Insider Selling: Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Insider Sells $882,060.21 in Stock

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) insider Marc Semigran sold 29,709 shares of the stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $29.69, for a total value of $882,060.21. Following the completion of the sale, the insider now owns 6,716 shares in the company, valued at approximately $199,398.04. The trade was a 81.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Edgewise Therapeutics Stock Performance

NASDAQ:EWTX opened at $28.74 on Monday. The firm has a 50-day simple moving average of $32.34 and a 200-day simple moving average of $25.09. Edgewise Therapeutics, Inc. has a one year low of $9.00 and a one year high of $38.12. The firm has a market cap of $2.72 billion, a P/E ratio of -19.16 and a beta of 0.12.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its earnings results on Thursday, November 7th. The company reported ($0.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. On average, research analysts predict that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of hedge funds have recently made changes to their positions in EWTX. JPMorgan Chase & Co. grew its stake in Edgewise Therapeutics by 146.3% in the third quarter. JPMorgan Chase & Co. now owns 158,506 shares of the company’s stock valued at $4,231,000 after purchasing an additional 94,147 shares during the last quarter. Exome Asset Management LLC bought a new stake in shares of Edgewise Therapeutics in the 3rd quarter valued at about $1,599,000. Franklin Resources Inc. grew its position in shares of Edgewise Therapeutics by 84.2% in the 3rd quarter. Franklin Resources Inc. now owns 45,223 shares of the company’s stock worth $1,207,000 after buying an additional 20,674 shares during the last quarter. Barclays PLC raised its stake in shares of Edgewise Therapeutics by 291.0% during the 3rd quarter. Barclays PLC now owns 119,350 shares of the company’s stock worth $3,186,000 after acquiring an additional 88,826 shares in the last quarter. Finally, Orion Portfolio Solutions LLC purchased a new stake in Edgewise Therapeutics during the third quarter valued at approximately $347,000.

Analyst Ratings Changes

A number of research firms have weighed in on EWTX. Royal Bank of Canada reiterated an “outperform” rating and issued a $32.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday, September 17th. Wedbush raised their price target on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Piper Sandler boosted their price objective on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Evercore ISI upped their target price on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 17th. Finally, Truist Financial lifted their price target on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $43.17.

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.