Edgewise Therapeutics (NASDAQ:EWTX) Shares Down 3.5% – Should You Sell?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s stock price traded down 3.5% on Wednesday . The stock traded as low as $25.57 and last traded at $25.61. 528,562 shares changed hands during mid-day trading, a decline of 43% from the average session volume of 922,370 shares. The stock had previously closed at $26.53.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Stifel Nicolaus assumed coverage on shares of Edgewise Therapeutics in a report on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 target price on the stock. Scotiabank began coverage on shares of Edgewise Therapeutics in a report on Friday, March 7th. They set a “sector outperform” rating and a $50.00 price objective on the stock. Evercore ISI boosted their price objective 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. Royal Bank of Canada reissued an “outperform” rating and set a $56.00 price objective on shares of Edgewise Therapeutics in a report on Tuesday, March 4th. Finally, Truist Financial upped their price target on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Edgewise Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $45.38.

Edgewise Therapeutics Price Performance

The firm’s 50-day moving average price is $26.66 and its 200-day moving average price is $28.22. The company has a market cap of $2.25 billion, a price-to-earnings ratio of -15.74 and a beta of 0.22.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings data on Monday, March 3rd. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.03). On average, sell-side analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.

Insider Activity

In other news, CEO Kevin Koch sold 8,636 shares of the company’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $30.03, for a total value of $259,339.08. Following the completion of the transaction, the chief executive officer now directly owns 14,478 shares in the company, valued at approximately $434,774.34. This represents a 37.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Alan J. Russell sold 100,000 shares of the company’s stock in a transaction 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 completion of the transaction, 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. Over the last three months, insiders sold 164,545 shares of company stock worth $4,605,305. 24.11% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in EWTX. Quest Partners LLC boosted its stake in Edgewise Therapeutics by 418.7% during the 3rd quarter. Quest Partners LLC now owns 9,035 shares of the company’s stock valued at $241,000 after acquiring an additional 7,293 shares during the last quarter. Meeder Asset Management Inc. boosted its stake in Edgewise Therapeutics by 69.9% during the 3rd quarter. Meeder Asset Management Inc. now owns 3,307 shares of the company’s stock valued at $88,000 after acquiring an additional 1,361 shares during the last quarter. Intech Investment Management LLC bought a new position in Edgewise Therapeutics during the 3rd quarter valued at $531,000. Glenmede Trust Co. NA bought a new position in Edgewise Therapeutics during the 3rd quarter valued at $483,000. Finally, Acuta Capital Partners LLC bought a new position in Edgewise Therapeutics during the 3rd quarter valued at $1,681,000.

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.