Edgewise Therapeutics (NASDAQ:EWTX) Shares Down 7.3% – Should You Sell?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s share price fell 7.3% during trading on Tuesday . The company traded as low as $20.44 and last traded at $20.40. 591,460 shares traded hands during trading, a decline of 39% from the average session volume of 964,617 shares. The stock had previously closed at $22.00.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Royal Bank of Canada restated an “outperform” rating and issued a $56.00 target price on shares of Edgewise Therapeutics in a research report on Tuesday, March 4th. Scotiabank began coverage on shares of Edgewise Therapeutics in a research note on Friday, March 7th. They set a “sector outperform” rating and a $50.00 target price on the stock. Evercore ISI increased their target price on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, December 17th. Finally, Stifel Nicolaus started coverage on shares of Edgewise Therapeutics in a research report on Wednesday, January 22nd. They set a “hold” rating and a $30.00 price target on the stock. One analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $45.38.

Edgewise Therapeutics Stock Down 9.1 %

The stock has a market capitalization of $1.90 billion, a price-to-earnings ratio of -13.46 and a beta of 0.22. The company’s 50-day moving average is $26.18 and its 200-day moving average is $28.63.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings results on Monday, March 3rd. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.39) by ($0.03). Sell-side analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Insider Transactions at Edgewise Therapeutics

In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 25,000 shares of the company’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $27.63, for a total transaction of $690,750.00. Following the transaction, the chief marketing officer now directly owns 16,358 shares in the company, valued at $451,971.54. This represents a 60.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Alan J. Russell sold 1,200 shares of the firm’s stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $30.13, for a total value of $36,156.00. Following the transaction, the insider now owns 14,863 shares of the company’s stock, valued at approximately $447,822.19. This represents a 7.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,836 shares of company stock worth $986,245. 24.11% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Several hedge funds have recently bought and sold shares of the company. Franklin Resources Inc. increased its stake in Edgewise Therapeutics by 84.2% during the third quarter. Franklin Resources Inc. now owns 45,223 shares of the company’s stock worth $1,207,000 after purchasing an additional 20,674 shares during the period. Amundi increased its stake in Edgewise Therapeutics by 127.2% during the 4th quarter. Amundi now owns 341,687 shares of the company’s stock worth $8,686,000 after buying an additional 191,267 shares during the period. Victory Capital Management Inc. acquired a new stake in Edgewise Therapeutics during the 4th quarter worth approximately $576,000. XTX Topco Ltd purchased a new position in Edgewise Therapeutics in the 3rd quarter valued at approximately $755,000. Finally, Moody Aldrich Partners LLC grew its stake in shares of Edgewise Therapeutics by 24.3% in the fourth quarter. Moody Aldrich Partners LLC now owns 187,932 shares of the company’s stock worth $5,018,000 after acquiring an additional 36,775 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.