Edgewise Therapeutics (NASDAQ:EWTX) Trading Up 7.4% – Here’s Why

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s share price was up 7.4% during trading on Tuesday . The company traded as high as $27.27 and last traded at $27.20. Approximately 883,883 shares changed hands during mid-day trading, an increase of 8% from the average daily volume of 817,137 shares. The stock had previously closed at $25.33.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Evercore ISI upped their price objective on Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 17th. Truist Financial boosted their price objective on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. 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 report on Friday, November 8th. Finally, Piper Sandler lifted their price target on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $43.17.

Edgewise Therapeutics Stock Down 5.2 %

The stock has a fifty day moving average price of $30.20 and a two-hundred day moving average price of $25.87. The company has a market cap of $2.53 billion, a price-to-earnings ratio of -17.81 and a beta of 0.20.

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

Insider Buying and Selling

In other news, insider Marc Semigran sold 29,709 shares of the firm’s stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $29.69, for a total value of $882,060.21. Following the sale, the insider now directly owns 6,716 shares in the company, valued at approximately $199,398.04. This trade represents a 81.56 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Alan J. Russell sold 100,000 shares of Edgewise Therapeutics stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $27.37, for a total transaction of $2,737,000.00. Following the sale, the insider now directly owns 14,863 shares in the company, valued at $406,800.31. This trade represents a 87.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 24.11% of the stock is currently owned by company insiders.

Institutional Trading of Edgewise Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the stock. Quest Partners LLC increased its holdings in shares of Edgewise Therapeutics by 156.9% during the second quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock worth $31,000 after buying an additional 1,064 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Edgewise Therapeutics by 21.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock worth $88,000 after purchasing an additional 604 shares in the last quarter. Meeder Asset Management Inc. raised its position in Edgewise Therapeutics by 69.9% in the third quarter. Meeder Asset Management Inc. now owns 3,307 shares of the company’s stock valued at $88,000 after purchasing an additional 1,361 shares during the last quarter. Chicago Partners Investment Group LLC acquired a new stake in shares of Edgewise Therapeutics during the third quarter valued at about $161,000. Finally, Arizona State Retirement System bought a new stake in shares of Edgewise Therapeutics during the second quarter worth about $188,000.

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.