The Goldman Sachs Group Begins Coverage on Edgewise Therapeutics (NASDAQ:EWTX)

Key Points

• Goldman Sachs has initiated coverage on Edgewise Therapeutics (NASDAQ:EWTX) with a "neutral" rating and a price target of $20.00, indicating a potential upside of 20.55% from its previous close.
• Analysts have varied opinions on Edgewise Therapeutics, with targets ranging from $20.00 to $49.00 and an overall average rating of "Moderate Buy" with a consensus price target of $38.83.
• Insider activity has been notable, with significant sales of shares by General Counsel John R. Moore and another insider, indicating a reduction in their positions in the company.

The Goldman Sachs Group started coverage on shares of Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) in a note issued to investors on Thursday,Benzinga reports. The firm set a "neutral" rating and a $20.00 price target on the stock. The Goldman Sachs Group's price objective would suggest a potential upside of 20.55% from the company's previous close.

EWTX has been the topic of a number of other research reports. JPMorgan Chase & Co. dropped their price target on shares of Edgewise Therapeutics from $40.00 to $30.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 19th. HC Wainwright assumed coverage on Edgewise Therapeutics in a report on Monday, June 30th. They issued a "buy" rating and a $42.00 price objective on the stock. Raymond James Financial assumed coverage on Edgewise Therapeutics in a report on Wednesday, July 30th. They issued a "strong-buy" rating and a $46.00 price objective on the stock. Finally, Royal Bank Of Canada raised their price objective on Edgewise Therapeutics from $48.00 to $49.00 and gave the company an "outperform" rating in a report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, Edgewise Therapeutics presently has an average rating of "Moderate Buy" and a consensus price target of $38.83.

Edgewise Therapeutics Price Performance

Shares of NASDAQ EWTX opened at $16.59 on Thursday. The stock has a market capitalization of $1.75 billion, a price-to-earnings ratio of -10.70 and a beta of 0.26. Edgewise Therapeutics has a 12 month low of $10.60 and a 12 month high of $38.12. The firm's 50 day simple moving average is $14.24 and its 200-day simple moving average is $15.35.

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

Insider Buying and Selling

In other news, General Counsel John R. Moore sold 2,098 shares of Edgewise Therapeutics stock in a transaction 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 transaction, the general counsel owned 10,214 shares in the company, valued at $136,765.46. The trade was a 17.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Alan J. Russell sold 100,000 shares of Edgewise Therapeutics stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $14.60, for a total value of $1,460,000.00. Following the transaction, the insider owned 23,400 shares in the company, valued at approximately $341,640. This represents a 81.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 116,267 shares of company stock worth $1,677,815 in the last quarter. 23.20% of the stock is currently owned by insiders.

Institutional Trading of Edgewise Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Ameriprise Financial Inc. purchased a new stake in Edgewise Therapeutics in the 4th quarter valued at about $603,000. Squarepoint Ops LLC raised its holdings in Edgewise Therapeutics by 58.5% in the 4th quarter. Squarepoint Ops LLC now owns 26,358 shares of the company's stock valued at $704,000 after buying an additional 9,729 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Edgewise Therapeutics by 231.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 279,125 shares of the company's stock valued at $7,453,000 after buying an additional 194,831 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Edgewise Therapeutics in the 4th quarter valued at about $2,404,000. Finally, GAMMA Investing LLC raised its holdings in Edgewise Therapeutics by 2,243.2% in the 1st quarter. GAMMA Investing LLC now owns 30,954 shares of the company's stock valued at $681,000 after buying an additional 29,633 shares during the period.

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.

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