Brokerages Set Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Target Price at $36.00

by · The Cerbat Gem

Edgewise Therapeutics, Inc. (NASDAQ:EWTX – Get Free Report) has earned an average rating of “Moderate Buy” from the eleven brokerages that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, three have issued a hold recommendation, six have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $36.00.

Several equities analysts have commented on EWTX shares. Royal Bank Of Canada increased their price objective on shares of Edgewise Therapeutics from $49.00 to $50.00 and gave the company an “outperform” rating in a research report on Friday, November 7th. Wedbush lowered their price target on shares of Edgewise Therapeutics from $35.00 to $32.00 and set an “outperform” rating for the company in a report on Friday, November 7th. JPMorgan Chase & Co. lifted their price target on Edgewise Therapeutics from $33.00 to $34.00 and gave the stock an “overweight” rating in a research report on Friday, November 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research report on Wednesday, October 8th. Finally, Wall Street Zen lowered Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, December 27th.

Check Out Our Latest Analysis on EWTX

Insider Buying and Selling at Edgewise Therapeutics

In other news, Director Jonathan C. Fox bought 10,700 shares of the stock in a transaction dated Tuesday, November 11th. The stock was purchased at an average price of $18.64 per share, for a total transaction of $199,448.00. Following the acquisition, the director owned 23,702 shares of the company’s stock, valued at $441,805.28. The trade was a 82.30% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Alan J. Russell sold 100,000 shares of Edgewise Therapeutics stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $21.12, for a total transaction of $2,112,000.00. Following the transaction, the insider directly owned 23,400 shares of the company’s stock, valued at approximately $494,208. This represents a 81.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 23.20% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

Several institutional investors have recently added to or reduced their stakes in EWTX. Braidwell LP lifted its position in shares of Edgewise Therapeutics by 111.9% during the second quarter. Braidwell LP now owns 5,210,831 shares of the company’s stock worth $68,314,000 after purchasing an additional 2,752,023 shares during the last quarter. Bellevue Group AG grew its position in Edgewise Therapeutics by 94.3% during the 2nd quarter. Bellevue Group AG now owns 2,775,997 shares of the company’s stock worth $36,393,000 after purchasing an additional 1,347,068 shares during the last quarter. First Light Asset Management LLC grew its holdings in shares of Edgewise Therapeutics by 137.3% during the first quarter. First Light Asset Management LLC now owns 1,852,290 shares of the company’s stock valued at $40,750,000 after buying an additional 1,071,651 shares during the last quarter. Siren L.L.C. grew its holdings in shares of Edgewise Therapeutics by 131.0% during the first quarter. Siren L.L.C. now owns 1,696,444 shares of the company’s stock valued at $37,322,000 after buying an additional 962,101 shares during the last quarter. Finally, Cormorant Asset Management LP increased its position in shares of Edgewise Therapeutics by 20.4% in the 1st quarter. Cormorant Asset Management LP now owns 4,101,992 shares of the company’s stock valued at $90,244,000 after acquiring an additional 695,458 shares during the period.

Edgewise Therapeutics Price Performance

NASDAQ EWTX opened at $24.82 on Friday. Edgewise Therapeutics has a 1-year low of $10.60 and a 1-year high of $30.48. The business has a 50 day simple moving average of $21.87 and a two-hundred day simple moving average of $16.98. The stock has a market capitalization of $2.63 billion, a PE ratio of -15.71 and a beta of 0.26.

Edgewise Therapeutics (NASDAQ:EWTX – Get Free Report) last posted its earnings results on Thursday, November 6th. The company reported ($0.39) EPS for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.01. On average, analysts anticipate that Edgewise Therapeutics will post -1.45 EPS for the current fiscal year.

About Edgewise Therapeutics

(Get Free Report)

Edgewise Therapeutics, Inc (NASDAQ: EWTX) is a clinical-stage biopharmaceutical company headquartered in Cambridge, Massachusetts, focused on the discovery and development of precision medicines for the treatment of rare diseases. The company leverages its expertise in small-molecule chemistry and ion channel biology to address severe, unmet medical needs, particularly in the areas of kidney disorders and neuromuscular diseases.

At the core of Edgewise’s pipeline is EWTX-101, a novel, orally available inhibitor of TRPC5, a calcium channel implicated in nephrotic syndromes such as focal segmental glomerulosclerosis (FSGS) and other proteinuric kidney diseases.

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