Edgewise Therapeutics (NASDAQ:EWTX) Stock Price Up 9.3% – Here’s What Happened

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) rose 9.3% on Thursday . The stock traded as high as $25.36 and last traded at $24.34. Approximately 335,906 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 944,532 shares. The stock had previously closed at $22.26.

Wall Street Analyst Weigh In

Several brokerages recently commented on EWTX. Stifel Nicolaus initiated coverage on Edgewise Therapeutics in a research report on Wednesday, January 22nd. They set a “hold” rating and a $30.00 target price on the stock. Scotiabank initiated coverage on Edgewise Therapeutics in a report on Friday, March 7th. They set a “sector outperform” rating and a $50.00 price target on the stock. Evercore ISI lifted their price objective on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, December 17th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $56.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday, March 4th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $45.38.

Edgewise Therapeutics Trading Down 0.7 %

The firm has a market cap of $2.22 billion, a price-to-earnings ratio of -15.51 and a beta of 0.22. The firm’s 50-day moving average is $26.27 and its 200-day moving average is $28.44.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its earnings results on Monday, March 3rd. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.39) by ($0.03). Analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Insider Transactions at Edgewise Therapeutics

In other Edgewise Therapeutics news, insider Alan J. Russell sold 100,000 shares of the business’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $27.37, for a total value of $2,737,000.00. Following the transaction, the insider now owns 14,863 shares of the company’s stock, valued at approximately $406,800.31. The trade was a 87.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CMO Joanne M. Donovan sold 25,000 shares of the firm’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $27.63, for a total value of $690,750.00. Following the sale, the chief marketing officer now directly owns 16,358 shares of the company’s stock, valued at approximately $451,971.54. This represents a 60.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 134,836 shares of company stock worth $3,723,245 in the last 90 days. Insiders own 24.11% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

Several hedge funds have recently added to or reduced their stakes in the stock. Intech Investment Management LLC bought a new stake in shares of Edgewise Therapeutics in the 3rd quarter worth approximately $531,000. Glenmede Trust Co. NA purchased a new position in shares of Edgewise Therapeutics during the 3rd quarter valued at $483,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Edgewise Therapeutics by 5.5% during 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. Walleye Capital LLC bought a new stake in Edgewise Therapeutics in the 3rd quarter valued at about $6,466,000. Finally, Braidwell LP purchased a new stake in Edgewise Therapeutics during the third quarter valued at about $52,267,000.

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.