Edgewise Therapeutics (NASDAQ:EWTX) Stock Price Expected to Rise, Evercore ISI Analyst Says

Edgewise Therapeutics (NASDAQ:EWTX) had its price target boosted by equities research analysts at Evercore ISI from $45.00 to $50.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Evercore ISI’s price objective would suggest a potential upside of 66.61% from the stock’s current price.

A number of other research firms have also recently commented on EWTX. Piper Sandler boosted their price objective on Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Truist Financial upped their price objective on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Wedbush lifted their target price on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $32.00 price target on shares of Edgewise Therapeutics in a research report on Tuesday, September 17th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $43.17.

Edgewise Therapeutics Stock Performance

Shares of NASDAQ EWTX opened at $30.01 on Tuesday. The company has a market capitalization of $2.84 billion, a PE ratio of -20.01 and a beta of 0.12. The company’s fifty day moving average price is $32.81 and its 200 day moving average price is $24.43. Edgewise Therapeutics has a 1 year low of $8.00 and a 1 year high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its earnings results on Thursday, November 7th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.37) by $0.01. On average, equities analysts expect that Edgewise Therapeutics will post -1.45 EPS for the current year.

Insiders Place Their Bets

In other Edgewise Therapeutics news, General Counsel John R. Moore sold 50,000 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $28.37, for a total value of $1,418,500.00. Following the completion of the sale, the general counsel now directly owns 3,252 shares in the company, valued at $92,259.24. This represents a 93.89 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Alan J. Russell sold 75,000 shares of Edgewise Therapeutics stock in a transaction 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 owns 12,719 shares in the company, valued at approximately $359,566.13. This represents a 85.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 278,176 shares of company stock valued at $7,893,316 in the last 90 days. 24.11% of the stock is owned by insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of EWTX. Mirae Asset Global Investments Co. Ltd. boosted its holdings in 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 valued at $88,000 after purchasing an additional 604 shares during the last quarter. Quest Partners LLC grew its position in Edgewise Therapeutics by 156.9% in the second quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock worth $31,000 after acquiring an additional 1,064 shares during the period. Meeder Asset Management Inc. increased its stake in Edgewise Therapeutics by 69.9% during the third quarter. Meeder Asset Management Inc. now owns 3,307 shares of the company’s stock worth $88,000 after acquiring an additional 1,361 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Edgewise Therapeutics by 5.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 84,294 shares of the company’s stock valued at $2,250,000 after purchasing an additional 4,426 shares during the last quarter. Finally, Chicago Partners Investment Group LLC purchased a new position in shares of Edgewise Therapeutics during the 3rd quarter worth $161,000.

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.