Edgewise Therapeutics (NASDAQ:EWTX) Shares Gap Down – Time to Sell?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $25.67, but opened at $25.00. Edgewise Therapeutics shares last traded at $25.54, with a volume of 36,831 shares traded.

Analyst Upgrades and Downgrades

EWTX has been the topic of several recent research reports. Stifel Nicolaus initiated coverage on shares of Edgewise Therapeutics in a research report on Wednesday, January 22nd. They set a “hold” rating and a $30.00 target price on the stock. Evercore ISI lifted 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. Royal Bank of Canada reiterated an “outperform” rating and set a $56.00 target price on shares of Edgewise Therapeutics in a research report on Tuesday, March 4th. Truist Financial lifted their target price on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Finally, Scotiabank began coverage on shares of Edgewise Therapeutics in a research report on Friday, March 7th. They set a “sector outperform” rating and a $50.00 target price on the stock. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $45.38.

Edgewise Therapeutics Stock Performance

The firm’s 50 day moving average price is $26.69 and its two-hundred day moving average price is $28.16. The company has a market cap of $2.44 billion, a P/E ratio of -17.12 and a beta of 0.22.

Edgewise Therapeutics (NASDAQ:EWTX) last released 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). As a group, analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Insider Buying and Selling at Edgewise Therapeutics

In other news, insider Alan J. Russell sold 100,000 shares of the company’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $27.37, for a total value of $2,737,000.00. Following the completion of the sale, the insider now owns 14,863 shares in the company, valued at $406,800.31. This represents a 87.06 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 completion of the sale, the chief executive officer now owns 14,478 shares of the company’s stock, valued at approximately $434,774.34. The trade was a 37.36 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 164,545 shares of company stock worth $4,605,305. 24.11% of the stock is owned by corporate insiders.

Institutional Trading of Edgewise Therapeutics

Several institutional investors have recently made changes to their positions in the company. Baker BROS. Advisors LP grew its stake in shares of Edgewise Therapeutics by 5.4% in the 4th quarter. Baker BROS. Advisors LP now owns 6,155,940 shares of the company’s stock worth $164,364,000 after acquiring an additional 315,881 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Edgewise Therapeutics by 9.3% in the 4th quarter. Janus Henderson Group PLC now owns 4,983,940 shares of the company’s stock worth $133,044,000 after buying an additional 425,421 shares during the last quarter. Paradigm Biocapital Advisors LP boosted its holdings in shares of Edgewise Therapeutics by 61.1% in the 4th quarter. Paradigm Biocapital Advisors LP now owns 4,493,929 shares of the company’s stock worth $119,988,000 after buying an additional 1,704,757 shares during the last quarter. Braidwell LP boosted its holdings in shares of Edgewise Therapeutics by 19.1% in the 4th quarter. Braidwell LP now owns 2,332,196 shares of the company’s stock worth $62,270,000 after buying an additional 373,886 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C boosted its holdings in shares of Edgewise Therapeutics by 16.7% in the 4th quarter. Deerfield Management Company L.P. Series C now owns 2,078,509 shares of the company’s stock worth $55,496,000 after buying an additional 297,503 shares during the last quarter.

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.