Edgewise Therapeutics’ (EWTX) Overweight Rating Reiterated at Piper Sandler

Piper Sandler restated their overweight rating on shares of Edgewise Therapeutics (NASDAQ:EWTX) in a report released on Monday, Benzinga reports. Piper Sandler currently has a $48.00 target price on the stock.

A number of other brokerages have also weighed in on EWTX. Truist Financial restated a buy rating and issued a $25.00 price objective on shares of Edgewise Therapeutics in a report on Wednesday, April 17th. Wedbush reaffirmed an outperform rating and set a $31.00 price target on shares of Edgewise Therapeutics in a report on Wednesday, June 26th. Finally, Royal Bank of Canada increased their price objective on Edgewise Therapeutics from $28.00 to $32.00 and gave the company an outperform rating in a report on Monday, April 22nd.

Edgewise Therapeutics Price Performance

NASDAQ EWTX opened at $18.28 on Monday. The stock has a 50-day moving average of $17.89 and a two-hundred day moving average of $16.18. Edgewise Therapeutics has a 1-year low of $5.12 and a 1-year high of $21.60. The company has a market cap of $1.71 billion, a P/E ratio of -11.79 and a beta of 0.14.

Edgewise Therapeutics (NASDAQ:EWTX) last released its earnings results on Thursday, May 9th. The company reported ($0.33) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.06. On average, analysts anticipate that Edgewise Therapeutics will post -1.59 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Behrad Derakhshan sold 1,718 shares of the company’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total value of $32,487.38. Following the completion of the sale, the insider now directly owns 13,422 shares of the company’s stock, valued at approximately $253,810.02. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Behrad Derakhshan sold 1,718 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $18.91, for a total value of $32,487.38. Following the completion of the sale, the insider now owns 13,422 shares in the company, valued at approximately $253,810.02. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO R Michael Carruthers sold 2,157 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total transaction of $40,788.87. Following the transaction, the chief financial officer now directly owns 35,230 shares in the company, valued at $666,199.30. The disclosure for this sale can be found here. Insiders have sold 12,665 shares of company stock worth $239,495 in the last ninety days. 24.11% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Several institutional investors have recently added to or reduced their stakes in the stock. Quantum Private Wealth LLC lifted its stake in shares of Edgewise Therapeutics by 2.4% in the 4th quarter. Quantum Private Wealth LLC now owns 63,219 shares of the company’s stock worth $692,000 after acquiring an additional 1,500 shares during the period. Ameritas Investment Partners Inc. lifted its position in Edgewise Therapeutics by 37.3% in the first quarter. Ameritas Investment Partners Inc. now owns 5,751 shares of the company’s stock valued at $105,000 after purchasing an additional 1,561 shares during the period. Schonfeld Strategic Advisors LLC boosted its holdings in Edgewise Therapeutics by 3.5% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 116,900 shares of the company’s stock valued at $670,000 after purchasing an additional 3,900 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Edgewise Therapeutics by 29.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 20,833 shares of the company’s stock worth $228,000 after purchasing an additional 4,785 shares during the period. Finally, China Universal Asset Management Co. Ltd. raised its stake in shares of Edgewise Therapeutics by 349.1% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 7,338 shares of the company’s stock worth $80,000 after buying an additional 5,704 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.