratio of -9.91 and a beta of 0.14. Edgewise Therapeutics has a 52 week low of $5.12 and a 52 week high of $20.69. The firm's fifty day moving average is $17.30 and its 200 day moving average is $11.88.

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

Insider Activity

In other news, CFO R Michael Carruthers sold 90,000 shares of the stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $15.78, for a total value 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CFO R Michael Carruthers sold 90,000 shares of the stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $15.78, for a total value 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Peter A. Thompson bought 454,545 shares of the stock in a transaction dated Tuesday, January 23rd. The stock was purchased at an average price of $11.00 per share, with a total value of $4,999,995.00. Following the acquisition, the director now owns 14,436,497 shares of the company's stock, valued at $158,801,467. The disclosure for this purchase can be found here. Insiders sold a total of 120,622 shares of company stock worth $2,032,766 over the last quarter. Insiders own 31.95% of the company's stock.

Institutional Trading of Edgewise Therapeutics

A number of large investors have recently added to or reduced their stakes in EWTX. JPMorgan Chase & Co. increased its holdings in Edgewise Therapeutics by 23.4% during the first quarter. JPMorgan Chase & Co. now owns 27,166 shares of the company's stock worth $263,000 after buying an additional 5,156 shares during the last quarter. MetLife Investment Management LLC increased its holdings in Edgewise Therapeutics by 55.4% during the first quarter. MetLife Investment Management LLC now owns 23,355 shares of the company's stock worth $227,000 after buying an additional 8,328 shares during the last quarter. Rhumbline Advisers increased its holdings in Edgewise Therapeutics by 20.8% during the first quarter. Rhumbline Advisers now owns 36,861 shares of the company's stock worth $358,000 after buying an additional 6,350 shares during the last quarter. BlackRock Inc. increased its holdings in Edgewise Therapeutics by 0.4% during the first quarter. BlackRock Inc. now owns 2,055,160 shares of the company's stock worth $19,934,000 after buying an additional 7,557 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in Edgewise Therapeutics by 1.0% during the first quarter. Vanguard Group Inc. now owns 1,211,093 shares of the company's stock worth $11,748,000 after buying an additional 11,693 shares during the last quarter.

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.