Edgewise Therapeutics (NASDAQ:EWTX) Given New $50.00 Price Target at Truist Financial

Edgewise Therapeutics (NASDAQ:EWTX) had its price objective hoisted by Truist Financial from $33.00 to $50.00 in a research report report published on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

EWTX has been the subject of several other reports. Wedbush lifted their price target on Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Royal Bank of Canada restated an “outperform” rating and issued a $32.00 price target on shares of Edgewise Therapeutics in a research note on Tuesday, September 17th. JPMorgan Chase & Co. raised their price target on shares of Edgewise Therapeutics from $30.00 to $31.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Evercore ISI initiated coverage on shares of Edgewise Therapeutics in a research report on Friday, November 22nd. They set an “outperform” rating and a $45.00 target price on the stock. Finally, Piper Sandler raised their target price on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Edgewise Therapeutics presently has a consensus rating of “Buy” and an average price target of $42.33.

Edgewise Therapeutics Price Performance

NASDAQ:EWTX opened at $32.20 on Wednesday. The company has a market cap of $3.05 billion, a P/E ratio of -21.47 and a beta of 0.14. The firm’s fifty day moving average price is $31.51 and its two-hundred day moving average price is $22.97. Edgewise Therapeutics has a one year low of $5.93 and a one year high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.36) EPS for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.01. As a group, equities research analysts expect that Edgewise Therapeutics will post -1.46 earnings per share for the current year.

Insider Buying and Selling at Edgewise Therapeutics

In related news, CFO R Michael Carruthers sold 125,092 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $28.57, for a total transaction of $3,573,878.44. Following the sale, the chief financial officer now owns 6,904 shares in the company, valued at approximately $197,247.28. This trade represents a 94.77 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel John R. Moore sold 20,922 shares of Edgewise Therapeutics stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $27.63, for a total transaction of $578,074.86. Following the completion of the transaction, the general counsel now directly owns 3,252 shares in the company, valued at $89,852.76. This trade represents a 86.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 278,176 shares of company stock valued at $7,893,316 in the last ninety days. 24.11% of the stock is currently owned by company insiders.

Institutional Trading of Edgewise Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of EWTX. Novo Holdings A S bought a new position in shares of Edgewise Therapeutics in the second quarter worth about $114,263,000. Braidwell LP acquired a new position in Edgewise Therapeutics during the 3rd quarter worth approximately $52,267,000. Janus Henderson Group PLC increased its position in Edgewise Therapeutics by 74.8% during the 3rd quarter. Janus Henderson Group PLC now owns 4,558,519 shares of the company’s stock worth $121,616,000 after purchasing an additional 1,951,220 shares in the last quarter. Vanguard Group Inc. lifted its stake in Edgewise Therapeutics by 89.0% in the 1st quarter. Vanguard Group Inc. now owns 4,017,433 shares of the company’s stock valued at $73,278,000 after purchasing an additional 1,892,053 shares during the last quarter. Finally, Millennium Management LLC boosted its position in Edgewise Therapeutics by 115.2% in the second quarter. Millennium Management LLC now owns 1,145,506 shares of the company’s stock valued at $20,631,000 after buying an additional 613,251 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.