Edgewise Therapeutics (NASDAQ:EWTX) Shares Up 7.4% – What’s Next?

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) traded up 7.4% during trading on Tuesday . The stock traded as high as $27.27 and last traded at $27.20. 883,883 shares traded hands during mid-day trading, an increase of 8% from the average session volume of 817,137 shares. The stock had previously closed at $25.33.

Wall Street Analyst Weigh In

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

Edgewise Therapeutics Trading Up 6.7 %

The firm has a market cap of $2.56 billion, a PE ratio of -18.02 and a beta of 0.20. The business’s 50-day simple moving average is $30.54 and its 200 day simple moving average is $25.79.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.36) EPS for the quarter, beating the consensus estimate of ($0.37) by $0.01. Analysts expect that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Alan J. Russell sold 100,000 shares of the stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $27.37, for a total value 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Marc Semigran sold 29,709 shares of the stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $29.69, for a total transaction of $882,060.21. Following the completion of the transaction, the insider now owns 6,716 shares in the company, valued at approximately $199,398.04. This trade represents a 81.56 % decrease in their position. The disclosure for this sale can be found here. 24.11% of the stock is owned by company insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Institutional investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Edgewise Therapeutics by 21.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock valued at $88,000 after purchasing an additional 604 shares during the period. Quest Partners LLC raised its holdings in Edgewise Therapeutics by 156.9% in the 2nd quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock worth $31,000 after purchasing an additional 1,064 shares during the period. Meeder Asset Management Inc. grew its holdings in Edgewise Therapeutics by 69.9% in the third quarter. Meeder Asset Management Inc. now owns 3,307 shares of the company’s stock valued at $88,000 after purchasing an additional 1,361 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Edgewise Therapeutics by 5.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 84,294 shares of the company’s stock worth $2,250,000 after acquiring an additional 4,426 shares in the last quarter. Finally, Chicago Partners Investment Group LLC acquired a new stake in shares of Edgewise Therapeutics in the third quarter valued at about $161,000.

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.