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

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) has been assigned an average recommendation of “Moderate Buy” from the eleven brokerages that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, eight have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $51.33.

A number of equities analysts have issued reports on EWTX shares. Royal Bank Of Canada raised their price target on shares of Edgewise Therapeutics from $48.00 to $59.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 17th. Evercore reaffirmed an “outperform” rating and set a $55.00 target price on shares of Edgewise Therapeutics in a research note on Monday, July 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Friday, July 17th. Wall Street Zen raised shares of Edgewise Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday. Finally, JPMorgan Chase & Co. increased their price target on Edgewise Therapeutics from $53.00 to $60.00 and gave the company an “overweight” rating in a report on Thursday, August 20th.

Insider Buying and Selling at Edgewise Therapeutics

In related news, insider Alan Russell sold 5,901 shares of the company’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $43.73, for a total transaction of $258,050.73. Following the sale, the insider directly owned 31,466 shares in the company, valued at approximately $1,376,008.18. This represents a 15.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CMO Joanne Donovan sold 6,522 shares of the firm’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $43.85, for a total value of $285,989.70. Following the completion of the sale, the chief marketing officer owned 11,544 shares in the company, valued at approximately $506,204.40. This represents a 36.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 38,329 shares of company stock worth $1,675,529. 21.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Parallel Advisors LLC boosted its position in Edgewise Therapeutics by 64.9% during the first quarter. Parallel Advisors LLC now owns 1,032 shares of the company’s stock worth $33,000 after acquiring an additional 406 shares during the last quarter. KBC Group NV purchased a new position in Edgewise Therapeutics in the first quarter valued at about $49,000. Seven Fleet Capital Management LP purchased a new stake in shares of Edgewise Therapeutics during the 4th quarter valued at about $50,000. Strs Ohio purchased a new stake in shares of Edgewise Therapeutics during the first quarter valued at approximately $217,000. Finally, Squarepoint Ops LLC acquired a new position in Edgewise Therapeutics in the 2nd quarter worth $230,000.

Edgewise Therapeutics Price Performance

Shares of EWTX opened at $41.40 on Monday. The business has a fifty day moving average of $42.92 and a 200 day moving average of $38.02. The company has a market cap of $4.50 billion, a PE ratio of -22.38 and a beta of 0.35. Edgewise Therapeutics has a 52-week low of $14.25 and a 52-week high of $48.51.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its earnings results on Thursday, August 6th. The company reported ($0.53) EPS for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.06). As a group, research analysts anticipate that Edgewise Therapeutics will post -2.09 earnings per share for the current fiscal year.

About Edgewise Therapeutics

Edgewise Therapeutics, Inc is a biopharmaceutical company focused on developing small-molecule therapies for severe neuromuscular and cardiovascular diseases. The company’s research is centered on muscle biology, with the goal of developing treatments that address the underlying mechanisms of muscle damage and dysfunction.

Edgewise’s lead investigational product is sevasemten, formerly known as EDG-5506, a selective fast skeletal muscle myosin inhibitor being developed for dystrophinopathies, including Duchenne muscular dystrophy and Becker muscular dystrophy.