Edgewise Therapeutics (NASDAQ:EWTX) Earns "Outperform" Rating from Wedbush

Wedbush reissued their outperform rating on shares of Edgewise Therapeutics (NASDAQ:EWTX - Free Report) in a report published on Monday,Benzinga reports. The firm currently has a $43.00 target price on the stock.

A number of other research analysts also recently commented on the company. Royal Bank of Canada reduced their price target on Edgewise Therapeutics from $56.00 to $52.00 and set an "outperform" rating for the company in a report on Thursday, April 3rd. 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 price target for the company. Scotiabank cut shares of Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and cut their price target for the company from $50.00 to $14.00 in a report on Wednesday, April 2nd. Finally, Piper Sandler reiterated an "overweight" rating and set a $51.00 price objective on shares of Edgewise Therapeutics in a research note on Wednesday, April 2nd. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Edgewise Therapeutics currently has an average rating of "Moderate Buy" and an average target price of $40.13.

Edgewise Therapeutics Stock Performance

Shares of NASDAQ:EWTX traded down $0.41 during mid-day trading on Monday, hitting $14.99. 163,601 shares of the company traded hands, compared to its average volume of 1,143,245. The firm has a market cap of $1.57 billion, a P/E ratio of -9.98 and a beta of 0.32. Edgewise Therapeutics has a 52-week low of $10.60 and a 52-week high of $38.12. The firm's 50 day simple moving average is $20.54 and its 200 day simple moving average is $26.94.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last released its quarterly earnings results on Monday, March 3rd. The company reported ($0.42) earnings per share for the quarter, missing analysts' consensus estimates of ($0.39) by ($0.03). Equities research analysts expect that Edgewise Therapeutics will post -1.45 EPS for the current fiscal year.

Insider Buying and Selling at Edgewise Therapeutics

In related news, CEO Kevin Koch sold 8,636 shares of the company's stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $30.03, for a total transaction of $259,339.08. Following the completion of the transaction, the chief executive officer now directly owns 14,478 shares in the company, valued at $434,774.34. This represents a 37.36 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Orbimed Advisors Llc bought 496,771 shares of the company's stock in a transaction on Thursday, April 3rd. The stock was bought at an average cost of $20.13 per share, for a total transaction of $10,000,000.23. Following the completion of the transaction, the director now directly owns 14,809,075 shares of the company's stock, valued at $298,106,679.75. This trade represents a 3.47 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 34,836 shares of company stock worth $986,245 over the last 90 days. Insiders own 24.11% of the company's stock.

Hedge Funds Weigh In On Edgewise Therapeutics

Institutional investors have recently modified their holdings of the company. Paradigm Biocapital Advisors LP boosted its stake in Edgewise Therapeutics by 61.1% during the 4th quarter. Paradigm Biocapital Advisors LP now owns 4,493,929 shares of the company's stock valued at $119,988,000 after purchasing an additional 1,704,757 shares during the period. First Light Asset Management LLC acquired a new position in shares of Edgewise Therapeutics during the fourth quarter worth approximately $20,843,000. Foresite Capital Management VI LLC acquired a new position in shares of Edgewise Therapeutics during the fourth quarter worth approximately $15,620,000. Janus Henderson Group PLC grew its holdings in Edgewise Therapeutics by 9.3% in the 4th quarter. Janus Henderson Group PLC now owns 4,983,940 shares of the company's stock worth $133,044,000 after buying an additional 425,421 shares in the last quarter. Finally, Braidwell LP increased its position in Edgewise Therapeutics by 19.1% in the 4th quarter. Braidwell LP now owns 2,332,196 shares of the company's stock valued at $62,270,000 after acquiring an additional 373,886 shares during the period.

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.