Edgewise Therapeutics (NASDAQ:EWTX) Shares Up 4.9% – Time to Buy?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares rose 4.9% during trading on Thursday . The stock traded as high as $27.84 and last traded at $28.02. Approximately 705,238 shares traded hands during trading, a decline of 28% from the average daily volume of 979,849 shares. The stock had previously closed at $26.71.

Analysts Set New Price Targets

Several research firms recently issued reports on EWTX. Truist Financial increased their price target on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $56.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday. Stifel Nicolaus initiated coverage on shares of Edgewise Therapeutics in a research report on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 price objective on the stock. Evercore ISI raised 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. Finally, Wedbush lifted their target price on Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Friday, November 8th. 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, the stock has an average rating of “Moderate Buy” and a consensus target price of $44.71.

Edgewise Therapeutics Price Performance

The firm has a fifty day simple moving average of $26.81 and a 200 day simple moving average of $27.76. The company has a market cap of $2.66 billion, a price-to-earnings ratio of -18.75 and a beta of 0.20.

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

Insider Activity

In other Edgewise Therapeutics news, insider Alan J. Russell sold 100,000 shares of Edgewise Therapeutics stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $27.37, for a total transaction of $2,737,000.00. Following 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Marc Semigran sold 29,709 shares of the stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $29.69, for a total value of $882,060.21. Following the transaction, the insider now owns 6,716 shares of the company’s stock, valued at $199,398.04. This represents a 81.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 164,545 shares of company stock worth $4,605,305. Company insiders own 24.11% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the business. Summit Investment Advisors Inc. increased its stake in Edgewise Therapeutics by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 7,594 shares of the company’s stock worth $203,000 after purchasing an additional 482 shares in the last quarter. Alliancebernstein L.P. increased its stake in Edgewise Therapeutics by 1.7% in the 4th quarter. Alliancebernstein L.P. now owns 77,260 shares of the company’s stock valued at $2,063,000 after buying an additional 1,300 shares during the last quarter. Diadema Partners LP bought a new position in shares of Edgewise Therapeutics in the 4th quarter valued at about $36,000. Meeder Asset Management Inc. boosted its position in Edgewise Therapeutics by 69.9% during the third quarter. Meeder Asset Management Inc. now owns 3,307 shares of the company’s stock valued at $88,000 after purchasing an additional 1,361 shares during the last quarter. Finally, Rhumbline Advisers raised its stake in shares of Edgewise Therapeutics by 1.5% during the 4th quarter. Rhumbline Advisers now owns 102,397 shares of the company’s stock worth $2,734,000 after purchasing an additional 1,525 shares in the last quarter.

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.