Traders Purchase Large Volume of Put Options on Edgewise Therapeutics (NASDAQ:EWTX)

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) saw some unusual options trading on Wednesday. Stock traders acquired 13,313 put options on the company. This is an increase of 873% compared to the typical daily volume of 1,368 put options.

Analysts Set New Price Targets

EWTX has been the topic of several research reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $56.00 price objective on shares of Edgewise Therapeutics in a report on Tuesday, March 4th. Scotiabank downgraded Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and set a $14.00 target price for the company. in a research report on Wednesday. Stifel Nicolaus assumed coverage on Edgewise Therapeutics in a report on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 price target on the stock. Piper Sandler reiterated an “overweight” rating and issued a $51.00 price objective on shares of Edgewise Therapeutics in a research report on Wednesday. Finally, Evercore ISI raised their target price 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. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Edgewise Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $40.88.

Edgewise Therapeutics Stock Performance

Shares of EWTX stock opened at $15.52 on Thursday. The company has a market capitalization of $1.48 billion, a price-to-earnings ratio of -10.35 and a beta of 0.22. Edgewise Therapeutics has a 52 week low of $12.18 and a 52 week high of $38.12. The company has a 50-day simple moving average of $25.81 and a 200 day simple moving average of $28.55.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its earnings results 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). Sell-side analysts forecast that Edgewise Therapeutics will post -1.45 EPS for the current year.

Insider Buying and Selling at Edgewise Therapeutics

In other Edgewise Therapeutics news, insider Alan J. Russell sold 1,200 shares of the firm’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $30.13, for a total value of $36,156.00. Following the completion of the sale, the insider now owns 14,863 shares in the company, valued at approximately $447,822.19. This trade represents a 7.47 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CMO Joanne M. Donovan sold 25,000 shares of the business’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $27.63, for a total transaction of $690,750.00. Following the completion of the transaction, 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. Over the last ninety days, insiders have sold 34,836 shares of company stock valued at $986,245. 24.11% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. Baker BROS. Advisors LP grew its holdings in shares of Edgewise Therapeutics by 5.4% during the 4th quarter. Baker BROS. Advisors LP now owns 6,155,940 shares of the company’s stock worth $164,364,000 after purchasing an additional 315,881 shares in the last quarter. Janus Henderson Group PLC lifted its position in Edgewise Therapeutics by 9.3% during the fourth quarter. Janus Henderson Group PLC now owns 4,983,940 shares of the company’s stock worth $133,044,000 after purchasing an additional 425,421 shares during the period. Paradigm Biocapital Advisors LP grew its stake in Edgewise Therapeutics by 61.1% during the fourth quarter. Paradigm Biocapital Advisors LP now owns 4,493,929 shares of the company’s stock worth $119,988,000 after buying an additional 1,704,757 shares in the last quarter. Braidwell LP increased its holdings in Edgewise Therapeutics by 19.1% in the 4th quarter. Braidwell LP now owns 2,332,196 shares of the company’s stock valued at $62,270,000 after buying an additional 373,886 shares during the period. Finally, Deerfield Management Company L.P. Series C raised its position in shares of Edgewise Therapeutics by 16.7% in the 4th quarter. Deerfield Management Company L.P. Series C now owns 2,078,509 shares of the company’s stock valued at $55,496,000 after buying an additional 297,503 shares in 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.