Edgewise Therapeutics (NASDAQ:EWTX) Earns “Outperform” Rating from Wedbush

Wedbush reiterated their outperform rating on shares of Edgewise Therapeutics (NASDAQ:EWTX) in a research note issued to investors on Tuesday morning, Benzinga reports. Wedbush currently has a $26.00 price target on the stock.

Separately, Piper Sandler began coverage on shares of Edgewise Therapeutics in a report on Thursday, March 7th. They issued an overweight rating and a $48.00 price objective on the stock.

Edgewise Therapeutics Stock Down 1.3 %

Shares of EWTX opened at $15.45 on Tuesday. The stock’s fifty day simple moving average is $17.13 and its 200-day simple moving average is $11.93. The firm has a market capitalization of $1.44 billion, a PE ratio of -9.78 and a beta of 0.14. Edgewise Therapeutics has a 12-month low of $5.12 and a 12-month high of $20.69.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings data on Thursday, February 22nd. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.44) by ($0.03). Analysts anticipate that Edgewise Therapeutics will post -1.76 EPS for the current year.

Insiders Place Their Bets

In related news, Director Peter A. Thompson purchased 454,545 shares of the stock in a transaction dated Tuesday, January 23rd. The stock was bought at an average cost of $11.00 per share, with a total value of $4,999,995.00. Following the purchase, 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 the SEC website. In other news, Director Peter A. Thompson purchased 454,545 shares of the firm’s stock in a transaction dated Tuesday, January 23rd. The stock was bought at an average price of $11.00 per share, with a total value of $4,999,995.00. Following the acquisition, the director now directly owns 14,436,497 shares of the company’s stock, valued at $158,801,467. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel John R. Moore sold 8,029 shares of the company’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $20.01, for a total transaction of $160,660.29. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 120,622 shares of company stock worth $2,032,766. Insiders own 31.95% of the company’s stock.

Hedge Funds Weigh In On Edgewise Therapeutics

Institutional investors have recently modified their holdings of the business. Legal & General Group Plc increased its stake in Edgewise Therapeutics by 41.2% during the 4th quarter. Legal & General Group Plc now owns 3,634 shares of the company’s stock worth $32,000 after purchasing an additional 1,060 shares in the last quarter. Tower Research Capital LLC TRC increased its position in shares of Edgewise Therapeutics by 395.2% during the third quarter. Tower Research Capital LLC TRC now owns 6,056 shares of the company’s stock worth $35,000 after acquiring an additional 4,833 shares in the last quarter. Royal Bank of Canada increased its position in shares of Edgewise Therapeutics by 82.8% during the second quarter. Royal Bank of Canada now owns 5,164 shares of the company’s stock worth $40,000 after acquiring an additional 2,339 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in shares of Edgewise Therapeutics by 349.1% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 7,338 shares of the company’s stock worth $80,000 after acquiring an additional 5,704 shares during the period. Finally, Principal Financial Group Inc. lifted its position in Edgewise Therapeutics by 11.2% in the 1st quarter. Principal Financial Group Inc. now owns 12,178 shares of the company’s stock valued at $81,000 after acquiring an additional 1,230 shares in the last quarter.

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.