JPMorgan Chase & Co. Increases Edgewise Therapeutics (NASDAQ:EWTX) Price Target to $30.00

Edgewise Therapeutics (NASDAQ:EWTX) had its price objective upped by investment analysts at JPMorgan Chase & Co. from $27.00 to $30.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 39.41% from the stock’s previous close.

Several other equities analysts have also recently issued reports on the company. Piper Sandler restated an “overweight” rating and issued a $48.00 price target on shares of Edgewise Therapeutics in a research report on Monday, July 1st. Royal Bank of Canada upped their target price on Edgewise Therapeutics from $28.00 to $32.00 and gave the company an “outperform” rating in a research note on Monday, April 22nd. Truist Financial reaffirmed a “buy” rating and issued a $25.00 target price on shares of Edgewise Therapeutics in a research note on Wednesday, April 17th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $31.00 target price on shares of Edgewise Therapeutics in a research note on Wednesday, June 26th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Edgewise Therapeutics currently has a consensus rating of “Buy” and a consensus target price of $33.20.

Edgewise Therapeutics Stock Performance

Edgewise Therapeutics stock opened at $21.52 on Tuesday. Edgewise Therapeutics has a fifty-two week low of $5.12 and a fifty-two week high of $23.21. The company has a market capitalization of $2.01 billion, a P/E ratio of -13.88 and a beta of 0.14. The stock has a 50-day simple moving average of $18.18 and a 200-day simple moving average of $16.58.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its earnings results on Thursday, May 9th. The company reported ($0.33) earnings per share for the quarter, beating the consensus estimate of ($0.39) by $0.06. As a group, analysts forecast that Edgewise Therapeutics will post -1.59 earnings per share for the current year.

Insiders Place Their Bets

In other Edgewise Therapeutics news, CFO R Michael Carruthers sold 2,157 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total transaction of $40,788.87. Following the transaction, the chief financial officer now owns 35,230 shares of the company’s stock, valued at approximately $666,199.30. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CFO R Michael Carruthers sold 2,157 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total value of $40,788.87. Following the transaction, the chief financial officer now directly owns 35,230 shares of the company’s stock, valued at approximately $666,199.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CMO Joanne M. Donovan sold 3,682 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total value of $69,626.62. Following the completion of the transaction, the chief marketing officer now directly owns 19,897 shares in the company, valued at $376,252.27. The disclosure for this sale can be found here. Insiders have sold a total of 12,665 shares of company stock valued at $239,495 in the last quarter. 24.11% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in EWTX. China Universal Asset Management Co. Ltd. raised its position in shares of Edgewise Therapeutics by 349.1% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 7,338 shares of the company’s stock worth $80,000 after buying an additional 5,704 shares during the period. AJOVista LLC acquired a new stake in Edgewise Therapeutics in the 4th quarter valued at $84,000. Ameritas Investment Partners Inc. increased its holdings in Edgewise Therapeutics by 37.3% in the 1st quarter. Ameritas Investment Partners Inc. now owns 5,751 shares of the company’s stock valued at $105,000 after purchasing an additional 1,561 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Edgewise Therapeutics by 29.8% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 20,833 shares of the company’s stock valued at $228,000 after purchasing an additional 4,785 shares in the last quarter. Finally, Entropy Technologies LP acquired a new stake in Edgewise Therapeutics in the 1st quarter valued at $231,000.

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.