Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Receives Average Recommendation of “Moderate Buy” from Analysts

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) has been assigned an average rating of “Moderate Buy” from the nine brokerages that are currently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $39.78.

Several research firms recently issued reports on EWTX. Wedbush reissued an “outperform” rating and issued a $43.00 target price on shares of Edgewise Therapeutics in a research report on Monday, April 21st. Royal Bank of Canada restated an “outperform” rating and issued a $48.00 price target on shares of Edgewise Therapeutics in a research note on Thursday, June 5th. Scotiabank lowered shares of Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and dropped their price target for the stock from $50.00 to $14.00 in a research note on Wednesday, April 2nd. Piper Sandler reiterated an “overweight” rating and set a $51.00 target price on shares of Edgewise Therapeutics in a research note on Wednesday, April 2nd. Finally, Guggenheim began coverage on shares of Edgewise Therapeutics in a research report on Wednesday, April 30th. They set a “buy” rating and a $41.00 price target for the company.

Insider Buying and Selling at Edgewise Therapeutics

In other news, insider Alan J. Russell sold 1,551 shares of the stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $16.45, for a total value of $25,513.95. Following the completion of the sale, the insider now directly owns 18,521 shares of the company’s stock, valued at $304,670.45. This represents a 7.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel John R. Moore sold 1,930 shares of the firm’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $16.45, for a total transaction of $31,748.50. Following the transaction, the general counsel now directly owns 6,531 shares in the company, valued at approximately $107,434.95. The trade was a 22.81% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 14,258 shares of company stock valued at $234,544. 23.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EWTX. Diadema Partners LP acquired a new position in Edgewise Therapeutics during the fourth quarter valued at approximately $36,000. Jones Financial Companies Lllp bought a new position in Edgewise Therapeutics in the first quarter worth $47,000. GF Fund Management CO. LTD. bought a new position in shares of Edgewise Therapeutics during the fourth quarter valued at $53,000. Allostery Investments LP bought a new position in shares of Edgewise Therapeutics during the first quarter valued at $66,000. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in shares of Edgewise Therapeutics by 55.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 3,194 shares of the company’s stock valued at $70,000 after acquiring an additional 1,141 shares during the period.

Edgewise Therapeutics Trading Up 0.1%

NASDAQ:EWTX opened at $15.26 on Tuesday. The firm has a 50-day moving average price of $14.15 and a two-hundred day moving average price of $22.68. Edgewise Therapeutics has a twelve month low of $10.60 and a twelve month high of $38.12. The company has a market capitalization of $1.61 billion, a P/E ratio of -10.17 and a beta of 0.28.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.43) EPS for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.02. On average, equities research analysts predict that Edgewise Therapeutics will post -1.45 earnings per share for the current year.

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.