Edgewise Therapeutics (NASDAQ:EWTX) Stock Price Expected to Rise, Evercore ISI Analyst Says

Edgewise Therapeutics (NASDAQ:EWTX - Free Report) had its target price lifted by Evercore ISI from $45.00 to $50.00 in a report issued on Tuesday morning,Benzinga reports. They currently have an outperform rating on the stock.

Several other analysts have also recently weighed in on the stock. Wedbush lifted their price objective on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an "outperform" rating in a research note on Friday, November 8th. Truist Financial lifted their price target 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. Piper Sandler increased their price target on Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an "overweight" rating in a research report on Friday, October 11th. Finally, Royal Bank of Canada restated an "outperform" rating and set a $32.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday, September 17th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Edgewise Therapeutics has an average rating of "Buy" and a consensus target price of $43.17.

Edgewise Therapeutics Price Performance

NASDAQ EWTX traded down $2.52 on Tuesday, hitting $30.17. 1,641,188 shares of the stock were exchanged, compared to its average volume of 940,576. The business's fifty day moving average is $32.82 and its 200 day moving average is $24.39. Edgewise Therapeutics has a 52 week low of $6.82 and a 52 week high of $38.12. The company has a market capitalization of $2.86 billion, a PE ratio of -20.11 and a beta of 0.12.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last posted its earnings results on Thursday, November 7th. The company reported ($0.36) earnings per share for the quarter, topping analysts' consensus estimates of ($0.37) by $0.01. Analysts predict that Edgewise Therapeutics will post -1.45 EPS for the current fiscal year.

Insider Buying and Selling at Edgewise Therapeutics

In other Edgewise Therapeutics news, CFO R Michael Carruthers sold 125,092 shares of the firm's stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $28.57, for a total value of $3,573,878.44. Following the sale, the chief financial officer now owns 6,904 shares in the company, valued at $197,247.28. This trade represents a 94.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Alan J. Russell sold 75,000 shares of the business's stock in a transaction 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 directly owns 12,719 shares in the company, valued at approximately $359,566.13. The trade was a 85.50 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 278,176 shares of company stock valued at $7,893,316. 24.11% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

Several hedge funds have recently modified their holdings of EWTX. Exome Asset Management LLC acquired a new position in Edgewise Therapeutics in the 3rd quarter valued at approximately $1,599,000. Franklin Resources Inc. grew its stake in shares of Edgewise Therapeutics by 84.2% in the third quarter. Franklin Resources Inc. now owns 45,223 shares of the company's stock worth $1,207,000 after purchasing an additional 20,674 shares during the last quarter. Barclays PLC increased its holdings in Edgewise Therapeutics by 291.0% in the third quarter. Barclays PLC now owns 119,350 shares of the company's stock valued at $3,186,000 after purchasing an additional 88,826 shares during the period. Orion Portfolio Solutions LLC bought a new position in Edgewise Therapeutics during the 3rd quarter worth $347,000. Finally, XTX Topco Ltd acquired a new position in Edgewise Therapeutics during the 3rd quarter worth about $755,000.

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.