Wedbush Lowers Edgewise Therapeutics (NASDAQ:EWTX) Price Target to $32.00

Edgewise Therapeutics (NASDAQ:EWTX) had its price objective reduced by Wedbush from $35.00 to $32.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Wedbush’s price target indicates a potential upside of 86.48% from the company’s current price. Wedbush also issued estimates for Edgewise Therapeutics’ FY2029 earnings at $1.47 EPS.

Several other research analysts have also commented on the stock. Raymond James Financial assumed coverage on shares of Edgewise Therapeutics in a report on Wednesday, July 30th. They issued a “strong-buy” rating and a $46.00 price target on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Edgewise Therapeutics from $40.00 to $30.00 and set an “overweight” rating for the company in a research report on Tuesday, August 19th. The Goldman Sachs Group started coverage on shares of Edgewise Therapeutics in a report on Thursday, September 25th. They set a “neutral” rating and a $20.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Edgewise Therapeutics in a research report on Wednesday, October 8th. Finally, Royal Bank Of Canada raised their price objective on Edgewise Therapeutics from $48.00 to $49.00 and gave the company an “outperform” rating in a research report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $38.00.

Edgewise Therapeutics Trading Up 0.4%

EWTX stock opened at $17.16 on Friday. The stock has a 50-day moving average price of $15.51 and a two-hundred day moving average price of $14.73. Edgewise Therapeutics has a 12-month low of $10.60 and a 12-month high of $38.12. The company has a market cap of $1.81 billion, a PE ratio of -10.86 and a beta of 0.30.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.39) EPS for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.01. Equities analysts forecast that Edgewise Therapeutics will post -1.45 EPS for the current fiscal year.

Insider Activity

In other Edgewise Therapeutics news, CEO Kevin Koch sold 7,972 shares of the company’s stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $13.39, for a total value of $106,745.08. Following the completion of the transaction, the chief executive officer directly owned 30,615 shares of the company’s stock, valued at $409,934.85. This represents a 20.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, General Counsel John R. Moore sold 2,098 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $13.39, for a total value of $28,092.22. Following the sale, the general counsel owned 10,214 shares of the company’s stock, valued at $136,765.46. This represents a 17.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 116,267 shares of company stock valued at $1,677,815 in the last 90 days. Company insiders own 23.20% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of hedge funds have recently bought and sold shares of the business. Arizona State Retirement System raised its position in shares of Edgewise Therapeutics by 12.3% in the 1st quarter. Arizona State Retirement System now owns 12,201 shares of the company’s stock valued at $268,000 after purchasing an additional 1,338 shares in the last quarter. Jennison Associates LLC bought a new stake in shares of Edgewise Therapeutics in the first quarter worth $2,832,000. Readystate Asset Management LP raised its holdings in Edgewise Therapeutics by 1,591.0% in the first quarter. Readystate Asset Management LP now owns 361,233 shares of the company’s stock valued at $7,947,000 after acquiring an additional 339,871 shares in the last quarter. Skandinaviska Enskilda Banken AB publ bought a new position in Edgewise Therapeutics during the 1st quarter valued at $827,000. Finally, TD Asset Management Inc bought a new position in Edgewise Therapeutics during the 1st quarter valued at $730,000.

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.