Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) have been given a consensus rating of “Moderate Buy” by the nine brokerages that are currently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $39.78.

Several research analysts have recently weighed in on EWTX shares. Piper Sandler reiterated an “overweight” rating and issued a $51.00 price target on shares of Edgewise Therapeutics in a report on Wednesday, April 2nd. Royal Bank of Canada restated an “outperform” rating and set a $48.00 target price on shares of Edgewise Therapeutics in a report on Thursday, June 5th. Guggenheim assumed coverage on shares of Edgewise Therapeutics in a report on Wednesday, April 30th. They set a “buy” rating and a $41.00 target price for the company. Wedbush restated an “outperform” rating and set a $43.00 target price on shares of Edgewise Therapeutics in a report on Monday, April 21st. Finally, Scotiabank cut shares of Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and reduced their target price for the stock from $50.00 to $14.00 in a report on Wednesday, April 2nd.

Edgewise Therapeutics Price Performance

EWTX opened at $15.26 on Tuesday. The company has a market cap of $1.61 billion, a price-to-earnings ratio of -10.17 and a beta of 0.28. The firm has a 50 day simple moving average of $14.15 and a 200 day simple moving average of $22.68. Edgewise Therapeutics has a fifty-two week low of $10.60 and a fifty-two week high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.43) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.02. As a group, analysts expect that Edgewise Therapeutics will post -1.45 EPS for the current year.

Insiders Place Their Bets

In related news, General Counsel John R. Moore sold 1,930 shares of the company’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $16.45, for a total value of $31,748.50. Following the transaction, the general counsel now directly owns 6,531 shares in the company, valued at approximately $107,434.95. This represents a 22.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Orbimed Advisors Llc purchased 496,771 shares of the firm’s stock in a transaction that occurred on Thursday, April 3rd. The stock was acquired at an average price of $20.13 per share, for a total transaction of $10,000,000.23. Following the completion of the purchase, the director now directly owns 14,809,075 shares of the company’s stock, valued at $298,106,679.75. This represents a 3.47% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 14,258 shares of company stock valued at $234,544. 23.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the business. Point72 Asset Management L.P. acquired a new position in shares of Edgewise Therapeutics in the fourth quarter valued at about $2,845,000. First Light Asset Management LLC acquired a new position in shares of Edgewise Therapeutics in the fourth quarter valued at about $20,843,000. Amundi grew its stake in shares of Edgewise Therapeutics by 127.2% in the fourth quarter. Amundi now owns 341,687 shares of the company’s stock valued at $8,686,000 after acquiring an additional 191,267 shares in the last quarter. Victory Capital Management Inc. acquired a new stake in Edgewise Therapeutics during the fourth quarter worth about $576,000. Finally, Russell Investments Group Ltd. acquired a new stake in Edgewise Therapeutics during the fourth quarter worth about $883,000.

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.