Edgewise Therapeutics (NASDAQ:EWTX) Given “Outperform” Rating at Wedbush

Wedbush reissued their outperform rating on shares of Edgewise Therapeutics (NASDAQ:EWTX) in a report released on Tuesday, Benzinga reports. The brokerage currently has a $26.00 price target on the stock.

Separately, Piper Sandler initiated coverage on Edgewise Therapeutics in a report on Thursday, March 7th. They set an overweight rating and a $48.00 target price on the stock.

Edgewise Therapeutics Trading Up 0.9 %

EWTX opened at $16.63 on Tuesday. Edgewise Therapeutics has a 1-year low of $5.12 and a 1-year high of $20.69. The stock’s fifty day simple moving average is $17.30 and its 200 day simple moving average is $11.88. The stock has a market cap of $1.55 billion, a PE ratio of -10.53 and a beta of 0.14.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Thursday, February 22nd. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.44) by ($0.03). Equities analysts forecast that Edgewise Therapeutics will post -1.76 earnings per share for the current year.

Insider Activity at Edgewise Therapeutics

In other Edgewise Therapeutics news, Director Peter A. Thompson acquired 454,545 shares of Edgewise Therapeutics stock in a transaction that occurred on Tuesday, January 23rd. The shares were acquired at an average cost of $11.00 per share, with a total value of $4,999,995.00. Following the completion of the purchase, the director now directly owns 14,436,497 shares of the company’s stock, valued at approximately $158,801,467. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO R Michael Carruthers sold 90,000 shares of Edgewise Therapeutics stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $15.78, for a total transaction of $1,420,200.00. Following the sale, the chief financial officer now directly owns 29,024 shares of the company’s stock, valued at $457,998.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Peter A. Thompson purchased 454,545 shares of the business’s stock in a transaction dated Tuesday, January 23rd. The shares were purchased at an average cost of $11.00 per share, for a total transaction of $4,999,995.00. Following the completion of the purchase, the director now directly owns 14,436,497 shares of the company’s stock, valued at approximately $158,801,467. The disclosure for this purchase can be found here. Insiders have sold 120,622 shares of company stock valued at $2,032,766 over the last ninety days. 31.95% of the stock is owned by corporate insiders.

Institutional Trading of Edgewise Therapeutics

Hedge funds have recently made changes to their positions in the company. Nuveen Asset Management LLC raised its position in shares of Edgewise Therapeutics by 0.5% during the fourth quarter. Nuveen Asset Management LLC now owns 153,292 shares of the company’s stock worth $1,677,000 after acquiring an additional 806 shares during the last quarter. Legal & General Group Plc raised its position in shares of Edgewise Therapeutics by 41.2% during the fourth quarter. Legal & General Group Plc now owns 3,634 shares of the company’s stock worth $32,000 after acquiring an additional 1,060 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Edgewise Therapeutics by 4.2% during the first quarter. Dimensional Fund Advisors LP now owns 27,283 shares of the company’s stock worth $182,000 after acquiring an additional 1,091 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Edgewise Therapeutics by 11.2% during the first quarter. Principal Financial Group Inc. now owns 12,178 shares of the company’s stock worth $81,000 after acquiring an additional 1,230 shares during the last quarter. Finally, Quantum Private Wealth LLC raised its position in shares of Edgewise Therapeutics by 2.4% during the fourth quarter. Quantum Private Wealth LLC now owns 63,219 shares of the company’s stock worth $692,000 after acquiring an additional 1,500 shares during the last quarter.

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.