Analysts Set Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Price Target at $39.78

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) have earned an average recommendation of “Moderate Buy” from the nine ratings firms that are covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $39.78.

Several equities analysts recently issued reports on EWTX shares. Guggenheim started coverage on Edgewise Therapeutics in a research report on Wednesday, April 30th. They set a “buy” rating and a $41.00 price target on the stock. Wedbush restated an “outperform” rating and set a $43.00 price target on shares of Edgewise Therapeutics in a research report on Monday, April 21st. Piper Sandler restated an “overweight” rating and set a $51.00 price target on shares of Edgewise Therapeutics in a research report on Wednesday, April 2nd. Scotiabank lowered Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and reduced their price target for the stock from $50.00 to $14.00 in a research report on Wednesday, April 2nd. Finally, Royal Bank of Canada restated an “outperform” rating and set a $48.00 price target on shares of Edgewise Therapeutics in a research report on Thursday, June 5th.

Edgewise Therapeutics Trading Down 0.8%

Shares of Edgewise Therapeutics stock opened at $15.29 on Tuesday. The firm has a market capitalization of $1.61 billion, a PE ratio of -10.19 and a beta of 0.28. The business’s 50-day moving average price is $14.42 and its 200-day moving average price is $22.28. Edgewise Therapeutics has a 12 month low of $10.60 and a 12 month high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.43) EPS for the quarter, beating the consensus estimate of ($0.45) by $0.02. As a group, analysts predict that Edgewise Therapeutics will post -1.45 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Kevin Koch sold 4,276 shares of the firm’s stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $16.45, for a total value of $70,340.20. Following the completion of the transaction, the chief executive officer now owns 20,619 shares in the company, valued at $339,182.55. This trade represents a 17.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Orbimed Advisors Llc bought 496,771 shares of the stock in a transaction dated Thursday, April 3rd. The stock was purchased at an average price of $20.13 per share, with a total value of $10,000,000.23. Following the purchase, the director now owns 14,809,075 shares in the company, 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. In the last 90 days, insiders sold 14,258 shares of company stock worth $234,544. 23.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Summit Investment Advisors Inc. lifted its stake in shares of Edgewise Therapeutics by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 7,594 shares of the company’s stock valued at $203,000 after purchasing an additional 482 shares during the period. Caitong International Asset Management Co. Ltd raised its stake in Edgewise Therapeutics by 55.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 3,194 shares of the company’s stock valued at $70,000 after buying an additional 1,141 shares during the last quarter. Alliancebernstein L.P. raised its stake in Edgewise Therapeutics by 1.7% during the fourth quarter. Alliancebernstein L.P. now owns 77,260 shares of the company’s stock valued at $2,063,000 after buying an additional 1,300 shares during the last quarter. Arizona State Retirement System raised its stake in Edgewise Therapeutics by 12.3% during the first quarter. Arizona State Retirement System now owns 12,201 shares of the company’s stock valued at $268,000 after buying an additional 1,338 shares during the last quarter. Finally, Diadema Partners LP purchased a new position in Edgewise Therapeutics during the fourth quarter valued at $36,000.

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.