JPMorgan Chase & Co. Raises Edgewise Therapeutics (NASDAQ:EWTX) Price Target to $30.00

Edgewise Therapeutics (NASDAQ:EWTX) had its price target upped by JPMorgan Chase & Co. from $27.00 to $30.00 in a research note published on Tuesday morning, Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms have also commented on EWTX. Piper Sandler reissued an overweight rating and issued a $48.00 price objective on shares of Edgewise Therapeutics in a research note on Monday, July 1st. Royal Bank of Canada boosted their target price on Edgewise Therapeutics from $28.00 to $32.00 and gave the stock an outperform rating in a research report on Monday, April 22nd. Truist Financial restated a buy rating and set a $25.00 target price on shares of Edgewise Therapeutics in a research report on Wednesday, April 17th. Finally, Wedbush restated an outperform rating and set a $31.00 target price on shares of Edgewise Therapeutics in a research report on Wednesday, June 26th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Edgewise Therapeutics currently has an average rating of Buy and a consensus target price of $33.20.

Edgewise Therapeutics Stock Performance

Edgewise Therapeutics stock opened at $22.33 on Tuesday. The firm has a market cap of $2.09 billion, a P/E ratio of -14.41 and a beta of 0.14. The business’s fifty day moving average is $18.25 and its two-hundred day moving average is $16.62. Edgewise Therapeutics has a 52 week low of $5.12 and a 52 week high of $23.21.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($0.33) EPS for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.06. On average, equities research analysts predict that Edgewise Therapeutics will post -1.59 earnings per share for the current year.

Insider Activity at Edgewise Therapeutics

In related news, CMO Joanne M. Donovan sold 3,682 shares of the company’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total value of $69,626.62. Following the completion of the sale, the chief marketing officer now owns 19,897 shares in the company, valued at $376,252.27. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Edgewise Therapeutics news, CFO R Michael Carruthers sold 2,157 shares of the business’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total value of $40,788.87. Following the completion of the transaction, the chief financial officer now directly owns 35,230 shares of the company’s stock, valued at $666,199.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CMO Joanne M. Donovan sold 3,682 shares of the business’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $18.91, for a total value of $69,626.62. Following the completion of the transaction, the chief marketing officer now directly owns 19,897 shares of the company’s stock, valued at $376,252.27. The disclosure for this sale can be found here. Over the last quarter, insiders sold 12,665 shares of company stock worth $239,495. 24.11% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. China Universal Asset Management Co. Ltd. grew its stake in Edgewise Therapeutics by 349.1% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 7,338 shares of the company’s stock valued at $80,000 after acquiring an additional 5,704 shares during the period. AJOVista LLC acquired a new position in Edgewise Therapeutics in the fourth quarter valued at about $84,000. Ameritas Investment Partners Inc. grew its stake in Edgewise Therapeutics by 37.3% in the first quarter. Ameritas Investment Partners Inc. now owns 5,751 shares of the company’s stock valued at $105,000 after acquiring an additional 1,561 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in Edgewise Therapeutics by 29.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 20,833 shares of the company’s stock valued at $228,000 after acquiring an additional 4,785 shares during the period. Finally, Entropy Technologies LP acquired a new position in Edgewise Therapeutics in the first quarter valued at about $231,000.

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.