Edgewise Therapeutics (NASDAQ:EWTX) Shares Gap Down – Here’s Why

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) gapped down prior to trading on Wednesday . The stock had previously closed at $27.39, but opened at $26.06. Edgewise Therapeutics shares last traded at $26.52, with a volume of 158,987 shares changing hands.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on EWTX. Piper Sandler lifted their target price on Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Evercore ISI increased their target price on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 17th. Stifel Nicolaus started coverage on Edgewise Therapeutics in a research note on Wednesday. They issued a “hold” rating and a $30.00 price target for the company. Wedbush raised their price objective on Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Finally, Truist Financial increased their target price on Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $41.29.

Edgewise Therapeutics Trading Down 1.3 %

The company has a market capitalization of $2.56 billion, a P/E ratio of -18.03 and a beta of 0.20. The stock has a 50 day moving average price of $29.49 and a 200 day moving average price of $26.14.

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

Insider Buying and Selling

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

Institutional Trading of Edgewise Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. raised its holdings in Edgewise Therapeutics by 21.7% during 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 during the last quarter. Meeder Asset Management Inc. raised its stake in Edgewise Therapeutics by 69.9% during the third quarter. Meeder Asset Management Inc. now owns 3,307 shares of the company’s stock worth $88,000 after buying an additional 1,361 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Edgewise Therapeutics by 5.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 84,294 shares of the company’s stock valued at $2,250,000 after buying an additional 4,426 shares during the period. Chicago Partners Investment Group LLC bought a new stake in Edgewise Therapeutics during the third quarter valued at $161,000. Finally, Quantum Private Wealth LLC grew its holdings in Edgewise Therapeutics by 10.0% during the 3rd quarter. Quantum Private Wealth LLC now owns 73,424 shares of the company’s stock worth $1,960,000 after acquiring an additional 6,650 shares during the period.

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.