Edgewise Therapeutics (NASDAQ:EWTX) Sees Strong Trading Volume – Should You Buy?

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) saw unusually-high trading volume on Monday . Approximately 898,321 shares changed hands during trading, a decline of 3% from the previous session’s volume of 924,785 shares.The stock last traded at $30.48 and had previously closed at $27.62.

Wall Street Analysts Forecast Growth

EWTX has been the topic of several recent analyst reports. Royal Bank of Canada restated an “outperform” rating and set a $32.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday, September 17th. Evercore ISI raised their price objective on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday. Truist Financial raised their price target on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Wedbush increased their target price on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Finally, Piper Sandler upped their target price on Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Six analysts have rated the stock with a buy rating, According to MarketBeat, Edgewise Therapeutics currently has an average rating of “Buy” and a consensus price target of $43.17.

Edgewise Therapeutics Stock Performance

The company’s 50 day moving average is $32.82 and its 200 day moving average is $24.39. The firm has a market cap of $2.86 billion, a P/E ratio of -20.11 and a beta of 0.12.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its 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. On average, equities research analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Insider Buying and Selling

In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 7,162 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $28.29, for a total transaction of $202,612.98. Following the sale, the chief marketing officer now owns 14,538 shares of the company’s stock, valued at approximately $411,280.02. This represents a 33.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel John R. Moore sold 20,922 shares of Edgewise Therapeutics stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $27.63, for a total transaction of $578,074.86. Following the completion of the sale, the general counsel now owns 3,252 shares of the company’s stock, valued at $89,852.76. This represents a 86.55 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 278,176 shares of company stock valued at $7,893,316 over the last 90 days. 24.11% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in EWTX. Novo Holdings A S purchased a new position in shares of Edgewise Therapeutics during the second quarter valued at approximately $114,263,000. Janus Henderson Group PLC increased its holdings in Edgewise Therapeutics by 74.8% during the third quarter. Janus Henderson Group PLC now owns 4,558,519 shares of the company’s stock worth $121,616,000 after buying an additional 1,951,220 shares during the last quarter. Frazier Life Sciences Management L.P. increased its stake in shares of Edgewise Therapeutics by 12.9% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 3,731,067 shares of the company’s stock worth $67,197,000 after purchasing an additional 427,500 shares during the last quarter. Braidwell LP bought a new stake in shares of Edgewise Therapeutics in the 3rd quarter worth approximately $52,267,000. Finally, State Street Corp lifted its stake in Edgewise Therapeutics by 1.2% in the third quarter. State Street Corp now owns 1,685,115 shares of the company’s stock valued at $44,976,000 after purchasing an additional 20,020 shares during 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.