Edgewise Therapeutics (NASDAQ:EWTX) Earns “Outperform” Rating from Wedbush

Wedbush reaffirmed their outperform rating on shares of Edgewise Therapeutics (NASDAQ:EWTX) in a research report sent to investors on Tuesday, Benzinga reports. They currently have a $26.00 price target on the stock.

Separately, Piper Sandler assumed coverage on 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 Trading Up 0.9 %

NASDAQ:EWTX opened at $16.63 on Tuesday. The company has a market capitalization of $1.55 billion, a P/E ratio of -10.53 and a beta of 0.14. Edgewise Therapeutics has a 12 month low of $5.12 and a 12 month high of $20.69. The business’s 50-day moving average is $17.30 and its 200 day moving average is $11.88.

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

Insider Buying and Selling

In related news, CFO R Michael Carruthers sold 90,000 shares of the stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $15.78, for a total value of $1,420,200.00. Following the transaction, the chief financial officer now owns 29,024 shares of the company’s stock, valued at $457,998.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Peter A. Thompson bought 454,545 shares of the company’s stock in a transaction on Tuesday, January 23rd. The shares were acquired at an average price of $11.00 per share, with a total value of $4,999,995.00. Following the transaction, the director now owns 14,436,497 shares of the company’s stock, valued at $158,801,467. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO R Michael Carruthers sold 90,000 shares of the stock in a transaction on 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 sale, the chief financial officer now directly owns 29,024 shares in the company, valued at approximately $457,998.72. The disclosure for this sale can be found here. Insiders have sold a total of 120,622 shares of company stock valued at $2,032,766 over the last quarter. 31.95% of the stock is owned by corporate insiders.

Institutional Trading of Edgewise Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. boosted its position in Edgewise Therapeutics by 9.2% during the 2nd quarter. BlackRock Inc. now owns 3,134,168 shares of the company’s stock valued at $24,290,000 after acquiring an additional 263,161 shares in the last quarter. FMR LLC lifted its holdings in shares of Edgewise Therapeutics by 11.7% during the 2nd quarter. FMR LLC now owns 2,815,284 shares of the company’s stock valued at $22,410,000 after purchasing an additional 293,834 shares during the last quarter. Frazier Life Sciences Management L.P. lifted its holdings in shares of Edgewise Therapeutics by 214.2% during the 4th quarter. Frazier Life Sciences Management L.P. now owns 2,667,203 shares of the company’s stock valued at $29,179,000 after purchasing an additional 1,818,181 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Edgewise Therapeutics by 3.0% during the 4th quarter. Vanguard Group Inc. now owns 2,125,380 shares of the company’s stock valued at $23,252,000 after purchasing an additional 60,959 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Edgewise Therapeutics by 132.6% during the 2nd quarter. Goldman Sachs Group Inc. now owns 1,753,849 shares of the company’s stock valued at $13,592,000 after purchasing an additional 999,710 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.