Edgewise Therapeutics (NASDAQ:EWTX) Stock Rating Reaffirmed by Wedbush

Edgewise Therapeutics (NASDAQ:EWTX)‘s stock had its “outperform” rating reiterated by Wedbush in a research report issued on Tuesday, Benzinga reports. They currently have a $26.00 target price on the stock. Wedbush’s target price suggests a potential upside of 66.13% from the company’s current price.

Separately, Piper Sandler assumed coverage on Edgewise Therapeutics in a research note on Thursday, March 7th. They set an “overweight” rating and a $48.00 price objective for the company.

Edgewise Therapeutics Trading Down 5.9 %

NASDAQ EWTX opened at $15.65 on Tuesday. The company’s fifty day simple moving average is $17.21 and its 200-day simple moving average is $11.91. The stock has a market cap of $1.46 billion, a P/E ratio of -9.91 and a beta of 0.14. Edgewise Therapeutics has a 52 week low of $5.12 and a 52 week high of $20.69.

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 analysts’ consensus estimates of ($0.44) by ($0.03). On average, research analysts expect that Edgewise Therapeutics will post -1.76 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. lifted its holdings in Edgewise Therapeutics by 23.4% in the first quarter. JPMorgan Chase & Co. now owns 27,166 shares of the company’s stock worth $263,000 after acquiring an additional 5,156 shares during the last quarter. MetLife Investment Management LLC lifted its holdings in shares of Edgewise Therapeutics by 55.4% in the 1st quarter. MetLife Investment Management LLC now owns 23,355 shares of the company’s stock worth $227,000 after purchasing an additional 8,328 shares during the last quarter. Rhumbline Advisers boosted its position in Edgewise Therapeutics by 20.8% during the 1st quarter. Rhumbline Advisers now owns 36,861 shares of the company’s stock valued at $358,000 after purchasing an additional 6,350 shares during the period. BlackRock Inc. grew its stake in Edgewise Therapeutics by 0.4% during the 1st quarter. BlackRock Inc. now owns 2,055,160 shares of the company’s stock worth $19,934,000 after buying an additional 7,557 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in Edgewise Therapeutics by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 1,211,093 shares of the company’s stock worth $11,748,000 after buying an additional 11,693 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.