Edgewise Therapeutics (NASDAQ:EWTX) Stock Price Up 7.1% – Time to Buy?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shot up 7.1% during trading on Friday . The company traded as high as $29.68 and last traded at $28.93. 824,747 shares changed hands during trading, a decline of 12% from the average session volume of 941,506 shares. The stock had previously closed at $27.00.

Analysts Set New Price Targets

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

Edgewise Therapeutics Trading Up 5.0 %

The company has a market capitalization of $2.69 billion, a P/E ratio of -18.82 and a beta of 0.20. The business has a 50 day moving average price of $29.25 and a 200 day moving average price of $26.16.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.36) EPS for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. On average, analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Insider Activity

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in EWTX. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of 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 valued at $88,000 after purchasing an additional 604 shares in the last quarter. Meeder Asset Management Inc. raised its holdings in Edgewise Therapeutics by 69.9% in the 3rd quarter. Meeder Asset Management Inc. now owns 3,307 shares of the company’s stock valued at $88,000 after buying an additional 1,361 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its holdings in shares of Edgewise Therapeutics by 11.3% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 20,077 shares of the company’s stock worth $536,000 after purchasing an additional 2,042 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Edgewise Therapeutics by 5.5% during 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 worth $2,250,000 after acquiring an additional 4,426 shares during the last quarter. Finally, Chicago Partners Investment Group LLC acquired a new stake in Edgewise Therapeutics during the 3rd quarter valued at approximately $161,000.

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.