Piper Sandler Reiterates Overweight Rating for Edgewise Therapeutics (NASDAQ:EWTX)

Edgewise Therapeutics (NASDAQ:EWTX)‘s stock had its “overweight” rating reiterated by stock analysts at Piper Sandler in a research note issued to investors on Monday, Benzinga reports. They presently have a $48.00 price objective on the stock. Piper Sandler’s price objective would indicate a potential upside of 161.15% from the stock’s previous close.

Several other analysts have also recently commented on EWTX. Wedbush reissued an “outperform” rating and set a $31.00 price target on shares of Edgewise Therapeutics in a research note on Wednesday, June 26th. Royal Bank of Canada increased their price target on shares of Edgewise Therapeutics from $28.00 to $32.00 and gave the company an “outperform” rating in a research note on Monday, April 22nd. Finally, Truist Financial reissued a “buy” rating and set a $25.00 price target on shares of Edgewise Therapeutics in a research note on Wednesday, April 17th.

Edgewise Therapeutics Trading Down 5.2 %

Shares of Edgewise Therapeutics stock opened at $18.38 on Monday. The stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of -11.86 and a beta of 0.14. Edgewise Therapeutics has a 1-year low of $5.12 and a 1-year high of $21.60. The firm’s 50-day moving average price is $17.80 and its two-hundred day moving average price is $16.15.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($0.33) earnings per share for the quarter, topping the consensus estimate of ($0.39) by $0.06. As a group, equities research analysts predict that Edgewise Therapeutics will post -1.59 EPS for the current year.

Insider Activity at Edgewise Therapeutics

In related news, CEO Kevin Koch sold 3,152 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $18.91, for a total value of $59,604.32. Following the transaction, the chief executive officer now directly owns 14,478 shares in the company, valued at $273,778.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Edgewise Therapeutics news, CFO R Michael Carruthers sold 2,157 shares of the stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $18.91, for a total value of $40,788.87. Following the sale, the chief financial officer now directly owns 35,230 shares in the company, valued at $666,199.30. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Kevin Koch sold 3,152 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total transaction of $59,604.32. Following the completion of the sale, the chief executive officer now owns 14,478 shares in the company, valued at $273,778.98. The disclosure for this sale can be found here. Insiders have sold 12,665 shares of company stock worth $239,495 over the last ninety days. Company insiders own 24.11% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Several hedge funds have recently bought and sold shares of EWTX. RA Capital Management L.P. acquired a new stake in Edgewise Therapeutics in the first quarter worth $162,502,000. Baker BROS. Advisors LP raised its holdings in shares of Edgewise Therapeutics by 87.6% during the first quarter. Baker BROS. Advisors LP now owns 5,840,059 shares of the company’s stock worth $106,523,000 after acquiring an additional 2,727,273 shares during the period. Vanguard Group Inc. raised its holdings in shares of Edgewise Therapeutics by 89.0% during 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. Frazier Life Sciences Management L.P. raised its holdings in shares of Edgewise Therapeutics by 214.2% during 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 during the period. Finally, Artal Group S.A. acquired a new stake in shares of Edgewise Therapeutics during the first quarter worth $14,806,000.

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.