Edgewise Therapeutics (NASDAQ:EWTX) Price Target Raised to $50.00 at Truist Financial

Edgewise Therapeutics (NASDAQ:EWTX) had its price target hoisted by equities research analysts at Truist Financial from $33.00 to $50.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price target would suggest a potential upside of 54.18% from the stock’s current price.

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

Edgewise Therapeutics Stock Performance

Edgewise Therapeutics stock traded up $0.35 during midday trading on Wednesday, reaching $32.43. 182,371 shares of the company’s stock were exchanged, compared to its average volume of 935,136. Edgewise Therapeutics has a 52 week low of $5.93 and a 52 week high of $38.12. The stock’s 50-day simple moving average is $31.23 and its 200 day simple moving average is $22.88. The firm has a market cap of $3.07 billion, a price-to-earnings ratio of -21.62 and a beta of 0.14.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.36) earnings per share for the quarter, beating the consensus estimate of ($0.37) by $0.01. Research analysts forecast that Edgewise Therapeutics will post -1.46 earnings per share for the current year.

Insider Activity

In other news, General Counsel John R. Moore sold 20,922 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $27.63, for a total value of $578,074.86. Following the completion of the transaction, the general counsel now owns 3,252 shares of the company’s stock, valued at approximately $89,852.76. This represents a 86.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Alan J. Russell sold 75,000 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $28.27, for a total transaction of $2,120,250.00. Following the sale, the insider now directly owns 12,719 shares in the company, valued at approximately $359,566.13. The trade was a 85.50 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 278,176 shares of company stock worth $7,893,316. 24.11% of the stock is currently owned by corporate insiders.

Institutional Trading of Edgewise Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Sofinnova Investments Inc. bought a new position in Edgewise Therapeutics during the 2nd quarter worth $8,567,000. Federated Hermes Inc. acquired a new position in shares of Edgewise Therapeutics in the second quarter worth approximately $833,000. Vanguard Group Inc. lifted its stake in shares of Edgewise Therapeutics by 89.0% in the first quarter. Vanguard Group Inc. now owns 4,017,433 shares of the company’s stock worth $73,278,000 after acquiring an additional 1,892,053 shares during the period. SG Americas Securities LLC increased its position in shares of Edgewise Therapeutics by 657.9% during the second quarter. SG Americas Securities LLC now owns 64,173 shares of the company’s stock worth $1,156,000 after buying an additional 55,706 shares during the period. Finally, abrdn plc acquired a new stake in Edgewise Therapeutics during the 3rd quarter worth about $6,850,000.

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.