Edgewise Therapeutics (NASDAQ:EWTX) Trading Up 4.9% – Should You Buy?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s share price was up 4.9% during trading on Thursday . The company traded as high as $27.84 and last traded at $28.02. Approximately 705,238 shares traded hands during mid-day trading, a decline of 28% from the average daily volume of 979,849 shares. The stock had previously closed at $26.71.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on EWTX shares. Wedbush increased their target price on Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Truist Financial increased their target price on Edgewise Therapeutics from $33.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Evercore ISI increased their target price on Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, December 17th. Stifel Nicolaus started coverage on Edgewise Therapeutics in a research note on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 target price for the company. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $56.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Edgewise Therapeutics has an average rating of “Moderate Buy” and an average target price of $45.38.

Edgewise Therapeutics Trading Down 0.4 %

The business has a 50 day simple moving average of $26.78 and a two-hundred day simple moving average of $27.76. The stock has a market cap of $2.67 billion, a price-to-earnings ratio of -18.67 and a beta of 0.22.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings data on Monday, March 3rd. The company reported ($0.42) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.03). Research analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Insider Transactions at Edgewise Therapeutics

In other news, insider Alan J. Russell sold 100,000 shares of Edgewise Therapeutics stock in a transaction that occurred 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 completion of the transaction, the insider now owns 14,863 shares in the company, valued at approximately $406,800.31. This trade represents a 87.06 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Marc Semigran sold 29,709 shares of Edgewise Therapeutics stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $29.69, for a total value of $882,060.21. Following the completion of the transaction, the insider now owns 6,716 shares of the company’s stock, valued at approximately $199,398.04. The trade was a 81.56 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 164,545 shares of company stock worth $4,605,305. 24.11% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Diadema Partners LP acquired a new position in shares of Edgewise Therapeutics in the 4th quarter worth approximately $36,000. GF Fund Management CO. LTD. acquired a new position in Edgewise Therapeutics during the 4th quarter valued at approximately $53,000. Aquatic Capital Management LLC acquired a new position in Edgewise Therapeutics during the 4th quarter valued at approximately $77,000. Meeder Asset Management Inc. boosted 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 valued at $88,000 after purchasing an additional 1,361 shares during the period. Finally, Tower Research Capital LLC TRC boosted its position in Edgewise Therapeutics by 1,097.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,676 shares of the company’s stock valued at $98,000 after purchasing an additional 3,369 shares during the period.

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.