Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Receives Average Recommendation of "Buy" from Brokerages

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) have been assigned an average recommendation of "Buy" from the six research firms that are presently covering the firm, MarketBeat reports. Six equities research analysts have rated the stock with a buy rating. The average 12-month price target among brokers that have issued a report on the stock in the last year is $43.17.

Several analysts recently issued reports on the company. Royal Bank of Canada reissued an "outperform" rating and issued a $32.00 price target on shares of Edgewise Therapeutics in a report on Tuesday, September 17th. Piper Sandler raised their target price on Edgewise Therapeutics from $48.00 to $51.00 and gave the company an "overweight" rating in a research note on Friday, October 11th. Wedbush upped their price target on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an "outperform" rating in a research report on Friday, November 8th. Evercore ISI increased their price objective on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an "outperform" rating in a report on Tuesday. Finally, Truist Financial boosted their target price on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, November 27th.

Insider Buying and Selling

In related news, General Counsel John R. Moore sold 20,922 shares of the business's stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $27.63, for a total value of $578,074.86. Following the sale, the general counsel now directly owns 3,252 shares in the company, valued at $89,852.76. The trade was a 86.55 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Alan J. Russell sold 75,000 shares of the firm's stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $28.27, for a total transaction of $2,120,250.00. Following the sale, the insider now owns 12,719 shares of the company's stock, valued at $359,566.13. The trade was a 85.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 278,176 shares of company stock valued at $7,893,316 over the last quarter. Corporate insiders own 24.11% of the company's stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Quest Partners LLC lifted its holdings in shares of Edgewise Therapeutics by 156.9% during the second quarter. Quest Partners LLC now owns 1,742 shares of the company's stock valued at $31,000 after purchasing an additional 1,064 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in shares of Edgewise Therapeutics in the second quarter worth about $35,000. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Edgewise Therapeutics by 21.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company's stock worth $88,000 after acquiring an additional 604 shares in the last quarter. Chicago Partners Investment Group LLC acquired a new position in Edgewise Therapeutics in the 3rd quarter worth approximately $161,000. Finally, Arizona State Retirement System acquired a new position in Edgewise Therapeutics in the 2nd quarter worth approximately $188,000.

Edgewise Therapeutics Stock Down 7.7 %

EWTX stock traded down $2.52 during trading on Tuesday, hitting $30.17. 1,641,481 shares of the company's stock traded hands, compared to its average volume of 940,576. The stock has a market capitalization of $2.86 billion, a price-to-earnings ratio of -20.41 and a beta of 0.12. Edgewise Therapeutics has a 52 week low of $6.82 and a 52 week high of $38.12. The stock has a fifty day moving average price of $32.79 and a two-hundred day moving average price of $24.30.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.36) earnings per share for the quarter, topping the consensus estimate of ($0.37) by $0.01. As a group, equities research analysts expect that Edgewise Therapeutics will post -1.45 EPS for the current fiscal year.

Edgewise Therapeutics Company Profile

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.