Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Receives Average Recommendation of “Moderate Buy” from Brokerages

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) has been assigned an average recommendation of “Moderate Buy” from the twelve ratings firms that are covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $37.2727.

Several analysts recently commented on EWTX shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Wednesday, October 8th. Wall Street Zen upgraded Edgewise Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, November 22nd. Wedbush reduced their price target on shares of Edgewise Therapeutics from $35.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, November 7th. JPMorgan Chase & Co. increased their price objective on shares of Edgewise Therapeutics from $33.00 to $34.00 and gave the stock an “overweight” rating in a research note on Friday, November 14th. Finally, The Goldman Sachs Group began coverage on shares of Edgewise Therapeutics in a research report on Thursday, September 25th. They set a “neutral” rating and a $20.00 target price for the company.

Insider Buying and Selling at Edgewise Therapeutics

In related news, insider Alan J. Russell sold 100,000 shares of Edgewise Therapeutics stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of $21.12, for a total transaction of $2,112,000.00. Following the transaction, the insider directly owned 23,400 shares in the company, valued at approximately $494,208. The trade was a 81.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jonathan C. Fox purchased 10,700 shares of Edgewise Therapeutics stock in a transaction on Tuesday, November 11th. The stock was bought at an average price of $18.64 per share, with a total value of $199,448.00. Following the transaction, the director owned 23,702 shares of the company’s stock, valued at approximately $441,805.28. This represents a 82.30% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 23.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Braidwell LP boosted its stake in Edgewise Therapeutics by 111.9% during the second quarter. Braidwell LP now owns 5,210,831 shares of the company’s stock valued at $68,314,000 after buying an additional 2,752,023 shares during the last quarter. Bellevue Group AG increased its stake in Edgewise Therapeutics by 94.3% in the 2nd quarter. Bellevue Group AG now owns 2,775,997 shares of the company’s stock worth $36,393,000 after acquiring an additional 1,347,068 shares during the last quarter. First Light Asset Management LLC raised its holdings in shares of Edgewise Therapeutics by 137.3% during the 1st quarter. First Light Asset Management LLC now owns 1,852,290 shares of the company’s stock worth $40,750,000 after acquiring an additional 1,071,651 shares in the last quarter. Siren L.L.C. boosted its position in shares of Edgewise Therapeutics by 131.0% during the 1st quarter. Siren L.L.C. now owns 1,696,444 shares of the company’s stock valued at $37,322,000 after acquiring an additional 962,101 shares during the last quarter. Finally, Cormorant Asset Management LP grew its holdings in shares of Edgewise Therapeutics by 20.4% in the first quarter. Cormorant Asset Management LP now owns 4,101,992 shares of the company’s stock valued at $90,244,000 after purchasing an additional 695,458 shares in the last quarter.

Edgewise Therapeutics Stock Down 3.0%

Shares of Edgewise Therapeutics stock opened at $25.27 on Tuesday. Edgewise Therapeutics has a twelve month low of $10.60 and a twelve month high of $35.50. The company’s 50 day moving average is $18.15 and its 200 day moving average is $15.58. The company has a market cap of $2.68 billion, a price-to-earnings ratio of -15.99 and a beta of 0.30.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its earnings results on Thursday, November 6th. The company reported ($0.39) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.01. Sell-side analysts expect that Edgewise Therapeutics will post -1.45 EPS for the current fiscal year.

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.