Edgewise Therapeutics (NASDAQ:EWTX) Earns “Buy” Rating from Truist Financial

Truist Financial reaffirmed their buy rating on shares of Edgewise Therapeutics (NASDAQ:EWTX) in a research note published on Wednesday, Benzinga reports. Truist Financial currently has a $25.00 price objective on the stock.

Other equities research analysts have also issued research reports about the stock. Piper Sandler started coverage on shares of Edgewise Therapeutics in a report on Thursday, March 7th. They set an overweight rating and a $48.00 price objective for the company. Wedbush reaffirmed an outperform rating and set a $26.00 price target on shares of Edgewise Therapeutics in a research note on Tuesday.

Edgewise Therapeutics Stock Performance

Shares of NASDAQ EWTX opened at $15.23 on Wednesday. Edgewise Therapeutics has a fifty-two week low of $5.12 and a fifty-two week high of $20.69. The company has a market cap of $1.42 billion, a price-to-earnings ratio of -9.64 and a beta of 0.14. The business’s 50 day moving average price is $17.04 and its 200-day moving average price is $12.00.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings data on Thursday, February 22nd. The company reported ($0.47) EPS for the quarter, missing the consensus estimate of ($0.44) by ($0.03). Sell-side analysts predict that Edgewise Therapeutics will post -1.76 earnings per share for the current year.

Insiders Place Their Bets

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

Institutional Trading of Edgewise Therapeutics

A number of institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. raised its holdings in shares of Edgewise Therapeutics by 23.4% in the first quarter. JPMorgan Chase & Co. now owns 27,166 shares of the company’s stock worth $263,000 after buying an additional 5,156 shares during the last quarter. MetLife Investment Management LLC increased its position in shares of Edgewise Therapeutics by 55.4% in the 1st quarter. MetLife Investment Management LLC now owns 23,355 shares of the company’s stock valued at $227,000 after acquiring an additional 8,328 shares during the period. Rhumbline Advisers raised its stake in Edgewise Therapeutics by 20.8% in the 1st quarter. Rhumbline Advisers now owns 36,861 shares of the company’s stock worth $358,000 after acquiring an additional 6,350 shares during the last quarter. BlackRock Inc. lifted its position in Edgewise Therapeutics by 0.4% during the 1st quarter. BlackRock Inc. now owns 2,055,160 shares of the company’s stock worth $19,934,000 after acquiring an additional 7,557 shares during the period. Finally, Vanguard Group Inc. lifted its position in Edgewise Therapeutics by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 1,211,093 shares of the company’s stock worth $11,748,000 after acquiring an additional 11,693 shares during the period.

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.