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

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) have earned an average rating of “Moderate Buy” from the eleven analysts that are presently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $40.5455.

A number of research analysts recently issued reports on the stock. Raymond James Financial began coverage on shares of Edgewise Therapeutics in a research report on Wednesday, July 30th. They set a “strong-buy” rating and a $46.00 target price on the stock. JPMorgan Chase & Co. reduced their target price on shares of Edgewise Therapeutics from $40.00 to $30.00 and set an “overweight” rating for the company in a research note on Tuesday, August 19th. HC Wainwright started coverage on Edgewise Therapeutics in a report on Monday, June 30th. They set a “buy” rating and a $42.00 price target on the stock. Finally, Royal Bank Of Canada lifted their price target on shares of Edgewise Therapeutics from $48.00 to $49.00 and gave the stock an “outperform” rating in a report on Friday, August 8th.

Insider Buying and Selling at Edgewise Therapeutics

In other Edgewise Therapeutics news, CEO Kevin Koch sold 7,972 shares of the stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $13.39, for a total transaction of $106,745.08. Following the sale, the chief executive officer owned 30,615 shares in the company, valued at $409,934.85. This represents a 20.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CMO Joanne M. Donovan sold 2,862 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $13.39, for a total value of $38,322.18. Following the completion of the transaction, the chief marketing officer owned 25,361 shares of the company’s stock, valued at approximately $339,583.79. This represents a 10.14% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 116,267 shares of company stock worth $1,677,815. 23.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Braidwell LP raised its position in shares of Edgewise Therapeutics by 111.9% in the 2nd quarter. Braidwell LP now owns 5,210,831 shares of the company’s stock worth $68,314,000 after acquiring an additional 2,752,023 shares in the last quarter. Bellevue Group AG raised its stake in Edgewise Therapeutics by 94.3% during the 2nd quarter. Bellevue Group AG now owns 2,775,997 shares of the company’s stock valued at $36,393,000 after purchasing an additional 1,347,068 shares during the period. First Light Asset Management LLC lifted its position in shares of Edgewise Therapeutics by 137.3% in the first quarter. First Light Asset Management LLC now owns 1,852,290 shares of the company’s stock worth $40,750,000 after buying an additional 1,071,651 shares in the last quarter. Siren L.L.C. grew its stake in shares of Edgewise Therapeutics by 131.0% in the 1st quarter. Siren L.L.C. now owns 1,696,444 shares of the company’s stock worth $37,322,000 after buying an additional 962,101 shares in the last quarter. Finally, Cormorant Asset Management LP lifted its position in Edgewise Therapeutics by 20.4% in the first quarter. Cormorant Asset Management LP now owns 4,101,992 shares of the company’s stock worth $90,244,000 after buying an additional 695,458 shares during the last quarter.

Edgewise Therapeutics Price Performance

Shares of EWTX opened at $13.89 on Thursday. Edgewise Therapeutics has a 1 year low of $10.60 and a 1 year high of $38.12. The business has a 50-day moving average of $14.08 and a 200-day moving average of $15.74. The company has a market capitalization of $1.46 billion, a price-to-earnings ratio of -8.96 and a beta of 0.26.

Edgewise Therapeutics (NASDAQ:EWTX) last announced 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. As a group, sell-side analysts anticipate that Edgewise Therapeutics will post -1.45 EPS 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.