Edgewise Therapeutics (NASDAQ:EWTX) Price Target Raised to $50.00

Edgewise Therapeutics (NASDAQ:EWTX) had its price objective raised by Evercore ISI from $45.00 to $50.00 in a report released on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Evercore ISI’s price target points to a potential upside of 59.08% from the stock’s previous close.

Several other research firms have also commented on EWTX. Truist Financial raised their price objective 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. Royal Bank of Canada restated an “outperform” rating and issued a $32.00 price target on shares of Edgewise Therapeutics in a research note on Tuesday, September 17th. Piper Sandler increased their price objective on Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Finally, Wedbush boosted their target price on Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $43.17.

Edgewise Therapeutics Trading Down 3.9 %

EWTX traded down $1.26 on Tuesday, hitting $31.43. The company had a trading volume of 277,511 shares, compared to its average volume of 934,621. The company’s fifty day moving average price is $32.79 and its 200 day moving average price is $24.30. Edgewise Therapeutics has a 1 year low of $6.82 and a 1 year high of $38.12. The firm has a market cap of $2.98 billion, a P/E ratio of -20.95 and a beta of 0.12.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data 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. On average, analysts predict that Edgewise Therapeutics will post -1.45 earnings per share for the current year.

Insider Transactions at Edgewise Therapeutics

In related news, CMO Joanne M. Donovan sold 7,162 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $28.29, for a total transaction of $202,612.98. Following the completion of the transaction, the chief marketing officer now owns 14,538 shares of the company’s stock, valued at approximately $411,280.02. This represents a 33.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Alan J. Russell sold 75,000 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $28.27, for a total transaction of $2,120,250.00. Following the completion of the transaction, the insider now directly owns 12,719 shares in the company, valued at approximately $359,566.13. This represents a 85.50 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 278,176 shares of company stock valued at $7,893,316. Corporate insiders own 24.11% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of hedge funds have recently added to or reduced their stakes in EWTX. Sofinnova Investments Inc. purchased a new stake in shares of Edgewise Therapeutics during the second quarter worth $8,567,000. Federated Hermes Inc. bought a new position in Edgewise Therapeutics during the 2nd quarter worth approximately $833,000. Ally Bridge Group NY LLC bought a new stake in shares of Edgewise Therapeutics in the third quarter valued at about $5,010,000. abrdn plc acquired a new stake in shares of Edgewise Therapeutics in the third quarter valued at about $6,850,000. Finally, Novo Holdings A S acquired a new stake in Edgewise Therapeutics during the second quarter worth approximately $114,263,000.

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.