Edgewise Therapeutics (NASDAQ:EWTX) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Edgewise Therapeutics (NASDAQ:EWTX) had its target price raised by equities research analysts at JPMorgan Chase & Co. from $33.00 to $34.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 49.45% from the company’s current price.

EWTX has been the topic of several other research reports. Royal Bank Of Canada boosted their target price on Edgewise Therapeutics from $49.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday, November 7th. Raymond James Financial started coverage on shares of Edgewise Therapeutics in a research report on Wednesday, July 30th. They issued a “strong-buy” rating and a $46.00 target price on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research report on Wednesday, October 8th. The Goldman Sachs Group started coverage on shares of Edgewise Therapeutics in a research note on Thursday, September 25th. They set a “neutral” rating and a $20.00 target price for the company. Finally, Wedbush dropped their price objective on Edgewise Therapeutics from $35.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, November 7th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $38.33.

Edgewise Therapeutics Stock Up 11.4%

Edgewise Therapeutics stock opened at $22.75 on Friday. Edgewise Therapeutics has a 52-week low of $10.60 and a 52-week high of $35.50. The firm has a market capitalization of $2.41 billion, a price-to-earnings ratio of -14.40 and a beta of 0.30. The firm has a 50-day moving average price of $16.11 and a two-hundred day moving average price of $14.93.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.40) by $0.01. Research analysts expect that Edgewise Therapeutics will post -1.45 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Jonathan C. Fox purchased 10,700 shares of the firm’s stock in a transaction on Tuesday, November 11th. The shares were bought at an average cost of $18.64 per share, for a total transaction of $199,448.00. Following the transaction, the director directly owned 23,702 shares of the company’s stock, valued at approximately $441,805.28. This trade represents a 82.30% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Alan J. Russell sold 100,000 shares of the company’s stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $14.60, for a total transaction of $1,460,000.00. Following the transaction, the insider directly owned 23,400 shares of the company’s stock, valued at $341,640. This represents a 81.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 23.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

A number of hedge funds have recently modified their holdings of EWTX. Orbimed Advisors LLC lifted its holdings in Edgewise Therapeutics by 3.3% during the 2nd quarter. Orbimed Advisors LLC now owns 15,518,492 shares of the company’s stock worth $203,447,000 after buying an additional 496,771 shares in the last quarter. Braidwell LP increased its stake in shares of Edgewise Therapeutics by 111.9% in the 2nd 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 period. Cormorant Asset Management LP raised its position in shares of Edgewise Therapeutics by 20.4% during the first quarter. Cormorant Asset Management LP now owns 4,101,992 shares of the company’s stock worth $90,244,000 after acquiring an additional 695,458 shares during the last quarter. Bellevue Group AG lifted its stake in shares of Edgewise Therapeutics by 94.3% during the second quarter. Bellevue Group AG now owns 2,775,997 shares of the company’s stock valued at $36,393,000 after acquiring an additional 1,347,068 shares during the period. Finally, First Light Asset Management LLC boosted its holdings in Edgewise Therapeutics by 137.3% in the first quarter. First Light Asset Management LLC now owns 1,852,290 shares of the company’s stock valued at $40,750,000 after acquiring an additional 1,071,651 shares during the last quarter.

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.