Evercore ISI Forecasts Strong Price Appreciation for Edgewise Therapeutics (NASDAQ:EWTX) Stock

Edgewise Therapeutics (NASDAQ:EWTX) had its target price increased by stock analysts at Evercore ISI from $45.00 to $50.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Evercore ISI’s target price indicates a potential upside of 66.61% from the company’s current price.

Several other brokerages also recently commented on EWTX. Truist Financial upped their price objective on Edgewise Therapeutics from $33.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Wedbush raised their price target on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Piper Sandler boosted their price objective on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $32.00 target price on shares of Edgewise Therapeutics in a research report on Tuesday, September 17th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $43.17.

Edgewise Therapeutics Trading Down 0.5 %

Shares of EWTX opened at $30.01 on Tuesday. The company’s fifty day simple moving average is $32.81 and its 200-day simple moving average is $24.43. The company has a market cap of $2.84 billion, a P/E ratio of -20.01 and a beta of 0.12. Edgewise Therapeutics has a twelve month low of $8.00 and a twelve month high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. Analysts predict that Edgewise Therapeutics will post -1.45 earnings per share for the current fiscal year.

Insider Activity at Edgewise Therapeutics

In other Edgewise Therapeutics news, CFO R Michael Carruthers sold 125,092 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $28.57, for a total value of $3,573,878.44. Following the completion of the sale, the chief financial officer now directly owns 6,904 shares in the company, valued at $197,247.28. This trade represents a 94.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel John R. Moore sold 50,000 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $28.37, for a total value of $1,418,500.00. Following the transaction, the general counsel now directly owns 3,252 shares in the company, valued at $92,259.24. This represents a 93.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 278,176 shares of company stock valued at $7,893,316 over the last ninety days. 24.11% of the stock is owned by company insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Novo Holdings A S purchased a new position in Edgewise Therapeutics in the 2nd quarter worth $114,263,000. Braidwell LP acquired a new position in Edgewise Therapeutics in the 3rd quarter worth approximately $52,267,000. Janus Henderson Group PLC raised its position in Edgewise Therapeutics by 74.8% during the 3rd quarter. Janus Henderson Group PLC now owns 4,558,519 shares of the company’s stock worth $121,616,000 after buying an additional 1,951,220 shares during the last quarter. Millennium Management LLC lifted its stake in Edgewise Therapeutics by 115.2% during the 2nd quarter. Millennium Management LLC now owns 1,145,506 shares of the company’s stock valued at $20,631,000 after acquiring an additional 613,251 shares during the period. Finally, Sofinnova Investments Inc. purchased a new stake in shares of Edgewise Therapeutics in the 2nd quarter valued at $8,567,000.

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.