Edgewise Therapeutics (NASDAQ:EWTX) Trading 5.2% Higher – Still a Buy?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s stock price was up 5.2% during trading on Friday . The company traded as high as $28.54 and last traded at $28.01. Approximately 503,242 shares changed hands during mid-day trading, a decline of 48% from the average daily volume of 958,928 shares. The stock had previously closed at $26.63.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on EWTX shares. Royal Bank of Canada reissued an “outperform” rating and issued a $32.00 price objective on shares of Edgewise Therapeutics in a research report on Tuesday, September 17th. Wedbush reissued an “outperform” rating and issued a $31.00 price objective on shares of Edgewise Therapeutics in a research report on Friday, August 16th. JPMorgan Chase & Co. increased their price objective on shares of Edgewise Therapeutics from $30.00 to $31.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Truist Financial increased their price objective on shares of Edgewise Therapeutics from $25.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $48.00 target price on shares of Edgewise Therapeutics in a research report on Monday, July 1st. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Edgewise Therapeutics presently has an average rating of “Buy” and a consensus target price of $35.00.

Edgewise Therapeutics Stock Performance

The stock’s 50-day moving average is $20.09 and its 200 day moving average is $18.79. The stock has a market capitalization of $2.65 billion, a PE ratio of -18.32 and a beta of 0.20.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its earnings results on Thursday, August 8th. The company reported ($0.34) EPS for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.02. Analysts expect that Edgewise Therapeutics, Inc. will post -1.47 earnings per share for the current year.

Insiders Place Their Bets

In other Edgewise Therapeutics news, CFO R Michael Carruthers sold 125,092 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were 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 directly owns 6,904 shares of the company’s stock, valued at approximately $197,247.28. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CFO R Michael Carruthers sold 125,092 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $28.57, for a total value of $3,573,878.44. Following the completion of the sale, the chief financial officer now owns 6,904 shares in the company, valued at approximately $197,247.28. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel John R. Moore sold 50,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $28.37, for a total transaction of $1,418,500.00. Following the completion of the sale, the general counsel now owns 3,252 shares of the company’s stock, valued at $92,259.24. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 278,176 shares of company stock valued at $7,893,316. Insiders own 24.11% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in EWTX. Sofinnova Investments Inc. acquired a new position in Edgewise Therapeutics during the second quarter worth about $8,567,000. Federated Hermes Inc. purchased a new stake in shares of Edgewise Therapeutics during the second quarter worth about $833,000. Perceptive Advisors LLC purchased a new stake in shares of Edgewise Therapeutics during the fourth quarter worth about $6,078,000. Vanguard Group Inc. grew its holdings in shares of Edgewise Therapeutics by 89.0% during the first quarter. Vanguard Group Inc. now owns 4,017,433 shares of the company’s stock worth $73,278,000 after buying an additional 1,892,053 shares in the last quarter. Finally, Frazier Life Sciences Management L.P. grew its holdings in shares of Edgewise Therapeutics by 214.2% during the fourth quarter. Frazier Life Sciences Management L.P. now owns 2,667,203 shares of the company’s stock worth $29,179,000 after buying an additional 1,818,181 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.