Edgewise Therapeutics (NASDAQ:EWTX) Given New $30.00 Price Target at JPMorgan Chase & Co.

Edgewise Therapeutics (NASDAQ:EWTX) had its target price reduced by JPMorgan Chase & Co. from $40.00 to $30.00 in a report published on Tuesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other equities analysts have also weighed in on the stock. Guggenheim assumed 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. Royal Bank Of Canada lifted their target price on shares of Edgewise Therapeutics from $48.00 to $49.00 and gave the stock an “outperform” rating in a research note on Friday, August 8th. Wedbush reissued an “outperform” rating and set a $43.00 target price on shares of Edgewise Therapeutics in a report on Monday, April 21st. Raymond James Financial initiated coverage on Edgewise Therapeutics in a research report on Wednesday, July 30th. They issued a “strong-buy” rating and a $46.00 price target for the company. Finally, HC Wainwright started coverage on shares of Edgewise Therapeutics in a report on Monday, June 30th. They issued a “buy” rating and a $42.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Edgewise Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $40.55.

Edgewise Therapeutics Stock Down 1.4%

Shares of NASDAQ:EWTX opened at $13.80 on Tuesday. The stock’s 50 day moving average is $13.85 and its 200-day moving average is $17.43. Edgewise Therapeutics has a twelve month low of $10.60 and a twelve month high of $38.12. The firm has a market capitalization of $1.45 billion, a price-to-earnings ratio of -8.90 and a beta of 0.26.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its earnings results on Thursday, August 7th. The company reported ($0.34) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.08. Equities research analysts anticipate that Edgewise Therapeutics will post -1.45 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Alan J. Russell sold 1,907 shares of the business’s stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $13.39, for a total transaction of $25,534.73. Following the transaction, the insider owned 23,400 shares of the company’s stock, valued at approximately $313,326. The trade was a 7.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CMO Joanne M. Donovan sold 2,862 shares of the stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $13.39, for a total transaction of $38,322.18. Following the completion of the sale, the chief marketing officer directly owned 25,361 shares in the company, valued at approximately $339,583.79. This represents a 10.14% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,267 shares of company stock worth $217,815. 23.20% of the stock is currently owned by insiders.

Institutional Trading of Edgewise Therapeutics

Institutional investors have recently made changes to their positions in the business. Point72 Asset Management L.P. purchased a new position in shares of Edgewise Therapeutics during the fourth quarter worth $2,845,000. First Light Asset Management LLC purchased a new position in shares of Edgewise Therapeutics during the 4th quarter valued at about $20,843,000. Russell Investments Group Ltd. acquired a new position in shares of Edgewise Therapeutics in the 4th quarter valued at about $883,000. GAMMA Investing LLC boosted its stake in shares of Edgewise Therapeutics by 2,243.2% in the first quarter. GAMMA Investing LLC now owns 30,954 shares of the company’s stock worth $681,000 after buying an additional 29,633 shares during the last quarter. Finally, Ensign Peak Advisors Inc purchased a new stake in shares of Edgewise Therapeutics in the fourth quarter worth about $2,150,000.

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.