Edgewise Therapeutics (NASDAQ:EWTX) Hits New 12-Month Low – Should You Sell?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $12.18 and last traded at $15.13, with a volume of 3865036 shares. The stock had previously closed at $20.13.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Scotiabank began coverage on Edgewise Therapeutics in a research note on Friday, March 7th. They issued a “sector outperform” rating and a $50.00 target price for the company. Stifel Nicolaus assumed coverage on shares of Edgewise Therapeutics in a research note on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 price objective for the company. Evercore ISI raised their target price 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, Royal Bank of Canada restated an “outperform” rating and set a $56.00 price target on shares of Edgewise Therapeutics in a report on Tuesday, March 4th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $45.38.

Edgewise Therapeutics Price Performance

The stock has a market cap of $1.44 billion, a PE ratio of -10.12 and a beta of 0.22. The company has a 50 day moving average price of $26.04 and a two-hundred day moving average price of $28.64.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings data on Monday, March 3rd. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.03). As a group, equities analysts predict that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Alan J. Russell sold 1,200 shares of the business’s stock in a transaction 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 transaction, the insider now owns 14,863 shares of the company’s stock, valued at approximately $447,822.19. The trade was a 7.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Kevin Koch sold 8,636 shares of the company’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $30.03, for a total transaction of $259,339.08. Following the transaction, the chief executive officer now owns 14,478 shares of the company’s stock, valued at approximately $434,774.34. This represents a 37.36 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,836 shares of company stock worth $986,245. Company insiders own 24.11% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

Several hedge funds have recently bought and sold shares of the stock. Summit Investment Advisors Inc. increased its position in shares of Edgewise Therapeutics by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 7,594 shares of the company’s stock valued at $203,000 after purchasing an additional 482 shares during the last quarter. Alliancebernstein L.P. increased its position in Edgewise Therapeutics by 1.7% during the fourth quarter. Alliancebernstein L.P. now owns 77,260 shares of the company’s stock valued at $2,063,000 after acquiring an additional 1,300 shares during the last quarter. Diadema Partners LP bought a new position in Edgewise Therapeutics during the fourth quarter valued at $36,000. Rhumbline Advisers raised its stake in shares of Edgewise Therapeutics by 1.5% in the fourth quarter. Rhumbline Advisers now owns 102,397 shares of the company’s stock valued at $2,734,000 after acquiring an additional 1,525 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Edgewise Therapeutics by 4.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,313 shares of the company’s stock worth $1,103,000 after acquiring an additional 1,595 shares during 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.