Edgewise Therapeutics (NASDAQ:EWTX) Price Target Raised to $50.00

Edgewise Therapeutics (NASDAQ:EWTX) had its price target boosted by Truist Financial from $33.00 to $50.00 in a report issued on Wednesday morning,Benzinga reports. Truist Financial currently has a buy rating on the stock.

Several other research firms have also commented on EWTX. Evercore ISI began coverage on shares of Edgewise Therapeutics in a research report on Friday, November 22nd. They issued an “outperform” rating and a $45.00 price target on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $32.00 target price on shares of Edgewise Therapeutics in a report on Tuesday, September 17th. Wedbush boosted their price target on Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. JPMorgan Chase & Co. increased their price objective on Edgewise Therapeutics from $30.00 to $31.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Finally, Piper Sandler lifted their price objective on Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $42.33.

Edgewise Therapeutics Price Performance

NASDAQ EWTX opened at $33.00 on Wednesday. The business has a 50 day moving average price of $31.92 and a 200 day moving average price of $23.21. The company has a market capitalization of $3.12 billion, a P/E ratio of -22.00 and a beta of 0.14. Edgewise Therapeutics has a 1-year low of $5.93 and a 1-year high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.36) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.01. On average, research analysts expect that Edgewise Therapeutics will post -1.46 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CMO Joanne M. Donovan sold 7,162 shares of Edgewise Therapeutics stock in a transaction on Friday, September 20th. The stock was sold at an average price of $28.29, for a total value of $202,612.98. Following the transaction, the chief marketing officer now owns 14,538 shares in the company, valued at approximately $411,280.02. This trade represents a 33.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 sale, the chief financial officer now directly owns 6,904 shares of the company’s stock, valued at approximately $197,247.28. This trade represents a 94.77 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 278,176 shares of company stock worth $7,893,316. 24.11% of the stock is owned by company insiders.

Institutional Trading of Edgewise Therapeutics

Institutional investors have recently modified their holdings of the company. Quest Partners LLC raised 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 valued at $31,000 after buying an additional 1,064 shares during the period. Meeder Asset Management Inc. purchased a new position in shares of Edgewise Therapeutics in the 2nd quarter valued at $35,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Edgewise Therapeutics by 21.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock valued at $88,000 after acquiring an additional 604 shares in the last quarter. Chicago Partners Investment Group LLC purchased a new stake in Edgewise Therapeutics during the 3rd quarter worth $161,000. Finally, Arizona State Retirement System acquired a new stake in Edgewise Therapeutics in the 2nd quarter valued at $188,000.

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.