Stock Traders Purchase High Volume of Call Options on Edgewise Therapeutics (NASDAQ:EWTX)

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) was the target of unusually large options trading on Tuesday. Traders acquired 6,019 call options on the stock. This is an increase of approximately 322% compared to the typical daily volume of 1,426 call options.

Edgewise Therapeutics Stock Performance

Edgewise Therapeutics stock opened at $29.46 on Wednesday. The stock has a market cap of $2.79 billion, a P/E ratio of -20.24 and a beta of 0.12. Edgewise Therapeutics has a fifty-two week low of $6.44 and a fifty-two week high of $38.12. The firm’s fifty day moving average price is $32.58 and its 200-day moving average price is $23.86.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its earnings results on Thursday, November 7th. The company reported ($0.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. Sell-side analysts predict that Edgewise Therapeutics will post -1.45 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO R Michael Carruthers sold 125,092 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $28.57, for a total transaction of $3,573,878.44. Following the transaction, the chief financial officer now owns 6,904 shares of the company’s stock, valued at $197,247.28. This represents a 94.77 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Alan J. Russell sold 75,000 shares of Edgewise Therapeutics stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $28.27, for a total value of $2,120,250.00. Following the completion of the sale, the insider now directly owns 12,719 shares of the company’s stock, valued at approximately $359,566.13. This trade represents a 85.50 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 278,176 shares of company stock valued at $7,893,316. Insiders own 24.11% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Sofinnova Investments Inc. purchased a new stake in shares of Edgewise Therapeutics during the 2nd quarter valued at $8,567,000. Federated Hermes Inc. bought a new position in Edgewise Therapeutics in the second quarter valued at $833,000. Ally Bridge Group NY LLC purchased a new stake in Edgewise Therapeutics during the third quarter valued at about $5,010,000. SG Americas Securities LLC lifted its stake in Edgewise Therapeutics by 657.9% during the second quarter. SG Americas Securities LLC now owns 64,173 shares of the company’s stock worth $1,156,000 after purchasing an additional 55,706 shares during the last quarter. Finally, abrdn plc purchased a new position in shares of Edgewise Therapeutics in the 3rd quarter worth about $6,850,000.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Wedbush lifted their target price on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Royal Bank of Canada reiterated an “outperform” rating and issued a $32.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday, September 17th. Evercore ISI started coverage on Edgewise Therapeutics in a research report on Friday, November 22nd. They set an “outperform” rating and a $45.00 target price on the stock. Piper Sandler lifted their price target on Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Finally, Truist Financial boosted their price objective on Edgewise Therapeutics from $33.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Edgewise Therapeutics presently has an average rating of “Buy” and a consensus target price of $42.33.

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.