Short Interest in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Decreases By 9.1%

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) was the recipient of a large decline in short interest in October. As of October 15th, there was short interest totalling 8,490,000 shares, a decline of 9.1% from the September 30th total of 9,340,000 shares. Based on an average daily volume of 1,210,000 shares, the short-interest ratio is presently 7.0 days. Approximately 14.3% of the company’s shares are short sold.

Analysts Set New Price Targets

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

Insider Activity

In other Edgewise Therapeutics news, insider Alan J. Russell sold 75,000 shares of Edgewise Therapeutics stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $28.27, for a total transaction of $2,120,250.00. Following the sale, the insider now directly owns 12,719 shares of the company’s stock, valued at approximately $359,566.13. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Edgewise Therapeutics news, insider Alan J. Russell sold 75,000 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $28.27, for a total value of $2,120,250.00. Following the completion of the transaction, the insider now owns 12,719 shares in the company, valued at approximately $359,566.13. This represents a 0.00 % 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, CFO R Michael Carruthers sold 125,092 shares of the firm’s 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 transaction, the chief financial officer now directly owns 6,904 shares of the company’s stock, valued at $197,247.28. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 278,176 shares of company stock valued at $7,893,316. Corporate insiders own 24.11% of the company’s stock.

Hedge Funds Weigh In On Edgewise Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. RA Capital Management L.P. bought a new position in shares of Edgewise Therapeutics during the 1st quarter valued at $162,502,000. Novo Holdings A S bought a new position in Edgewise Therapeutics in the second quarter valued at about $114,263,000. Baker BROS. Advisors LP boosted its position in Edgewise Therapeutics by 87.6% in the first quarter. Baker BROS. Advisors LP now owns 5,840,059 shares of the company’s stock worth $106,523,000 after purchasing an additional 2,727,273 shares during the last quarter. Vanguard Group Inc. boosted its position in Edgewise Therapeutics by 89.0% in the first quarter. Vanguard Group Inc. now owns 4,017,433 shares of the company’s stock worth $73,278,000 after purchasing an additional 1,892,053 shares during the last quarter. Finally, Frazier Life Sciences Management L.P. grew its stake in shares of Edgewise Therapeutics by 12.9% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 3,731,067 shares of the company’s stock valued at $67,197,000 after purchasing an additional 427,500 shares during the period.

Edgewise Therapeutics Trading Down 3.3 %

EWTX stock traded down $1.13 during midday trading on Wednesday, hitting $33.32. The company’s stock had a trading volume of 511,818 shares, compared to its average volume of 963,042. The firm’s 50-day moving average is $25.47 and its 200-day moving average is $20.73. Edgewise Therapeutics has a 12 month low of $5.12 and a 12 month high of $36.66. The company has a market cap of $3.12 billion, a PE ratio of -21.68 and a beta of 0.20.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.02. Analysts expect that Edgewise Therapeutics will post -1.47 earnings per share for the current year.

About Edgewise Therapeutics

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.