Edgewise Therapeutics (NASDAQ:EWTX) Sets New 52-Week High – Should You Buy?

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) reached a new 52-week high during trading on Tuesday . The company traded as high as $38.50 and last traded at $38.6570, with a volume of 180041 shares traded. The stock had previously closed at $31.45.

Wall Street Analysts Forecast Growth

EWTX has been the subject of a number of research reports. Raymond James Financial set a $46.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday, March 10th. Wall Street Zen cut shares of Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Piper Sandler reissued an “overweight” rating on shares of Edgewise Therapeutics in a research note on Monday, February 9th. HC Wainwright raised shares of Edgewise Therapeutics to a “strong-buy” rating in a research note on Thursday, February 26th. Finally, Evercore reissued an “outperform” rating and set a $45.00 target price on shares of Edgewise Therapeutics in a research note on Thursday, February 26th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.13.

Edgewise Therapeutics Stock Up 18.0%

The stock has a market capitalization of $3.99 billion, a price-to-earnings ratio of -22.82 and a beta of 0.25. The business’s 50-day moving average is $31.11 and its two-hundred day moving average is $26.36.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its earnings results on Thursday, February 26th. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.43) by ($0.04). As a group, analysts forecast that Edgewise Therapeutics, Inc. will post -2.16 EPS for the current fiscal year.

Insiders Place Their Bets

In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 28,662 shares of the business’s stock in a transaction dated 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 document filed with the SEC, which can be accessed through this hyperlink. 23.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of EWTX. Morgan Stanley boosted its holdings in Edgewise Therapeutics by 234.7% in the 4th quarter. Morgan Stanley now owns 2,910,881 shares of the company’s stock valued at $72,234,000 after purchasing an additional 2,041,203 shares during the last quarter. UBS Group AG boosted its holdings in Edgewise Therapeutics by 1,755.0% in the 4th quarter. UBS Group AG now owns 2,117,073 shares of the company’s stock valued at $52,535,000 after purchasing an additional 2,002,945 shares during the last quarter. Norges Bank acquired a new position in Edgewise Therapeutics in the 4th quarter valued at about $18,645,000. Sofinnova Investments Inc. boosted its holdings in Edgewise Therapeutics by 3,185.7% in the 2nd quarter. Sofinnova Investments Inc. now owns 716,873 shares of the company’s stock valued at $9,398,000 after purchasing an additional 695,055 shares during the last quarter. Finally, Marshall Wace LLP acquired a new position in Edgewise Therapeutics in the 4th quarter valued at about $16,925,000.

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.