Analysts Set Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Price Target at $40.22

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) have received a consensus rating of “Moderate Buy” from the nine research firms that are currently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $40.22.

A number of analysts have recently issued reports on EWTX shares. Piper Sandler reaffirmed an “overweight” rating and set a $51.00 price objective on shares of Edgewise Therapeutics in a report on Wednesday, April 2nd. Guggenheim started coverage on shares of Edgewise Therapeutics in a report on Wednesday, April 30th. They set a “buy” rating and a $41.00 price objective for the company. Stifel Nicolaus started coverage on shares of Edgewise Therapeutics in a report on Wednesday, January 22nd. They set a “hold” rating and a $30.00 price objective for the company. Scotiabank downgraded shares of Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and dropped their price objective for the stock from $50.00 to $14.00 in a report on Wednesday, April 2nd. Finally, Wedbush reaffirmed an “outperform” rating and set a $43.00 price objective on shares of Edgewise Therapeutics in a report on Monday, April 21st.

Insiders Place Their Bets

In other Edgewise Therapeutics news, CEO Kevin Koch sold 4,276 shares of the business’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $16.45, for a total value of $70,340.20. Following the transaction, the chief executive officer now owns 20,619 shares in the company, valued at approximately $339,182.55. The trade was a 17.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Orbimed Advisors Llc acquired 496,771 shares of the firm’s stock in a transaction on Thursday, April 3rd. The stock was purchased at an average price of $20.13 per share, for a total transaction of $10,000,000.23. Following the transaction, the director now directly owns 14,809,075 shares of the company’s stock, valued at approximately $298,106,679.75. This trade represents a 3.47% increase in their position. The disclosure for this purchase can be found here. Insiders sold 14,258 shares of company stock valued at $234,544 over the last three months. Insiders own 23.20% of the company’s stock.

Hedge Funds Weigh In On Edgewise Therapeutics

Hedge funds have recently modified their holdings of the company. Diadema Partners LP purchased a new position in shares of Edgewise Therapeutics in the fourth quarter valued at about $36,000. GF Fund Management CO. LTD. purchased a new position in shares of Edgewise Therapeutics in the fourth quarter valued at about $53,000. Jones Financial Companies Lllp purchased a new position in shares of Edgewise Therapeutics in the first quarter valued at about $47,000. Aquatic Capital Management LLC purchased a new position in shares of Edgewise Therapeutics in the fourth quarter valued at about $77,000. Finally, Allostery Investments LP purchased a new position in shares of Edgewise Therapeutics in the first quarter valued at about $66,000.

Edgewise Therapeutics Price Performance

EWTX opened at $14.78 on Friday. The company has a fifty day moving average price of $16.96 and a 200-day moving average price of $24.82. The firm has a market capitalization of $1.55 billion, a P/E ratio of -9.85 and a beta of 0.36. Edgewise Therapeutics has a one year low of $10.60 and a one year high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.43) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.02. On average, analysts expect that Edgewise Therapeutics will post -1.45 earnings per share for the current year.

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.