Edgewise Therapeutics (NASDAQ:EWTX) Sees Unusually-High Trading Volume – Time to Buy?

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) saw strong trading volume on Thursday . 1,615,517 shares were traded during mid-day trading, an increase of 56% from the previous session’s volume of 1,036,301 shares.The stock last traded at $13.05 and had previously closed at $15.52.

Analyst Ratings Changes

A number of research firms recently commented on EWTX. Scotiabank lowered shares of Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and lowered their price objective for the company from $50.00 to $14.00 in a research note on Wednesday. Piper Sandler reiterated an “overweight” rating and set a $51.00 price target on shares of Edgewise Therapeutics in a research report on Wednesday. Evercore ISI upped their price objective on Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, December 17th. Royal Bank of Canada lowered their target price on Edgewise Therapeutics from $56.00 to $52.00 and set an “outperform” rating on the stock in a report on Thursday. Finally, Stifel Nicolaus started coverage on shares of Edgewise Therapeutics in a research report on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 price target on the stock. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $40.38.

Edgewise Therapeutics Price Performance

The firm has a fifty day moving average price of $25.81 and a 200 day moving average price of $28.55. The firm has a market capitalization of $1.27 billion, a PE ratio of -8.99 and a beta of 0.22.

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

Insider Buying and Selling

In related news, CEO Kevin Koch sold 8,636 shares of the company’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $30.03, for a total transaction of $259,339.08. Following the transaction, the chief executive officer now directly owns 14,478 shares of the company’s stock, valued at approximately $434,774.34. The trade was a 37.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Alan J. Russell sold 1,200 shares of the firm’s stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $30.13, for a total value of $36,156.00. Following the sale, the insider now owns 14,863 shares of the company’s stock, valued at $447,822.19. The trade was a 7.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 34,836 shares of company stock valued at $986,245. Company insiders own 24.11% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

A number of hedge funds have recently made changes to their positions in the stock. Summit Investment Advisors Inc. grew its position in Edgewise Therapeutics by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 7,594 shares of the company’s stock valued at $203,000 after purchasing an additional 482 shares in the last quarter. Alliancebernstein L.P. increased its stake in shares of Edgewise Therapeutics by 1.7% in the fourth quarter. Alliancebernstein L.P. now owns 77,260 shares of the company’s stock worth $2,063,000 after acquiring an additional 1,300 shares during the last quarter. Diadema Partners LP purchased a new stake in shares of Edgewise Therapeutics during the fourth quarter worth $36,000. Rhumbline Advisers boosted its position in Edgewise Therapeutics by 1.5% during the fourth quarter. Rhumbline Advisers now owns 102,397 shares of the company’s stock valued at $2,734,000 after purchasing an additional 1,525 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Edgewise Therapeutics by 4.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,313 shares of the company’s stock valued at $1,103,000 after purchasing an additional 1,595 shares during 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.