Wedbush Reaffirms “Outperform” Rating for Edgewise Therapeutics (NASDAQ:EWTX)

Edgewise Therapeutics (NASDAQ:EWTX)‘s stock had its “outperform” rating restated by Wedbush in a report issued on Monday,Benzinga reports. They currently have a $43.00 price target on the stock. Wedbush’s price objective would indicate a potential upside of 217.81% from the stock’s current price.

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

Edgewise Therapeutics Stock Up 1.7 %

NASDAQ:EWTX opened at $13.53 on Monday. Edgewise Therapeutics has a twelve month low of $10.60 and a twelve month high of $38.12. The firm has a market capitalization of $1.42 billion, a price-to-earnings ratio of -9.02 and a beta of 0.32. The stock’s 50 day moving average price is $20.95 and its two-hundred day moving average price is $27.11.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its earnings results on Monday, March 3rd. The company reported ($0.42) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.03). As a group, analysts anticipate that Edgewise Therapeutics will post -1.45 earnings per share for the current year.

Insider Activity at Edgewise Therapeutics

In other news, CMO Joanne M. Donovan sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $27.63, for a total transaction of $690,750.00. Following the transaction, the chief marketing officer now directly owns 16,358 shares of the company’s stock, valued at approximately $451,971.54. This trade represents a 60.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Orbimed Advisors Llc purchased 496,771 shares of the company’s stock in a transaction dated Thursday, April 3rd. The stock was acquired at an average price 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 $298,106,679.75. This represents 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 in the last ninety days. 24.11% of the stock is owned by company insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. Diadema Partners LP acquired a new stake in shares of Edgewise Therapeutics during the 4th quarter worth $36,000. GF Fund Management CO. LTD. acquired a new stake in Edgewise Therapeutics during the fourth quarter worth about $53,000. Aquatic Capital Management LLC bought a new position in Edgewise Therapeutics in the 4th quarter valued at about $77,000. Tower Research Capital LLC TRC increased its holdings in 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 buying an additional 3,369 shares during the period. Finally, Quantbot Technologies LP bought a new stake in shares of Edgewise Therapeutics during the 4th quarter worth approximately $103,000.

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.