Edgewise Therapeutics (NASDAQ:EWTX) Shares Up 5.9% – Here’s Why

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shot up 5.9% during trading on Thursday . The stock traded as high as $28.45 and last traded at $28.25. 300,132 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 931,674 shares. The stock had previously closed at $26.67.

Wall Street Analyst Weigh In

Several equities research analysts have commented on EWTX shares. Truist Financial upped their price objective on Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Stifel Nicolaus initiated coverage on shares of Edgewise Therapeutics in a research note on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 price target on the stock. Wedbush lifted their target price on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Finally, Evercore ISI lifted their price objective on Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an “outperform” rating in a report on Tuesday, December 17th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $41.29.

Edgewise Therapeutics Trading Up 5.4 %

The firm has a market capitalization of $2.66 billion, a price-to-earnings ratio of -18.83 and a beta of 0.20. The firm has a 50 day moving average price of $27.62 and a two-hundred day moving average price of $27.13.

Insiders Place Their Bets

In other news, insider Marc Semigran sold 29,709 shares of the business’s stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $29.69, for a total transaction of $882,060.21. Following the transaction, the insider now directly owns 6,716 shares in the company, valued at $199,398.04. The trade was a 81.56 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Alan J. Russell sold 1,200 shares of the business’s stock in a transaction that occurred on 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 directly owns 14,863 shares of the company’s stock, valued at approximately $447,822.19. The trade was a 7.47 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 164,545 shares of company stock worth $4,605,305. 24.11% of the stock is owned by company insiders.

Institutional Trading of Edgewise Therapeutics

Several large investors have recently modified their holdings of EWTX. Diadema Partners LP bought a new stake in shares of Edgewise Therapeutics in the fourth quarter valued at approximately $36,000. GF Fund Management CO. LTD. acquired a new position in shares of Edgewise Therapeutics during the fourth quarter valued at about $53,000. Aquatic Capital Management LLC bought a new stake in shares of Edgewise Therapeutics in the fourth quarter valued at about $77,000. Mirae Asset Global Investments Co. Ltd. increased its stake in Edgewise Therapeutics by 21.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock valued at $88,000 after acquiring an additional 604 shares during the period. Finally, Meeder Asset Management Inc. raised its holdings in Edgewise Therapeutics by 69.9% in the 3rd quarter. Meeder Asset Management Inc. now owns 3,307 shares of the company’s stock valued at $88,000 after acquiring an additional 1,361 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.