Edgewise Therapeutics (NASDAQ:EWTX) Sets New 12-Month High – What’s Next?

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $33.14 and last traded at $32.99, with a volume of 1059448 shares. The stock had previously closed at $31.82.

Analysts Set New Price Targets

Several analysts have issued reports on EWTX shares. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $32.00 price target on shares of Edgewise Therapeutics in a report on Tuesday, September 17th. Piper Sandler lifted their price objective on Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. JPMorgan Chase & Co. upped their target price on shares of Edgewise Therapeutics from $30.00 to $31.00 and gave the company an “overweight” rating in a report on Monday, August 12th. Truist Financial lifted their price target on shares of Edgewise Therapeutics from $25.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Finally, Wedbush reissued an “outperform” rating and set a $31.00 price objective on shares of Edgewise Therapeutics in a research note on Friday, August 16th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $35.60.

Edgewise Therapeutics Trading Up 1.4 %

The stock has a market capitalization of $3.32 billion, a price-to-earnings ratio of -22.91 and a beta of 0.20. The business has a 50 day simple moving average of $22.78 and a 200-day simple moving average of $19.69.

Edgewise Therapeutics (NASDAQ:EWTX) last released its earnings results on Thursday, August 8th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.36) by $0.02. Research analysts predict that Edgewise Therapeutics, Inc. will post -1.47 EPS for the current year.

Insider Transactions at Edgewise Therapeutics

In other news, CFO R Michael Carruthers sold 125,092 shares of the 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 completion of the sale, the chief financial officer now owns 6,904 shares of the company’s stock, valued at $197,247.28. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO R Michael Carruthers sold 125,092 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $28.57, for a total transaction of $3,573,878.44. Following the completion of the sale, the chief financial officer now directly owns 6,904 shares in the company, valued at $197,247.28. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CMO Joanne M. Donovan sold 7,162 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $28.29, for a total value of $202,612.98. Following the completion of the transaction, the chief marketing officer now owns 14,538 shares in the company, valued at approximately $411,280.02. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 278,176 shares of company stock worth $7,893,316 in the last ninety days. Insiders own 24.11% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Virtu Financial LLC acquired a new stake in Edgewise Therapeutics during the fourth quarter valued at approximately $263,000. Denali Advisors LLC acquired a new stake in shares of Edgewise Therapeutics during the 1st quarter valued at approximately $350,000. GSA Capital Partners LLP lifted its stake in Edgewise Therapeutics by 41.5% during the first quarter. GSA Capital Partners LLP now owns 74,511 shares of the company’s stock worth $1,359,000 after purchasing an additional 21,851 shares during the last quarter. Swiss National Bank boosted its holdings in Edgewise Therapeutics by 34.3% in the first quarter. Swiss National Bank now owns 67,300 shares of the company’s stock worth $1,228,000 after purchasing an additional 17,200 shares during the period. Finally, Quantum Private Wealth LLC increased its stake in Edgewise Therapeutics by 5.5% during the first quarter. Quantum Private Wealth LLC now owns 66,674 shares of the company’s stock valued at $1,216,000 after purchasing an additional 3,455 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.