Edgewise Therapeutics (NASDAQ:EWTX) Shares Up 5.9% – What’s Next?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) was up 5.9% during mid-day trading on Thursday . The company traded as high as $28.45 and last traded at $28.25. Approximately 300,132 shares were traded during trading, a decline of 68% from the average daily volume of 931,674 shares. The stock had previously closed at $26.67.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on EWTX shares. Wedbush lifted their price target on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. 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 report on Wednesday, November 27th. Stifel Nicolaus began coverage on shares of Edgewise Therapeutics in a research report on Wednesday, January 22nd. They set a “hold” rating and a $30.00 price target for the company. Finally, Evercore ISI lifted their target price on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an “outperform” rating in a report on Tuesday, December 17th. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Edgewise Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $41.29.

Edgewise Therapeutics Stock Down 0.1 %

The firm has a market capitalization of $2.56 billion, a PE ratio of -18.05 and a beta of 0.20. The firm’s fifty day simple moving average is $27.59 and its 200-day simple moving average is $27.20.

Insider Transactions at Edgewise Therapeutics

In related news, CEO Kevin Koch sold 8,636 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $30.03, for a total transaction of $259,339.08. Following the completion of the sale, the chief executive officer now directly owns 14,478 shares in the company, valued at approximately $434,774.34. The trade was a 37.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Alan J. Russell sold 100,000 shares of the business’s 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 owns 14,863 shares of the company’s stock, 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. Insiders sold 164,545 shares of company stock worth $4,605,305 over the last three months. 24.11% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

A number of hedge funds have recently modified their holdings of EWTX. Braidwell LP bought a new position in shares of Edgewise Therapeutics in the third quarter worth approximately $52,267,000. Janus Henderson Group PLC boosted its position in shares of Edgewise Therapeutics by 74.8% in the third quarter. Janus Henderson Group PLC now owns 4,558,519 shares of the company’s stock worth $121,616,000 after purchasing an additional 1,951,220 shares during the period. Paradigm Biocapital Advisors LP boosted its position in shares of Edgewise Therapeutics by 61.1% in the fourth quarter. Paradigm Biocapital Advisors LP now owns 4,493,929 shares of the company’s stock worth $119,988,000 after purchasing an additional 1,704,757 shares during the period. First Light Asset Management LLC bought a new position in shares of Edgewise Therapeutics in the fourth quarter worth approximately $20,843,000. Finally, Foresite Capital Management VI LLC bought a new position in shares of Edgewise Therapeutics in the fourth quarter worth approximately $15,620,000.

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.