Edgewise Therapeutics (NASDAQ:EWTX) Receives “Overweight” Rating from Piper Sandler

Piper Sandler reissued their overweight rating on shares of Edgewise Therapeutics (NASDAQ:EWTX) in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $51.00 price objective on the stock.

EWTX has been the subject of several other reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $56.00 price objective on shares of Edgewise Therapeutics in a report on Tuesday, March 4th. Scotiabank cut shares of Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and decreased their price target for the company from $50.00 to $14.00 in a research report on Wednesday. Evercore ISI increased their target price on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, December 17th. Finally, Stifel Nicolaus initiated coverage on shares of Edgewise Therapeutics in a report on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 target price on the stock. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $40.38.

Edgewise Therapeutics Price Performance

Shares of EWTX opened at $11.51 on Wednesday. The firm has a 50-day moving average of $25.20 and a 200-day moving average of $28.41. The company has a market cap of $1.10 billion, a PE ratio of -7.67 and a beta of 0.22. Edgewise Therapeutics has a one year low of $11.50 and a one year high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its earnings results on Monday, March 3rd. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.39) by ($0.03). Analysts expect that Edgewise Therapeutics will post -1.45 earnings per share for the current year.

Insider Activity

In other Edgewise Therapeutics news, CEO Kevin Koch sold 8,636 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $30.03, for a total transaction of $259,339.08. Following the sale, the chief executive officer now owns 14,478 shares in the company, valued at $434,774.34. This trade represents a 37.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Alan J. Russell sold 1,200 shares of Edgewise Therapeutics stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $30.13, for a total value of $36,156.00. Following the completion of the transaction, the insider now directly owns 14,863 shares in the company, valued at $447,822.19. This trade represents a 7.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,836 shares of company stock worth $986,245 over the last ninety days. Company insiders own 24.11% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the business. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Edgewise Therapeutics during the 4th quarter valued at about $2,404,000. GF Fund Management CO. LTD. purchased a new stake in Edgewise Therapeutics during the 4th quarter valued at $53,000. Neo Ivy Capital Management purchased a new position in shares of Edgewise Therapeutics in the fourth quarter worth $259,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Edgewise Therapeutics by 231.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 279,125 shares of the company’s stock valued at $7,453,000 after purchasing an additional 194,831 shares during the last quarter. Finally, Woodline Partners LP lifted its holdings in shares of Edgewise Therapeutics by 7.5% during the 4th quarter. Woodline Partners LP now owns 567,218 shares of the company’s stock valued at $15,145,000 after buying an additional 39,379 shares during the period.

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.