Equities research analysts at Scotiabank initiated coverage on shares of Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) in a note issued to investors on Friday, Marketbeat.com reports. The brokerage set a "sector outperform" rating and a $50.00 price target on the stock. Scotiabank's price target would suggest a potential upside of 78.51% from the company's current price.
A number of other research firms also recently commented on EWTX. Stifel Nicolaus assumed coverage on shares of Edgewise Therapeutics in a research report on Wednesday, January 22nd. They set a "hold" rating and a $30.00 target price on the stock. Royal Bank of Canada reissued an "outperform" rating and set a $56.00 target price on shares of Edgewise Therapeutics in a research report on Tuesday. Evercore ISI raised their target price on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the company an "outperform" rating in a research report on Tuesday, December 17th. Wedbush raised their target price on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the company an "outperform" rating in a research report on Friday, November 8th. Finally, Truist Financial raised their target price on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the company a "buy" rating in a research report on Wednesday, November 27th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $45.38.
Read Our Latest Stock Report on EWTX
Edgewise Therapeutics Price Performance
Shares of EWTX traded down $0.12 during midday trading on Friday, hitting $28.01. The stock had a trading volume of 2,167,322 shares, compared to its average volume of 1,044,137. Edgewise Therapeutics has a 1 year low of $14.90 and a 1 year high of $38.12. The firm has a market cap of $2.67 billion, a PE ratio of -18.67 and a beta of 0.22. The stock's 50 day moving average is $26.77 and its 200 day moving average is $27.88.
Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last announced its earnings results on Monday, March 3rd. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.03). As a group, equities research analysts expect that Edgewise Therapeutics will post -1.45 earnings per share for the current fiscal year.
Insider Activity
In related news, insider Marc Semigran sold 29,709 shares of Edgewise Therapeutics stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $29.69, for a total value of $882,060.21. Following the completion of the sale, the insider now directly owns 6,716 shares in the company, valued at $199,398.04. This trade represents a 81.56 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Alan J. Russell sold 100,000 shares of Edgewise Therapeutics stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $27.37, for a total transaction of $2,737,000.00. Following the completion of the sale, the insider now owns 14,863 shares of the company's stock, valued at $406,800.31. This trade represents a 87.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 164,545 shares of company stock worth $4,605,305. Corporate insiders own 24.11% of the company's stock.
Institutional Trading of Edgewise Therapeutics
Institutional investors have recently bought and sold shares of the stock. Ally Bridge Group NY LLC acquired a new stake in Edgewise Therapeutics in the 3rd quarter worth approximately $5,010,000. Franklin Resources Inc. raised its position in Edgewise Therapeutics by 84.2% during the 3rd quarter. Franklin Resources Inc. now owns 45,223 shares of the company's stock worth $1,207,000 after buying an additional 20,674 shares during the last quarter. Braidwell LP purchased a new position in Edgewise Therapeutics during the 3rd quarter worth approximately $52,267,000. XTX Topco Ltd purchased a new position in Edgewise Therapeutics during the 3rd quarter worth approximately $755,000. Finally, Moody Aldrich Partners LLC raised its position in Edgewise Therapeutics by 24.3% during the 4th quarter. Moody Aldrich Partners LLC now owns 187,932 shares of the company's stock worth $5,018,000 after buying an additional 36,775 shares during the last quarter.
About Edgewise Therapeutics
(
Get Free Report)
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.
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