Edgewise Therapeutics (NASDAQ:EWTX) Hits New 12-Month High – Time to Buy?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) hit a new 52-week high during trading on Wednesday . The company traded as high as $33.14 and last traded at $32.22, with a volume of 494784 shares. The stock had previously closed at $31.50.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on EWTX shares. Weiss Ratings restated a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Wednesday, January 21st. Wall Street Zen downgraded Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, February 28th. JPMorgan Chase & Co. lifted their target price on shares of Edgewise Therapeutics from $34.00 to $45.00 and gave the company an “overweight” rating in a report on Tuesday, March 17th. Piper Sandler reiterated an “overweight” rating on shares of Edgewise Therapeutics in a research note on Monday, February 9th. Finally, Stifel Nicolaus set a $25.00 price target on Edgewise Therapeutics in a report on Thursday, February 26th. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $37.36.

Edgewise Therapeutics Stock Performance

The company has a market cap of $3.51 billion, a P/E ratio of -20.10 and a beta of 0.26. The business has a fifty day simple moving average of $29.68 and a 200 day simple moving average of $23.66.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.04). Equities research analysts expect that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Insider Transactions at Edgewise Therapeutics

In other Edgewise Therapeutics news, Director Badreddin Edris sold 115,471 shares of the business’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $29.44, for a total transaction of $3,399,466.24. Following the completion of the transaction, the director owned 19,820 shares in the company, valued at approximately $583,500.80. The trade was a 85.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 23.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of EWTX. Seven Fleet Capital Management LP acquired a new position in shares of Edgewise Therapeutics in the 4th quarter worth $50,000. Invesco Ltd. raised its holdings in shares of Edgewise Therapeutics by 14.2% during the fourth quarter. Invesco Ltd. now owns 75,438 shares of the company’s stock worth $1,872,000 after acquiring an additional 9,382 shares in the last quarter. Oracle Investment Management Inc. acquired a new stake in Edgewise Therapeutics during the fourth quarter valued at $951,000. KVP Capital Advisors LP purchased a new position in Edgewise Therapeutics in the fourth quarter valued at about $3,300,000. Finally, XTX Topco Ltd purchased a new position in Edgewise Therapeutics in the fourth quarter valued at about $1,380,000.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics, Inc (NASDAQ: EWTX) is a clinical-stage biopharmaceutical company headquartered in Cambridge, Massachusetts, focused on the discovery and development of precision medicines for the treatment of rare diseases. The company leverages its expertise in small-molecule chemistry and ion channel biology to address severe, unmet medical needs, particularly in the areas of kidney disorders and neuromuscular diseases.

At the core of Edgewise’s pipeline is EWTX-101, a novel, orally available inhibitor of TRPC5, a calcium channel implicated in nephrotic syndromes such as focal segmental glomerulosclerosis (FSGS) and other proteinuric kidney diseases.