Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) has been assigned an average recommendation of “Moderate Buy” from the thirteen analysts that are presently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have given a hold recommendation, eight have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $38.00.

EWTX has been the topic of several analyst reports. Raymond James Financial started coverage on Edgewise Therapeutics in a research note on Wednesday, July 30th. They issued a “strong-buy” rating and a $46.00 target price on the stock. The Goldman Sachs Group began coverage on shares of Edgewise Therapeutics in a research report on Thursday, September 25th. They issued a “neutral” rating and a $20.00 price objective 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 on the stock in a research note on Tuesday, August 19th. Royal Bank Of Canada raised their target price on shares of Edgewise Therapeutics from $49.00 to $50.00 and gave the stock an “outperform” rating in a research note on Friday, November 7th. Finally, Wedbush lowered their target price on shares of Edgewise Therapeutics from $35.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, November 7th.

Edgewise Therapeutics Stock Performance

Shares of NASDAQ:EWTX opened at $21.48 on Friday. Edgewise Therapeutics has a one year low of $10.60 and a one year high of $35.99. The stock has a market capitalization of $2.27 billion, a price-to-earnings ratio of -13.59 and a beta of 0.30. The company has a 50-day simple moving average of $15.72 and a 200-day simple moving average of $14.80.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.39) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.01. As a group, research analysts forecast that Edgewise Therapeutics will post -1.45 EPS for the current fiscal year.

Insiders Place Their Bets

In other Edgewise Therapeutics news, insider Alan J. Russell sold 100,000 shares of Edgewise Therapeutics stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $14.60, for a total value of $1,460,000.00. Following the sale, the insider owned 23,400 shares of the company’s stock, valued at approximately $341,640. The trade was a 81.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 23.20% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

Hedge funds have recently modified their holdings of the business. Orbimed Advisors LLC boosted its stake in shares of Edgewise Therapeutics by 3.3% in the second quarter. Orbimed Advisors LLC now owns 15,518,492 shares of the company’s stock valued at $203,447,000 after buying an additional 496,771 shares in the last quarter. Braidwell LP lifted its holdings in Edgewise Therapeutics by 111.9% in the second quarter. Braidwell LP now owns 5,210,831 shares of the company’s stock valued at $68,314,000 after acquiring an additional 2,752,023 shares during the period. Cormorant Asset Management LP boosted its position in shares of Edgewise Therapeutics by 20.4% during the 1st quarter. Cormorant Asset Management LP now owns 4,101,992 shares of the company’s stock worth $90,244,000 after purchasing an additional 695,458 shares in the last quarter. Bellevue Group AG grew its stake in shares of Edgewise Therapeutics by 94.3% during the 2nd quarter. Bellevue Group AG now owns 2,775,997 shares of the company’s stock worth $36,393,000 after purchasing an additional 1,347,068 shares during the period. Finally, First Light Asset Management LLC increased its holdings in shares of Edgewise Therapeutics by 137.3% in the 1st quarter. First Light Asset Management LLC now owns 1,852,290 shares of the company’s stock valued at $40,750,000 after purchasing an additional 1,071,651 shares in the last quarter.

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.