Edgewise Therapeutics (NASDAQ:EWTX) Shares Gap Down – Here’s What Happened

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) gapped down prior to trading on Monday . The stock had previously closed at $27.72, but opened at $27.16. Edgewise Therapeutics shares last traded at $26.58, with a volume of 28,746 shares changing hands.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Wedbush increased their price target on Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Royal Bank of Canada restated an “outperform” rating and set a $32.00 price target on shares of Edgewise Therapeutics in a research note on Tuesday, September 17th. Truist Financial raised their price target on Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Evercore ISI raised their price target on Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 17th. Finally, Piper Sandler lifted their target price on Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Edgewise Therapeutics has a consensus rating of “Buy” and a consensus price target of $43.17.

Edgewise Therapeutics Stock Performance

The firm has a fifty day moving average price of $31.57 and a 200 day moving average price of $25.44. The firm has a market capitalization of $2.56 billion, a price-to-earnings ratio of -18.03 and a beta of 0.12.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.37) by $0.01. Research analysts predict that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current fiscal year.

Insider Activity

In other Edgewise Therapeutics news, insider Marc Semigran sold 29,709 shares of the firm’s stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $29.69, for a total value of $882,060.21. Following the sale, the insider now directly owns 6,716 shares of the company’s stock, valued at approximately $199,398.04. This trade represents a 81.56 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Alan J. Russell sold 100,000 shares of the company’s stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $27.37, for a total transaction of $2,737,000.00. Following the transaction, the insider now directly owns 14,863 shares of the company’s stock, valued at approximately $406,800.31. This represents a 87.06 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 24.11% of the company’s stock.

Hedge Funds Weigh In On Edgewise Therapeutics

A number of large investors have recently bought and sold shares of the stock. Novo Holdings A S purchased a new position in shares of Edgewise Therapeutics in the 2nd quarter worth about $114,263,000. Janus Henderson Group PLC raised its holdings in Edgewise Therapeutics by 74.8% in the third quarter. Janus Henderson Group PLC now owns 4,558,519 shares of the company’s stock valued at $121,616,000 after buying an additional 1,951,220 shares during the period. Frazier Life Sciences Management L.P. lifted its position in Edgewise Therapeutics by 12.9% during the second quarter. Frazier Life Sciences Management L.P. now owns 3,731,067 shares of the company’s stock valued at $67,197,000 after buying an additional 427,500 shares in the last quarter. Braidwell LP purchased a new stake in Edgewise Therapeutics during the third quarter worth approximately $52,267,000. Finally, State Street Corp increased its position in shares of Edgewise Therapeutics by 1.2% in the third quarter. State Street Corp now owns 1,685,115 shares of the company’s stock worth $44,976,000 after acquiring an additional 20,020 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.