Edgewise Therapeutics (NASDAQ:EWTX) Shares Down 7.1% – Here’s Why

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares traded down 7.1% during mid-day trading on Friday . The stock traded as low as $26.86 and last traded at $26.66. 485,657 shares were traded during trading, a decline of 47% from the average session volume of 921,603 shares. The stock had previously closed at $28.69.

Analysts Set New Price Targets

Several research firms have recently weighed in on EWTX. Wedbush raised their price target on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Piper Sandler boosted their target price on Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Stifel Nicolaus assumed coverage on Edgewise Therapeutics in a report on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 price target for the company. Truist Financial lifted 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. Finally, Evercore ISI upped their target price on Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, December 17th. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $41.29.

Edgewise Therapeutics Stock Performance

The company has a 50 day moving average price of $28.58 and a 200 day moving average price of $26.61. The firm has a market cap of $2.50 billion, a price-to-earnings ratio of -17.58 and a beta of 0.20.

Edgewise Therapeutics (NASDAQ:EWTX) last issued 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. On average, research analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.

Insider Buying and Selling

In other news, CMO Joanne M. Donovan sold 25,000 shares of the stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $27.63, for a total transaction of $690,750.00. Following the completion of the sale, the chief marketing officer now owns 16,358 shares in the company, valued at approximately $451,971.54. This represents a 60.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Alan J. Russell sold 100,000 shares of Edgewise Therapeutics stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $27.37, for a total value of $2,737,000.00. Following the completion of the transaction, the insider now owns 14,863 shares in the company, valued at $406,800.31. This trade represents a 87.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 154,709 shares of company stock worth $4,309,810. Company insiders own 24.11% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Institutional investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. raised its position in Edgewise Therapeutics by 21.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock worth $88,000 after acquiring an additional 604 shares in the last quarter. Meeder Asset Management Inc. raised its stake in shares of Edgewise Therapeutics by 69.9% during the 3rd quarter. Meeder Asset Management Inc. now owns 3,307 shares of the company’s stock worth $88,000 after buying an additional 1,361 shares during the last quarter. Rhumbline Advisers increased its holdings in Edgewise Therapeutics by 1.5% during the 4th 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 in the last quarter. China Universal Asset Management Co. Ltd. raised its position in shares of Edgewise Therapeutics by 11.3% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 20,077 shares of the company’s stock worth $536,000 after purchasing an additional 2,042 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its stake in shares of Edgewise Therapeutics by 6.4% during the fourth quarter. New York State Common Retirement Fund now owns 71,366 shares of the company’s stock valued at $1,905,000 after acquiring an additional 4,284 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.