Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Stock Has Consensus Target Price of $51.33 According to Analysts

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) have been given a consensus rating of “Moderate Buy” by the twelve ratings firms that are currently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, nine have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $51.33.

A number of research analysts recently issued reports on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Thursday, October 15th. William Blair assumed coverage on Edgewise Therapeutics in a research report on Friday, October 16th. They set an “outperform” rating for the company. Guggenheim increased their price objective on Edgewise Therapeutics from $41.00 to $51.00 and gave the stock a “buy” rating in a report on Monday, July 6th. JPMorgan Chase & Co. lifted their price objective on Edgewise Therapeutics from $53.00 to $60.00 and gave the stock an “overweight” rating in a research report on Thursday, August 20th. Finally, The Goldman Sachs Group boosted their target price on Edgewise Therapeutics from $32.00 to $36.00 and gave the company a “neutral” rating in a research note on Tuesday, August 11th.

Edgewise Therapeutics Stock Up 0.9%

Shares of NASDAQ EWTX opened at $39.53 on Friday. Edgewise Therapeutics has a 52 week low of $15.66 and a 52 week high of $48.51. The business has a 50-day simple moving average of $41.65 and a two-hundred day simple moving average of $36.01. The company has a market cap of $4.29 billion, a P/E ratio of -21.37 and a beta of 0.35.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.53) earnings per share for the quarter, missing the consensus estimate of ($0.47) by ($0.06). Equities research analysts anticipate that Edgewise Therapeutics will post -2.09 EPS for the current year.

Insider Buying and Selling

In other news, insider Alan J. Russell sold 5,901 shares of the business’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $43.73, for a total transaction of $258,050.73. Following the completion of the sale, the insider owned 31,466 shares of the company’s stock, valued at $1,376,008.18. The trade was a 15.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Kevin Koch sold 17,971 shares of the business’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $43.68, for a total value of $784,973.28. Following the transaction, the chief executive officer owned 52,488 shares of the company’s stock, valued at approximately $2,292,675.84. This trade represents a 25.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 38,329 shares of company stock worth $1,675,529. 21.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Edgewise Therapeutics

Large investors have recently made changes to their positions in the business. Sterling Capital Management LLC increased its stake in Edgewise Therapeutics by 840.2% in the 3rd quarter. Sterling Capital Management LLC now owns 2,360 shares of the company’s stock worth $96,000 after buying an additional 2,109 shares during the period. Assenagon Asset Management S.A. purchased a new stake in Edgewise Therapeutics in the 3rd quarter valued at about $29,849,000. GAMMA Investing LLC boosted its position in Edgewise Therapeutics by 26.5% in the 3rd quarter. GAMMA Investing LLC now owns 2,666 shares of the company’s stock valued at $108,000 after buying an additional 559 shares during the period. First Light Asset Management LLC grew its stake in Edgewise Therapeutics by 9.3% in the 2nd quarter. First Light Asset Management LLC now owns 1,095,171 shares of the company’s stock worth $44,497,000 after acquiring an additional 93,325 shares in the last quarter. Finally, Engineers Gate Manager LP bought a new position in Edgewise Therapeutics in the 2nd quarter worth about $271,000.

About Edgewise Therapeutics

Edgewise Therapeutics, Inc is a clinical-stage biotechnology company focused on developing small-molecule therapies for severe muscle disorders. The company’s research programs target the biology of skeletal and cardiac muscle, with the goal of addressing diseases for which treatment options remain limited.

Edgewise’s lead product candidate is sevasemten (formerly EDG-5506), an oral therapy designed to reduce contraction-induced muscle damage associated with dystrophinopathies, including Duchenne and Becker muscular dystrophy.