Edgewise Therapeutics (NASDAQ:EWTX) Stock Price Expected to Rise, HC Wainwright Analyst Says

Edgewise Therapeutics (NASDAQ:EWTX) had its price objective raised by investment analysts at HC Wainwright from $45.00 to $57.00 in a note issued to investors on Monday, Marketbeat Ratings reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s target price indicates a potential upside of 28.06% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. Royal Bank Of Canada boosted their price target on Edgewise Therapeutics from $48.00 to $59.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 17th. Raymond James Financial restated a “strong-buy” rating and set a $66.00 price objective on shares of Edgewise Therapeutics in a report on Monday, June 1st. JPMorgan Chase & Co. upped their target price on Edgewise Therapeutics from $53.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday, August 20th. Oppenheimer began coverage on Edgewise Therapeutics in a research note on Thursday, July 9th. They set an “outperform” rating and a $51.00 target price for the company. Finally, Guggenheim increased their target price on Edgewise Therapeutics from $41.00 to $51.00 and gave the company a “buy” rating in a research note on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $51.33.

Edgewise Therapeutics Trading Down 0.3%

NASDAQ:EWTX opened at $44.51 on Monday. The firm’s fifty day simple moving average is $42.77 and its 200 day simple moving average is $37.39. Edgewise Therapeutics has a twelve month low of $14.25 and a twelve month high of $48.51. The firm has a market capitalization of $4.83 billion, a price-to-earnings ratio of -24.06 and a beta of 0.32.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.53) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.47) by ($0.06). On average, analysts predict that Edgewise Therapeutics will post -2.09 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Kevin Koch sold 17,971 shares of the company’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $43.68, for a total transaction of $784,973.28. Following the completion of the transaction, the chief executive officer owned 52,488 shares in the company, valued at approximately $2,292,675.84. This represents a 25.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CMO Joanne M. Donovan sold 2,919 shares of the stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $43.41, for a total transaction of $126,713.79. Following the completion of the sale, the chief marketing officer directly owned 8,625 shares in the company, valued at approximately $374,411.25. This trade represents a 25.29% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 238,329 shares of company stock valued at $9,557,529 over the last three months. Corporate insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of EWTX. Parallel Advisors LLC increased its stake in Edgewise Therapeutics by 64.9% in the 1st quarter. Parallel Advisors LLC now owns 1,032 shares of the company’s stock worth $33,000 after purchasing an additional 406 shares in the last quarter. KBC Group NV acquired a new position in shares of Edgewise Therapeutics in the first quarter worth about $49,000. Seven Fleet Capital Management LP acquired a new position in shares of Edgewise Therapeutics in the fourth quarter worth about $50,000. Squarepoint Ops LLC purchased a new position in shares of Edgewise Therapeutics in the second quarter worth approximately $230,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Edgewise Therapeutics during the second quarter valued at approximately $240,000.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics, Inc is a clinical-stage biotechnology company focused on developing small-molecule medicines for severe muscle disorders. The company’s research is centered on therapies intended to address the biological mechanisms that contribute to muscle damage and impaired function in diseases affecting skeletal and cardiac muscle.

Edgewise’s lead program is sevasemten (also known as EDG-5506), an orally administered investigational therapy designed to reduce contraction-related muscle injury by selectively modulating fast skeletal muscle contractility.