Edgewise Therapeutics’ (EWTX) Outperform Rating Reiterated at Wedbush

Edgewise Therapeutics (NASDAQ:EWTX)‘s stock had its “outperform” rating reaffirmed by analysts at Wedbush in a research report issued to clients and investors on Monday,Benzinga reports. They presently have a $43.00 price target on the stock. Wedbush’s price target would suggest a potential upside of 214.53% from the company’s previous close.

Several other equities research analysts have also issued reports on EWTX. Scotiabank lowered Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and lowered their price objective for the company from $50.00 to $14.00 in a research note on Wednesday, April 2nd. Stifel Nicolaus began coverage on shares of Edgewise Therapeutics in a research note on Wednesday, January 22nd. They set a “hold” rating and a $30.00 price objective for the company. Piper Sandler restated an “overweight” rating and issued a $51.00 target price on shares of Edgewise Therapeutics in a report on Wednesday, April 2nd. Finally, Royal Bank of Canada reduced their price objective on shares of Edgewise Therapeutics from $56.00 to $52.00 and set an “outperform” rating on the stock in a research report on Thursday, April 3rd. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Edgewise Therapeutics has an average rating of “Moderate Buy” and an average target price of $40.13.

Edgewise Therapeutics Stock Performance

NASDAQ:EWTX traded up $0.22 during trading hours on Monday, reaching $13.67. The stock had a trading volume of 123,823 shares, compared to its average volume of 1,137,911. The stock has a market capitalization of $1.43 billion, a PE ratio of -9.11 and a beta of 0.32. Edgewise Therapeutics has a 52 week low of $10.60 and a 52 week high of $38.12. The company has a 50 day moving average price of $21.45 and a two-hundred day moving average price of $27.31.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings data on Monday, March 3rd. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.39) by ($0.03). Equities research analysts predict that Edgewise Therapeutics will post -1.45 EPS for the current year.

Insider Activity at Edgewise Therapeutics

In related news, insider Alan J. Russell sold 1,200 shares of the firm’s stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $30.13, for a total transaction of $36,156.00. Following the sale, the insider now owns 14,863 shares of the company’s stock, valued at $447,822.19. This trade represents a 7.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Orbimed Advisors Llc purchased 496,771 shares of the firm’s stock in a transaction on Thursday, April 3rd. The shares were purchased at an average cost of $20.13 per share, with a total value of $10,000,000.23. Following the completion of the transaction, the director now owns 14,809,075 shares of the company’s stock, valued at approximately $298,106,679.75. The trade was a 3.47 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 34,836 shares of company stock worth $986,245 over the last three months. 24.11% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of EWTX. Diadema Partners LP purchased a new position in Edgewise Therapeutics during the 4th quarter worth $36,000. GF Fund Management CO. LTD. purchased a new stake in shares of Edgewise Therapeutics during the fourth quarter worth about $53,000. Aquatic Capital Management LLC acquired a new position in shares of Edgewise Therapeutics during the fourth quarter valued at about $77,000. Tower Research Capital LLC TRC raised its position in shares of Edgewise Therapeutics by 1,097.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,676 shares of the company’s stock valued at $98,000 after purchasing an additional 3,369 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new position in shares of Edgewise Therapeutics in the 4th quarter valued at approximately $103,000.

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.