Edgewise Therapeutics (NASDAQ:EWTX) Earns Outperform Rating from Analysts at Evercore ISI

Analysts at Evercore ISI started coverage on shares of Edgewise Therapeutics (NASDAQ:EWTX) in a research report issued on Friday,Briefing.com Automated Import reports. The brokerage set an “outperform” rating and a $45.00 price target on the stock. Evercore ISI’s target price suggests a potential upside of 40.21% from the company’s previous close.

Several other equities analysts have also recently commented on EWTX. Piper Sandler upped their price target on Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Royal Bank of Canada reissued an “outperform” rating and issued a $32.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday, September 17th. Truist Financial lifted their price objective on Edgewise Therapeutics from $25.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Wedbush upped their target price on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Edgewise Therapeutics from $30.00 to $31.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $39.50.

Edgewise Therapeutics Trading Up 0.5 %

NASDAQ EWTX opened at $32.10 on Friday. Edgewise Therapeutics has a 1 year low of $5.93 and a 1 year high of $38.12. The company has a fifty day simple moving average of $30.66 and a 200 day simple moving average of $22.69. The company has a market cap of $3.04 billion, a P/E ratio of -21.40 and a beta of 0.14.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.36) earnings per share for the quarter, beating the consensus estimate of ($0.37) by $0.01. Equities research analysts forecast that Edgewise Therapeutics will post -1.46 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CMO Joanne M. Donovan sold 7,162 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $28.29, for a total transaction of $202,612.98. Following the completion of the transaction, the chief marketing officer now owns 14,538 shares in the company, valued at approximately $411,280.02. This represents a 33.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Alan J. Russell sold 75,000 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $28.27, for a total transaction of $2,120,250.00. Following the sale, the insider now directly owns 12,719 shares in the company, valued at $359,566.13. This trade represents a 85.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 278,176 shares of company stock worth $7,893,316 over the last ninety days. 24.11% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in EWTX. Quest Partners LLC lifted its stake in Edgewise Therapeutics by 156.9% in the second quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock valued at $31,000 after acquiring an additional 1,064 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in Edgewise Therapeutics during the second quarter worth approximately $35,000. Mirae Asset Global Investments Co. Ltd. raised its stake in Edgewise Therapeutics by 21.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock valued at $88,000 after buying an additional 604 shares during the period. Ameritas Investment Partners Inc. boosted its stake in shares of Edgewise Therapeutics by 37.3% during the 1st quarter. Ameritas Investment Partners Inc. now owns 5,751 shares of the company’s stock worth $105,000 after acquiring an additional 1,561 shares during the period. Finally, Chicago Partners Investment Group LLC acquired a new position in shares of Edgewise Therapeutics during the 3rd quarter worth approximately $161,000.

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.