Edgewise Therapeutics (NASDAQ:EWTX) Stock Price Down 7.3% – What’s Next?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares traded down 7.3% during mid-day trading on Tuesday . The stock traded as low as $20.44 and last traded at $20.40. 591,460 shares traded hands during trading, a decline of 39% from the average session volume of 964,617 shares. The stock had previously closed at $22.00.

Analyst Ratings Changes

EWTX has been the subject of a number of analyst reports. Piper Sandler reaffirmed an “overweight” rating and issued a $51.00 price target on shares of Edgewise Therapeutics in a research note on Wednesday. Royal Bank of Canada decreased their target price on shares of Edgewise Therapeutics from $56.00 to $52.00 and set an “outperform” rating on the stock in a report on Thursday. Stifel Nicolaus started coverage on shares of Edgewise Therapeutics in a report on Wednesday, January 22nd. They set a “hold” rating and a $30.00 price target for the company. Scotiabank lowered shares of Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and reduced their price target for the stock from $50.00 to $14.00 in a research report on Wednesday. Finally, Evercore ISI boosted their price objective on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, December 17th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $40.38.

Edgewise Therapeutics Trading Down 12.5 %

The firm has a market capitalization of $1.29 billion, a price-to-earnings ratio of -9.05 and a beta of 0.22. The stock’s 50-day moving average is $25.54 and its 200-day moving average is $28.44.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings results on Monday, March 3rd. The company reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.03). On average, equities research analysts anticipate 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 1,200 shares of the company’s stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $30.13, for a total value of $36,156.00. Following the completion of the transaction, the insider now owns 14,863 shares of the company’s stock, valued at $447,822.19. This represents a 7.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CMO Joanne M. Donovan sold 25,000 shares of Edgewise Therapeutics stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $27.63, for a total transaction of $690,750.00. Following the sale, the chief marketing officer now owns 16,358 shares in the company, 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. Over the last three months, insiders sold 34,836 shares of company stock worth $986,245. 24.11% of the stock is currently owned by insiders.

Institutional Trading of Edgewise Therapeutics

Institutional investors have recently modified their holdings of the business. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Edgewise Therapeutics during the 4th quarter worth about $2,404,000. GF Fund Management CO. LTD. acquired a new position in shares of Edgewise Therapeutics in the fourth quarter worth approximately $53,000. Neo Ivy Capital Management bought a new stake in Edgewise Therapeutics in the fourth quarter valued at approximately $259,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Edgewise Therapeutics by 231.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 279,125 shares of the company’s stock valued at $7,453,000 after purchasing an additional 194,831 shares during the period. Finally, Woodline Partners LP raised its holdings in Edgewise Therapeutics by 7.5% during the 4th quarter. Woodline Partners LP now owns 567,218 shares of the company’s stock worth $15,145,000 after purchasing an additional 39,379 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.