Edgewise Therapeutics (NASDAQ:EWTX) Hits New 12-Month High – Here’s Why

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $44.83 and last traded at $45.0510, with a volume of 35111 shares traded. The stock had previously closed at $43.13.

Analyst Ratings Changes

EWTX has been the subject of several recent research reports. Truist Financial set a $52.00 price target on Edgewise Therapeutics in a research note on Wednesday, May 6th. Leerink Partners set a $52.00 price objective on Edgewise Therapeutics in a research note on Tuesday, June 16th. Raymond James Financial reiterated a “strong-buy” rating and issued a $66.00 target price on shares of Edgewise Therapeutics in a report on Monday, June 1st. The Goldman Sachs Group increased their target price on shares of Edgewise Therapeutics from $20.00 to $32.00 and gave the company a “neutral” rating in a research report on Wednesday, June 17th. Finally, JPMorgan Chase & Co. raised their price target on shares of Edgewise Therapeutics from $34.00 to $45.00 and gave the stock an “overweight” rating in a report on Tuesday, March 17th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Edgewise Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $47.92.

Edgewise Therapeutics Trading Up 4.4%

The stock has a market capitalization of $5.20 billion, a P/E ratio of -29.13 and a beta of 0.27. The company has a 50-day moving average price of $36.37 and a two-hundred day moving average price of $31.79.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its earnings results on Thursday, May 7th. The company reported ($0.46) EPS for the quarter, beating the consensus estimate of ($0.50) by $0.04. Research analysts forecast that Edgewise Therapeutics, Inc. will post -2.01 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Alan J. Russell sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $39.41, for a total transaction of $7,882,000.00. Following the completion of the sale, the insider owned 24,555 shares of the company’s stock, valued at $967,712.55. This trade represents a 89.07% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CMO Joanne M. Donovan sold 50,000 shares of the business’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $38.57, for a total transaction of $1,928,500.00. Following the transaction, the chief marketing officer owned 4,367 shares in the company, valued at $168,435.19. The trade was a 91.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 255,230 shares of company stock worth $9,974,147 over the last 90 days. Company insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On Edgewise Therapeutics

Several institutional investors have recently made changes to their positions in EWTX. Orbimed Advisors LLC increased its position in Edgewise Therapeutics by 3.3% in the 2nd quarter. Orbimed Advisors LLC now owns 15,518,492 shares of the company’s stock valued at $203,447,000 after buying an additional 496,771 shares in the last quarter. RA Capital Management L.P. raised its stake in Edgewise Therapeutics by 5.3% during the 3rd quarter. RA Capital Management L.P. now owns 10,428,437 shares of the company’s stock worth $169,149,000 after buying an additional 525,804 shares during the period. Paradigm Biocapital Advisors LP boosted its holdings in Edgewise Therapeutics by 6.0% in the fourth quarter. Paradigm Biocapital Advisors LP now owns 6,541,210 shares of the company’s stock worth $162,320,000 after acquiring an additional 371,079 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in Edgewise Therapeutics by 29.5% in the first quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company’s stock worth $186,289,000 after acquiring an additional 1,348,706 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in Edgewise Therapeutics by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 4,871,624 shares of the company’s stock valued at $120,889,000 after acquiring an additional 67,683 shares during the period.

About Edgewise Therapeutics

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.