Evercore ISI Begins Coverage on Edgewise Therapeutics (NASDAQ:EWTX)

Analysts at Evercore ISI initiated coverage on shares of Edgewise Therapeutics (NASDAQ:EWTX) in a note issued to investors on Friday,Briefing.com Automated Import reports. The brokerage set an “outperform” rating and a $45.00 price target on the stock. Evercore ISI’s price objective points to a potential upside of 40.21% from the stock’s current price.

Other equities analysts have also issued reports about the stock. Wedbush raised their target price on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Royal Bank of Canada reiterated an “outperform” rating and issued a $32.00 price target on shares of Edgewise Therapeutics in a research note on Tuesday, September 17th. Piper Sandler upped their price objective on Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. JPMorgan Chase & Co. raised their price objective on Edgewise Therapeutics from $30.00 to $31.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Finally, Truist Financial boosted their target price on Edgewise Therapeutics from $25.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $39.50.

Edgewise Therapeutics Stock Performance

Shares of Edgewise Therapeutics stock opened at $32.10 on Friday. The firm has a 50-day moving average of $30.66 and a 200-day moving average of $22.69. Edgewise Therapeutics has a 52-week low of $5.93 and a 52-week high of $38.12. The stock has a market cap of $3.04 billion, a PE ratio of -21.40 and a beta of 0.14.

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

Insider Buying and Selling at Edgewise Therapeutics

In other news, CMO Joanne M. Donovan sold 7,162 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $28.29, for a total transaction of $202,612.98. Following the completion of the sale, the chief marketing officer now directly owns 14,538 shares in the company, valued at $411,280.02. This represents a 33.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel John R. Moore sold 50,000 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $28.37, for a total transaction of $1,418,500.00. Following the sale, the general counsel now directly owns 3,252 shares in the company, valued at $92,259.24. This trade represents a 93.89 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 278,176 shares of company stock worth $7,893,316. 24.11% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

Hedge funds have recently added to or reduced their stakes in the business. ProShare Advisors LLC boosted its position in shares of Edgewise Therapeutics by 51.6% during the 1st quarter. ProShare Advisors LLC now owns 16,885 shares of the company’s stock worth $308,000 after purchasing an additional 5,748 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Edgewise Therapeutics by 89.0% in the first quarter. Vanguard Group Inc. now owns 4,017,433 shares of the company’s stock valued at $73,278,000 after purchasing an additional 1,892,053 shares in the last quarter. Ameritas Investment Partners Inc. boosted its position in shares of Edgewise Therapeutics by 37.3% during the first quarter. Ameritas Investment Partners Inc. now owns 5,751 shares of the company’s stock valued at $105,000 after buying an additional 1,561 shares during the last quarter. American International Group Inc. grew its holdings in Edgewise Therapeutics by 33.6% during the first quarter. American International Group Inc. now owns 28,418 shares of the company’s stock worth $518,000 after buying an additional 7,151 shares in the last quarter. Finally, Baker BROS. Advisors LP raised its position in Edgewise Therapeutics by 87.6% in the 1st quarter. Baker BROS. Advisors LP now owns 5,840,059 shares of the company’s stock valued at $106,523,000 after buying an additional 2,727,273 shares during the last quarter.

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.