Edgewise Therapeutics (NASDAQ:EWTX) Given New $50.00 Price Target at Truist Financial

Edgewise Therapeutics (NASDAQ:EWTX) had its price target increased by investment analysts at Truist Financial from $33.00 to $50.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s target price suggests a potential upside of 54.18% from the stock’s previous close.

A number of other research firms have also weighed in on EWTX. JPMorgan Chase & Co. upped their target price on shares of Edgewise Therapeutics from $30.00 to $31.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Evercore ISI initiated coverage on Edgewise Therapeutics in a report on Friday, November 22nd. They issued an “outperform” rating and a $45.00 target price on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $32.00 price target on shares of Edgewise Therapeutics in a report on Tuesday, September 17th. Wedbush raised their price objective on Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Finally, Piper Sandler lifted their price objective on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Edgewise Therapeutics currently has an average rating of “Buy” and a consensus target price of $42.33.

Edgewise Therapeutics Trading Up 1.1 %

Edgewise Therapeutics stock traded up $0.35 during midday trading on Wednesday, reaching $32.43. The stock had a trading volume of 182,371 shares, compared to its average volume of 935,136. The company has a market capitalization of $3.07 billion, a P/E ratio of -21.62 and a beta of 0.14. Edgewise Therapeutics has a 12 month low of $5.93 and a 12 month high of $38.12. The company has a fifty day moving average price of $31.23 and a two-hundred day moving average price of $22.88.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.36) EPS for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.01. On average, equities research analysts predict that Edgewise Therapeutics will post -1.46 earnings per share for the current fiscal year.

Insider Activity

In other news, CMO Joanne M. Donovan sold 7,162 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $28.29, for a total value of $202,612.98. Following the sale, the chief marketing officer now directly owns 14,538 shares of the company’s stock, valued at approximately $411,280.02. This represents a 33.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Alan J. Russell sold 75,000 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $28.27, for a total transaction of $2,120,250.00. Following the transaction, the insider now directly owns 12,719 shares of the company’s stock, valued at approximately $359,566.13. This represents a 85.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 278,176 shares of company stock valued at $7,893,316 in the last ninety days. 24.11% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. boosted its stake in Edgewise Therapeutics by 21.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock valued at $88,000 after buying an additional 604 shares during the period. Quest Partners LLC boosted its position in shares of Edgewise Therapeutics by 156.9% during the 2nd quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock valued at $31,000 after acquiring an additional 1,064 shares during the last quarter. Meeder Asset Management Inc. grew its holdings in shares of Edgewise Therapeutics by 69.9% during the third quarter. Meeder Asset Management Inc. now owns 3,307 shares of the company’s stock worth $88,000 after purchasing an additional 1,361 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Edgewise Therapeutics by 5.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 84,294 shares of the company’s stock worth $2,250,000 after purchasing an additional 4,426 shares during the last quarter. Finally, Chicago Partners Investment Group LLC bought a new stake in Edgewise Therapeutics during the third quarter valued at approximately $161,000.

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.