Edgewise Therapeutics’ (EWTX) “Buy” Rating Reiterated at Truist Financial

Edgewise Therapeutics (NASDAQ:EWTX)‘s stock had its “buy” rating reiterated by investment analysts at Truist Financial in a report issued on Wednesday, Benzinga reports. They currently have a $25.00 target price on the stock. Truist Financial’s target price indicates a potential upside of 59.34% from the stock’s current price.

EWTX has been the topic of several other research reports. Wedbush reaffirmed an “outperform” rating and issued a $26.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday. Piper Sandler assumed coverage on shares of Edgewise Therapeutics in a report on Thursday, March 7th. They set an “overweight” rating and a $48.00 target price for the company.

Edgewise Therapeutics Price Performance

Shares of NASDAQ EWTX traded down $0.94 during mid-day trading on Wednesday, hitting $15.69. The company had a trading volume of 434,363 shares, compared to its average volume of 946,975. Edgewise Therapeutics has a 12 month low of $5.12 and a 12 month high of $20.69. The stock has a market cap of $1.46 billion, a price-to-earnings ratio of -9.91 and a beta of 0.14. The firm’s 50 day simple moving average is $17.30 and its two-hundred day simple moving average is $11.88.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings results on Thursday, February 22nd. The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.03). Equities analysts forecast that Edgewise Therapeutics will post -1.76 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Peter A. Thompson bought 454,545 shares of the company’s stock in a transaction dated Tuesday, January 23rd. The shares were acquired at an average cost of $11.00 per share, with a total value of $4,999,995.00. Following the completion of the transaction, the director now directly owns 14,436,497 shares in the company, valued at approximately $158,801,467. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Peter A. Thompson purchased 454,545 shares of Edgewise Therapeutics stock in a transaction that occurred on Tuesday, January 23rd. The stock was acquired at an average price of $11.00 per share, for a total transaction of $4,999,995.00. Following the transaction, the director now owns 14,436,497 shares in the company, valued at $158,801,467. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO R Michael Carruthers sold 90,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $15.78, for a total transaction of $1,420,200.00. Following the completion of the transaction, the chief financial officer now directly owns 29,024 shares of the company’s stock, valued at approximately $457,998.72. The disclosure for this sale can be found here. In the last quarter, insiders have sold 120,622 shares of company stock worth $2,032,766. Company insiders own 31.95% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Institutional investors have recently bought and sold shares of the business. Frazier Life Sciences Management L.P. grew its position in Edgewise Therapeutics by 214.2% in the fourth quarter. Frazier Life Sciences Management L.P. now owns 2,667,203 shares of the company’s stock worth $29,179,000 after acquiring an additional 1,818,181 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Edgewise Therapeutics by 132.6% during the second quarter. Goldman Sachs Group Inc. now owns 1,753,849 shares of the company’s stock valued at $13,592,000 after buying an additional 999,710 shares in the last quarter. Barclays PLC raised its holdings in Edgewise Therapeutics by 4,161.3% during the fourth quarter. Barclays PLC now owns 778,916 shares of the company’s stock valued at $8,522,000 after buying an additional 760,637 shares in the last quarter. Ensign Peak Advisors Inc acquired a new stake in shares of Edgewise Therapeutics in the first quarter worth about $6,427,000. Finally, Perceptive Advisors LLC bought a new stake in shares of Edgewise Therapeutics during the 4th quarter worth about $6,078,000.

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.