Analysts Set Edgewise Therapeutics, Inc. (NASDAQ:EWTX) PT at $42.33

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) has received a consensus recommendation of “Buy” from the six analysts that are currently covering the stock, MarketBeat.com reports. Six analysts have rated the stock with a buy recommendation. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $43.17.

Several analysts have recently weighed in on the stock. Evercore ISI raised their price objective on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, December 17th. Wedbush lifted their price target on Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Royal Bank of Canada reiterated an “outperform” rating and set a $32.00 price objective on shares of Edgewise Therapeutics in a research report on Tuesday, September 17th. Truist Financial boosted their target price on Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Finally, Piper Sandler upped their target price on Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a research note on Friday, October 11th.

Edgewise Therapeutics Stock Down 0.1 %

Shares of NASDAQ EWTX opened at $30.78 on Tuesday. The stock’s 50-day simple moving average is $32.81 and its two-hundred day simple moving average is $24.57. Edgewise Therapeutics has a twelve month low of $8.64 and a twelve month high of $38.12. The firm has a market capitalization of $2.91 billion, a P/E ratio of -20.52 and a beta of 0.12.

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, topping the consensus estimate of ($0.37) by $0.01. As a group, research analysts anticipate that Edgewise Therapeutics will post -1.45 EPS for the current fiscal year.

Insiders Place Their Bets

In other Edgewise Therapeutics news, General Counsel John R. Moore sold 20,922 shares of the stock in a transaction 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 sale, the general counsel now owns 3,252 shares of the company’s stock, valued at $89,852.76. This represents a 86.55 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 24.11% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

Institutional investors have recently modified their holdings of the company. Novo Holdings A S purchased a new position in shares of Edgewise Therapeutics during the second quarter valued at approximately $114,263,000. Braidwell LP purchased a new position in shares of Edgewise Therapeutics during the 3rd quarter worth approximately $52,267,000. Janus Henderson Group PLC raised its position in shares of Edgewise Therapeutics by 74.8% in the 3rd quarter. Janus Henderson Group PLC now owns 4,558,519 shares of the company’s stock worth $121,616,000 after acquiring an additional 1,951,220 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Edgewise Therapeutics by 115.2% in the 2nd quarter. Millennium Management LLC now owns 1,145,506 shares of the company’s stock valued at $20,631,000 after purchasing an additional 613,251 shares during the period. Finally, Sofinnova Investments Inc. bought a new stake in shares of Edgewise Therapeutics during the second quarter valued at approximately $8,567,000.

About Edgewise Therapeutics

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.