Short Interest in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Decreases By 10.2%

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) saw a large decline in short interest in the month of November. As of November 30th, there was short interest totalling 5,740,000 shares, a decline of 10.2% from the November 15th total of 6,390,000 shares. Currently, 9.2% of the company’s shares are short sold. Based on an average daily volume of 1,110,000 shares, the days-to-cover ratio is presently 5.2 days.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on EWTX shares. Wedbush upped their price target on Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Evercore ISI upped their price objective on Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday. Piper Sandler upped their target price on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $32.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday, September 17th. Finally, Truist Financial increased their price objective on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $43.17.

Edgewise Therapeutics Stock Down 7.7 %

Shares of EWTX stock traded down $2.52 during trading hours on Tuesday, hitting $30.17. 1,641,481 shares of the company’s stock were exchanged, compared to its average volume of 940,576. The firm has a market cap of $2.86 billion, a P/E ratio of -20.41 and a beta of 0.12. Edgewise Therapeutics has a fifty-two week low of $6.82 and a fifty-two week high of $38.12. The firm has a 50 day moving average of $32.79 and a two-hundred day moving average of $24.30.

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

Insider Activity

In other news, CFO R Michael Carruthers sold 125,092 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 6,904 shares in the company, valued at approximately $197,247.28. This trade represents a 94.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel John R. Moore sold 50,000 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $28.37, for a total transaction of $1,418,500.00. Following the completion of the sale, the general counsel now directly owns 3,252 shares of the company’s stock, valued at $92,259.24. This trade represents a 93.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 278,176 shares of company stock valued at $7,893,316 in the last ninety days. 24.11% of the stock is owned by company insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

Several institutional investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. grew its position in Edgewise Therapeutics by 21.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock worth $88,000 after purchasing an additional 604 shares during the last quarter. Quest Partners LLC increased its stake in Edgewise Therapeutics by 156.9% in the 2nd quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock valued at $31,000 after buying an additional 1,064 shares during the period. Meeder Asset Management Inc. raised its position in Edgewise Therapeutics by 69.9% during the 3rd quarter. Meeder Asset Management Inc. now owns 3,307 shares of the company’s stock worth $88,000 after buying an additional 1,361 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Edgewise Therapeutics by 5.5% in the 3rd 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 period. Finally, Chicago Partners Investment Group LLC purchased a new stake in shares of Edgewise Therapeutics in the third quarter valued at about $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.