Truist Financial Issues Positive Forecast for Edgewise Therapeutics (NASDAQ:EWTX) Stock Price

Edgewise Therapeutics (NASDAQ:EWTX) had its price target upped by Truist Financial from $33.00 to $50.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities research analysts have also commented on EWTX. Wedbush upped their price target on Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. upped their target price on Edgewise Therapeutics from $30.00 to $31.00 and gave the company an “overweight” rating in a report on Monday, August 12th. Royal Bank of Canada reissued an “outperform” rating and set a $32.00 target price on shares of Edgewise Therapeutics in a research report on Tuesday, September 17th. Piper Sandler boosted their price target on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. Finally, Evercore ISI began coverage on shares of Edgewise Therapeutics in a research report on Friday, November 22nd. They set an “outperform” rating and a $45.00 price objective for the company. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $42.33.

Edgewise Therapeutics Price Performance

EWTX opened at $32.20 on Wednesday. Edgewise Therapeutics has a fifty-two week low of $5.93 and a fifty-two week high of $38.12. The company’s 50 day moving average price is $31.51 and its two-hundred day moving average price is $22.97. The firm has a market capitalization of $3.05 billion, a price-to-earnings ratio of -21.47 and a beta of 0.14.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.36) EPS for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. As a group, equities research analysts predict that Edgewise Therapeutics will post -1.46 EPS for the current year.

Insider Transactions at Edgewise Therapeutics

In other news, CMO Joanne M. Donovan sold 7,162 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $28.29, for a total value 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 trade represents a 33.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Alan J. Russell sold 75,000 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $28.27, for a total value of $2,120,250.00. Following the transaction, the insider now directly owns 12,719 shares in the company, valued at approximately $359,566.13. This trade represents a 85.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 278,176 shares of company stock valued at $7,893,316 in the last quarter. 24.11% of the stock is currently owned by company insiders.

Institutional Trading of Edgewise Therapeutics

Several hedge funds have recently bought and sold shares of the business. Quest Partners LLC raised its holdings in Edgewise Therapeutics by 156.9% during the second quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock worth $31,000 after buying an additional 1,064 shares during the last quarter. Meeder Asset Management Inc. bought a new stake in shares of Edgewise Therapeutics during the second quarter worth about $35,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Edgewise Therapeutics by 21.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock worth $88,000 after acquiring an additional 604 shares during the last quarter. Chicago Partners Investment Group LLC bought a new position in Edgewise Therapeutics in the 3rd quarter valued at about $161,000. Finally, Arizona State Retirement System acquired a new position in Edgewise Therapeutics during the 2nd quarter valued at about $188,000.

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.