Edgewise Therapeutics (NASDAQ:EWTX) Shares Up 6.9%

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s stock price traded up 6.9% during trading on Monday . The company traded as high as $20.84 and last traded at $20.78. 336,291 shares traded hands during trading, a decline of 61% from the average session volume of 860,675 shares. The stock had previously closed at $19.43.

Analyst Ratings Changes

A number of analysts recently weighed in on EWTX shares. Piper Sandler restated an “overweight” rating and issued a $48.00 price objective on shares of Edgewise Therapeutics in a report on Monday, July 1st. Wedbush reissued an “outperform” rating and issued a $31.00 price target on shares of Edgewise Therapeutics in a research note on Wednesday, June 26th. Truist Financial reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Edgewise Therapeutics in a research note on Wednesday, April 17th. Royal Bank of Canada reissued an “outperform” rating and set a $32.00 target price on shares of Edgewise Therapeutics in a research report on Wednesday. Finally, JPMorgan Chase & Co. boosted their price target on shares of Edgewise Therapeutics from $27.00 to $30.00 and gave the stock an “overweight” rating in a research report on Tuesday. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $33.20.

Edgewise Therapeutics Stock Down 5.8 %

The company has a market capitalization of $2.01 billion, a P/E ratio of -13.88 and a beta of 0.14. The firm’s 50-day moving average price is $18.18 and its 200 day moving average price is $16.58.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its earnings results on Thursday, May 9th. The company reported ($0.33) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.06. As a group, equities research analysts expect that Edgewise Therapeutics, Inc. will post -1.59 EPS for the current year.

Insider Activity at Edgewise Therapeutics

In other news, CFO R Michael Carruthers sold 2,157 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total value of $40,788.87. Following the transaction, the chief financial officer now owns 35,230 shares in the company, valued at approximately $666,199.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 3,682 shares of the business’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $18.91, for a total value of $69,626.62. Following the transaction, the chief marketing officer now directly owns 19,897 shares in the company, valued at $376,252.27. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO R Michael Carruthers sold 2,157 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total transaction of $40,788.87. Following the sale, the chief financial officer now owns 35,230 shares of the company’s stock, valued at approximately $666,199.30. The disclosure for this sale can be found here. Insiders have sold 12,665 shares of company stock valued at $239,495 over the last ninety days. Corporate insiders own 24.11% of the company’s stock.

Hedge Funds Weigh In On Edgewise Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of EWTX. Simplicity Wealth LLC bought a new position in Edgewise Therapeutics in the 2nd quarter worth approximately $274,000. RA Capital Management L.P. purchased a new position in Edgewise Therapeutics during the 1st quarter valued at about $162,502,000. Artal Group S.A. purchased a new stake in shares of Edgewise Therapeutics in the first quarter worth about $14,806,000. California State Teachers Retirement System increased its holdings in Edgewise Therapeutics by 23.1% during the 1st quarter. California State Teachers Retirement System now owns 36,467 shares of the company’s stock worth $665,000 after acquiring an additional 6,847 shares during the period. Finally, Janus Henderson Group PLC lifted its stake in Edgewise Therapeutics by 48.6% in the 1st quarter. Janus Henderson Group PLC now owns 1,805,312 shares of the company’s stock worth $32,898,000 after purchasing an additional 590,299 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.