Edgewise Therapeutics (NASDAQ:EWTX) Coverage Initiated at Evercore ISI

Evercore ISI assumed coverage on shares of Edgewise Therapeutics (NASDAQ:EWTX) in a report published on Friday, MarketBeat reports. The brokerage issued an outperform rating and a $45.00 target price on the stock.

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

Edgewise Therapeutics Price Performance

EWTX opened at $32.20 on Friday. Edgewise Therapeutics has a 1 year low of $5.93 and a 1 year high of $38.12. The company’s 50 day simple moving average is $30.92 and its 200 day simple moving average is $22.77.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. As a group, sell-side analysts anticipate that Edgewise Therapeutics will post -1.46 earnings per share for the current fiscal year.

Insider Buying and Selling at Edgewise Therapeutics

In related news, CFO R Michael Carruthers sold 125,092 shares of the business’s stock in a transaction dated 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 transaction, 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 94.77 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Alan J. Russell sold 75,000 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $28.27, for a total transaction of $2,120,250.00. Following the transaction, the insider now owns 12,719 shares of the company’s stock, valued at approximately $359,566.13. The trade was a 85.50 % 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 Investors Weigh In On Edgewise Therapeutics

Several large investors have recently modified their holdings of EWTX. Mirae Asset Global Investments Co. Ltd. grew its holdings in Edgewise Therapeutics by 21.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock valued at $88,000 after purchasing an additional 604 shares during the period. Quest Partners LLC lifted its position in shares of Edgewise Therapeutics by 156.9% during the 2nd quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock valued at $31,000 after buying an additional 1,064 shares during the last quarter. Meeder Asset Management Inc. grew its stake in shares of Edgewise Therapeutics by 69.9% during the 3rd quarter. Meeder Asset Management Inc. now owns 3,307 shares of the company’s stock worth $88,000 after acquiring an additional 1,361 shares during the period. Ameritas Investment Partners Inc. increased its holdings in Edgewise Therapeutics by 37.3% in 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 last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Edgewise Therapeutics by 5.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 84,294 shares of the company’s stock valued at $2,250,000 after acquiring an additional 4,426 shares during the period.

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.