Edgewise Therapeutics (NASDAQ:EWTX) Hits New 1-Year High – What’s Next?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s share price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $34.00 and last traded at $32.83, with a volume of 577238 shares. The stock had previously closed at $33.33.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Evercore restated an “outperform” rating and issued a $45.00 price target on shares of Edgewise Therapeutics in a report on Thursday, February 26th. Raymond James Financial set a $46.00 price target on shares of Edgewise Therapeutics in a report on Tuesday, March 10th. JPMorgan Chase & Co. raised their price target 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. HC Wainwright upgraded shares of Edgewise Therapeutics to a “strong-buy” rating in a report on Thursday, February 26th. Finally, Piper Sandler restated an “overweight” rating on shares of Edgewise Therapeutics in a report on Monday, February 9th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $38.44.

Edgewise Therapeutics Stock Performance

The firm has a market capitalization of $3.54 billion, a P/E ratio of -20.27 and a beta of 0.24. The business’s fifty day moving average price is $30.17 and its two-hundred day moving average price is $24.38.

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

Insider Buying and Selling

In related news, CMO Joanne M. Donovan sold 28,662 shares of Edgewise Therapeutics stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $32.31, for a total value of $926,069.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Badreddin Edris sold 115,471 shares of Edgewise Therapeutics stock in a transaction that occurred 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 sale, the director owned 19,820 shares of the company’s stock, valued at $583,500.80. This trade represents a 85.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 23.20% of the stock is owned by company insiders.

Institutional Trading of Edgewise Therapeutics

Institutional investors have recently bought and sold shares of the stock. Bessemer Group Inc. boosted its stake in Edgewise Therapeutics by 1,170.3% in the 3rd quarter. Bessemer Group Inc. now owns 2,350 shares of the company’s stock worth $38,000 after purchasing an additional 2,165 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in Edgewise Therapeutics in the 2nd quarter worth approximately $45,000. Jones Financial Companies Lllp acquired a new stake in Edgewise Therapeutics in the 1st quarter worth approximately $47,000. Seven Fleet Capital Management LP acquired a new stake in Edgewise Therapeutics in the 4th quarter worth approximately $50,000. Finally, Steward Partners Investment Advisory LLC boosted its stake in Edgewise Therapeutics by 23.9% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,854 shares of the company’s stock worth $71,000 after purchasing an additional 550 shares in the last quarter.

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.