Edgewise Therapeutics' (EWTX) Outperform Rating Reaffirmed at Wedbush

Wedbush reissued their outperform rating on shares of Edgewise Therapeutics (NASDAQ:EWTX - Free Report) in a research report report published on Monday morning,Benzinga reports. The firm currently has a $43.00 target price on the stock.

A number of other brokerages have also weighed in on EWTX. Scotiabank lowered Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and lowered their price objective for the company from $50.00 to $14.00 in a research note on Wednesday, April 2nd. Stifel Nicolaus began coverage on shares of Edgewise Therapeutics in a research report on Wednesday, January 22nd. They set a "hold" rating and a $30.00 price target for the company. Royal Bank of Canada cut their price target on shares of Edgewise Therapeutics from $56.00 to $52.00 and set an "outperform" rating on the stock in a report on Thursday, April 3rd. Finally, Piper Sandler reissued an "overweight" rating and set a $51.00 price objective on shares of Edgewise Therapeutics in a report on Wednesday, April 2nd. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Edgewise Therapeutics has a consensus rating of "Moderate Buy" and a consensus price target of $40.13.

Edgewise Therapeutics Price Performance

EWTX stock traded down $0.56 on Monday, hitting $14.84. 1,124,025 shares of the company were exchanged, compared to its average volume of 1,150,980. The stock has a market capitalization of $1.55 billion, a price-to-earnings ratio of -9.89 and a beta of 0.32. Edgewise Therapeutics has a twelve month low of $10.60 and a twelve month high of $38.12. The business's fifty day moving average is $20.32 and its two-hundred day moving average is $26.85.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last released its quarterly earnings data on Monday, March 3rd. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.03). Equities research analysts expect that Edgewise Therapeutics will post -1.45 earnings per share for the current year.

Insider Activity at Edgewise Therapeutics

In other news, Director Orbimed Advisors Llc acquired 496,771 shares of Edgewise Therapeutics stock in a transaction on Thursday, April 3rd. The stock was bought at an average cost of $20.13 per share, with a total value of $10,000,000.23. Following the completion of the purchase, the director now owns 14,809,075 shares of the company's stock, valued at $298,106,679.75. This represents a 3.47 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CMO Joanne M. Donovan sold 25,000 shares of Edgewise Therapeutics stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $27.63, for a total transaction of $690,750.00. Following the completion of the transaction, the chief marketing officer now directly owns 16,358 shares in the company, valued at approximately $451,971.54. This trade represents a 60.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,836 shares of company stock worth $986,245 in the last quarter. 24.11% of the stock is owned by company insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Baker BROS. Advisors LP increased its position in Edgewise Therapeutics by 5.4% during the fourth quarter. Baker BROS. Advisors LP now owns 6,155,940 shares of the company's stock worth $164,364,000 after buying an additional 315,881 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in Edgewise Therapeutics by 9.3% in the 4th quarter. Janus Henderson Group PLC now owns 4,983,940 shares of the company's stock worth $133,044,000 after purchasing an additional 425,421 shares during the last quarter. Paradigm Biocapital Advisors LP boosted its position in Edgewise Therapeutics by 61.1% during the fourth quarter. Paradigm Biocapital Advisors LP now owns 4,493,929 shares of the company's stock worth $119,988,000 after purchasing an additional 1,704,757 shares during the period. Braidwell LP grew its holdings in Edgewise Therapeutics by 19.1% during the fourth quarter. Braidwell LP now owns 2,332,196 shares of the company's stock valued at $62,270,000 after purchasing an additional 373,886 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C raised its position in shares of Edgewise Therapeutics by 16.7% in the fourth quarter. Deerfield Management Company L.P. Series C now owns 2,078,509 shares of the company's stock valued at $55,496,000 after purchasing an additional 297,503 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.