Wedbush Reiterates Outperform Rating for Edgewise Therapeutics (NASDAQ:EWTX)

Wedbush reissued their outperform rating on shares of Edgewise Therapeutics (NASDAQ:EWTX) in a research note released on Tuesday, Benzinga reports. They currently have a $26.00 price target on the stock.

Separately, Piper Sandler started coverage on Edgewise Therapeutics in a report on Thursday, March 7th. They set an overweight rating and a $48.00 price target on the stock.

Edgewise Therapeutics Price Performance

Shares of NASDAQ:EWTX opened at $15.45 on Tuesday. Edgewise Therapeutics has a one year low of $5.12 and a one year high of $20.69. The company has a market cap of $1.44 billion, a price-to-earnings ratio of -9.78 and a beta of 0.14. The firm has a 50 day simple moving average of $17.13 and a 200 day simple moving average of $11.93.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings data on Thursday, February 22nd. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.44) by ($0.03). As a group, analysts expect that Edgewise Therapeutics will post -1.76 EPS for the current year.

Insider Activity at Edgewise Therapeutics

In related news, Director Peter A. Thompson bought 454,545 shares of the business’s stock in a transaction on Tuesday, January 23rd. The shares were purchased at an average cost of $11.00 per share, with a total value of $4,999,995.00. Following the acquisition, the director now owns 14,436,497 shares of the company’s stock, valued at $158,801,467. The purchase was disclosed in a filing with the SEC, which is available through this link. In related news, insider Behrad Derakhshan sold 4,600 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $20.01, for a total transaction of $92,046.00. Following the sale, the insider now directly owns 7,020 shares in the company, valued at approximately $140,470.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Peter A. Thompson acquired 454,545 shares of the business’s stock in a transaction that occurred on Tuesday, January 23rd. The stock was acquired at an average cost of $11.00 per share, with a total value of $4,999,995.00. Following the completion of the acquisition, the director now owns 14,436,497 shares in the company, valued at approximately $158,801,467. The disclosure for this purchase can be found here. Insiders sold 120,622 shares of company stock worth $2,032,766 over the last three months. Company insiders own 31.95% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Several institutional investors have recently made changes to their positions in EWTX. Nuveen Asset Management LLC raised its stake in shares of Edgewise Therapeutics by 0.5% during the 4th quarter. Nuveen Asset Management LLC now owns 153,292 shares of the company’s stock valued at $1,677,000 after purchasing an additional 806 shares during the period. Legal & General Group Plc increased its position in shares of Edgewise Therapeutics by 41.2% during the fourth quarter. Legal & General Group Plc now owns 3,634 shares of the company’s stock valued at $32,000 after buying an additional 1,060 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Edgewise Therapeutics by 4.2% in the first quarter. Dimensional Fund Advisors LP now owns 27,283 shares of the company’s stock worth $182,000 after buying an additional 1,091 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Edgewise Therapeutics by 11.2% in the first quarter. Principal Financial Group Inc. now owns 12,178 shares of the company’s stock valued at $81,000 after acquiring an additional 1,230 shares during the period. Finally, Quantum Private Wealth LLC grew its stake in Edgewise Therapeutics by 2.4% during the fourth quarter. Quantum Private Wealth LLC now owns 63,219 shares of the company’s stock valued at $692,000 after acquiring an additional 1,500 shares in the last quarter.

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.