Edgewise Therapeutics (NASDAQ:EWTX) Shares Gap Up – Should You Buy?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) gapped up before the market opened on Friday . The stock had previously closed at $28.00, but opened at $28.95. Edgewise Therapeutics shares last traded at $28.62, with a volume of 13,083 shares traded.

Analyst Upgrades and Downgrades

EWTX has been the subject of several analyst reports. Piper Sandler raised their price objective on Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Stifel Nicolaus assumed coverage on Edgewise Therapeutics in a research report on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 price target for the company. Truist Financial boosted their price objective on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Evercore ISI raised their target price on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an “outperform” rating in a report on Tuesday, December 17th. Finally, Wedbush upped their price target on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Friday, November 8th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $41.29.

Edgewise Therapeutics Price Performance

The stock’s fifty day moving average price is $28.82 and its 200 day moving average price is $26.43. The stock has a market capitalization of $2.65 billion, a P/E ratio of -18.68 and a beta of 0.20.

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

Insiders Place Their Bets

In other news, CMO Joanne M. Donovan sold 25,000 shares of the business’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $27.63, for a total value of $690,750.00. Following the completion of the sale, the chief marketing officer now owns 16,358 shares in the company, valued at approximately $451,971.54. The trade was a 60.45 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Marc Semigran sold 29,709 shares of the stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $29.69, for a total transaction of $882,060.21. Following the transaction, the insider now owns 6,716 shares in the company, valued at approximately $199,398.04. This represents a 81.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 154,709 shares of company stock worth $4,309,810. 24.11% of the stock is currently owned by company insiders.

Institutional Trading of Edgewise Therapeutics

A number of hedge funds have recently bought and sold shares of the stock. Janus Henderson Group PLC increased its holdings in shares of Edgewise Therapeutics by 74.8% in the 3rd quarter. Janus Henderson Group PLC now owns 4,558,519 shares of the company’s stock valued at $121,616,000 after acquiring an additional 1,951,220 shares during the period. Braidwell LP bought a new position in Edgewise Therapeutics in the third quarter worth about $52,267,000. State Street Corp lifted its position in shares of Edgewise Therapeutics by 1.2% during the third quarter. State Street Corp now owns 1,685,115 shares of the company’s stock valued at $44,976,000 after buying an additional 20,020 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Edgewise Therapeutics by 115.2% in the 2nd quarter. Millennium Management LLC now owns 1,145,506 shares of the company’s stock valued at $20,631,000 after buying an additional 613,251 shares in the last quarter. Finally, Parkman Healthcare Partners LLC boosted its holdings in shares of Edgewise Therapeutics by 14.4% in the 3rd quarter. Parkman Healthcare Partners LLC now owns 657,070 shares of the company’s stock valued at $17,537,000 after buying an additional 82,553 shares in the last quarter.

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.