Stock Traders Buy High Volume of Call Options on Edgewise Therapeutics (NASDAQ:EWTX)

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) was the target of some unusual options trading activity on Tuesday. Traders purchased 6,019 call options on the company. This represents an increase of 322% compared to the average volume of 1,426 call options.

Insider Activity at Edgewise Therapeutics

In other Edgewise Therapeutics news, CFO R Michael Carruthers sold 125,092 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $28.57, for a total value of $3,573,878.44. Following the sale, the chief financial officer now directly owns 6,904 shares in the company, valued at $197,247.28. This trade represents a 94.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, General Counsel John R. Moore sold 20,922 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $27.63, for a total transaction of $578,074.86. Following the completion of the sale, the general counsel now owns 3,252 shares in the company, valued at $89,852.76. This represents a 86.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 278,176 shares of company stock worth $7,893,316. 24.11% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of EWTX. Quest Partners LLC boosted its holdings in shares of Edgewise Therapeutics by 156.9% in the second quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock valued at $31,000 after buying an additional 1,064 shares during the period. Meeder Asset Management Inc. acquired a new position in shares of Edgewise Therapeutics in the second quarter valued at approximately $35,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Edgewise Therapeutics by 21.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock valued at $88,000 after buying an additional 604 shares during the period. Chicago Partners Investment Group LLC acquired a new position in shares of Edgewise Therapeutics in the third quarter valued at approximately $161,000. Finally, US Bancorp DE boosted its holdings in shares of Edgewise Therapeutics by 12,452.9% in the third quarter. US Bancorp DE now owns 8,536 shares of the company’s stock valued at $228,000 after buying an additional 8,468 shares during the period.

Analyst Upgrades and Downgrades

EWTX has been the subject of several analyst reports. 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 report on Friday, November 8th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $32.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday, September 17th. Truist Financial boosted their target price on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. JPMorgan Chase & Co. boosted their target price on shares of Edgewise Therapeutics from $30.00 to $31.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. Finally, Piper Sandler boosted their target price on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a research note on Friday, October 11th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $42.33.

Edgewise Therapeutics Stock Up 0.5 %

NASDAQ EWTX traded up $0.14 during trading on Tuesday, reaching $30.38. 57,052 shares of the stock traded hands, compared to its average volume of 927,591. The firm has a market cap of $2.88 billion, a price-to-earnings ratio of -20.16 and a beta of 0.12. The stock’s 50-day moving average price is $32.58 and its 200 day moving average price is $23.86. Edgewise Therapeutics has a fifty-two week low of $6.44 and a fifty-two week high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last issued 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 anticipate that Edgewise Therapeutics will post -1.45 EPS for the current fiscal year.

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.