Wedbush Issues Positive Forecast for Edgewise Therapeutics (NASDAQ:EWTX) Stock Price

Edgewise Therapeutics (NASDAQ:EWTX) had its price target raised by analysts at Wedbush from $44.00 to $45.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Wedbush’s target price indicates a potential upside of 23.69% from the stock’s current price.

EWTX has been the subject of a number of other research reports. Truist Financial increased their target price on shares of Edgewise Therapeutics from $25.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Piper Sandler boosted their price target on Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. JPMorgan Chase & Co. raised their price objective on shares of Edgewise Therapeutics from $30.00 to $31.00 and gave the company an “overweight” rating in a report on Monday, August 12th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $32.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday, September 17th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $38.40.

Edgewise Therapeutics Price Performance

NASDAQ:EWTX traded up $0.95 during trading hours on Friday, reaching $36.38. 626,596 shares of the company were exchanged, compared to its average volume of 900,012. Edgewise Therapeutics has a 1-year low of $5.12 and a 1-year high of $37.29. The company has a market capitalization of $3.41 billion, a P/E ratio of -23.47 and a beta of 0.14. The business has a 50 day moving average of $27.95 and a 200 day moving average of $21.77.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its earnings results on Thursday, November 7th. The company reported ($0.36) EPS for the quarter, beating the consensus estimate of ($0.37) by $0.01. As a group, equities research analysts anticipate that Edgewise Therapeutics will post -1.47 earnings per share for the current fiscal year.

Insider Buying and Selling at Edgewise Therapeutics

In other news, insider Alan J. Russell sold 75,000 shares of Edgewise Therapeutics stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $28.27, for a total value of $2,120,250.00. Following the completion of the transaction, the insider now directly owns 12,719 shares of the company’s stock, valued at approximately $359,566.13. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Edgewise Therapeutics news, CFO R Michael Carruthers sold 125,092 shares of Edgewise Therapeutics stock in a transaction on Friday, September 20th. The shares were sold at an average price of $28.57, for a total value of $3,573,878.44. Following the completion of the sale, the chief financial officer now directly owns 6,904 shares of the company’s stock, valued at approximately $197,247.28. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Alan J. Russell sold 75,000 shares of the 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 transaction, the insider now directly owns 12,719 shares in the company, valued at $359,566.13. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 278,176 shares of company stock valued at $7,893,316. 24.11% of the stock is currently owned by insiders.

Institutional Trading of Edgewise Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quest Partners LLC boosted its holdings in Edgewise Therapeutics by 156.9% in the second quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock worth $31,000 after acquiring an additional 1,064 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in shares of Edgewise Therapeutics during the second quarter worth approximately $35,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Edgewise Therapeutics by 21.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock worth $88,000 after purchasing an additional 604 shares in the last quarter. Ameritas Investment Partners Inc. grew its position in Edgewise Therapeutics by 37.3% in the 1st 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. Finally, Chicago Partners Investment Group LLC bought a new stake in Edgewise Therapeutics during the 3rd quarter valued at $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.