Edgewise Therapeutics (NASDAQ:EWTX) Shares Down 7.1% – Time to Sell?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) was down 7.1% on Friday . The company traded as low as $44.85 and last traded at $44.8930. 126,888 shares changed hands during trading, a decline of 89% from the average daily volume of 1,188,236 shares. The stock had previously closed at $48.35.

Analyst Upgrades and Downgrades

EWTX has been the topic of a number of recent research reports. The Goldman Sachs Group upped their target price on Edgewise Therapeutics from $20.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 17th. Guggenheim lifted their price target on Edgewise Therapeutics from $41.00 to $51.00 and gave the company a “buy” rating in a research report on Monday. JPMorgan Chase & Co. boosted their price target on Edgewise Therapeutics from $34.00 to $45.00 and gave the company an “overweight” rating in a report on Tuesday, March 17th. Raymond James Financial restated a “strong-buy” rating and issued a $66.00 price objective on shares of Edgewise Therapeutics in a research report on Monday, June 1st. Finally, HC Wainwright reaffirmed a “buy” rating and set a $45.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday, June 16th. One investment 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 given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $47.92.

Edgewise Therapeutics Stock Down 8.1%

The business’s 50-day simple moving average is $36.37 and its two-hundred day simple moving average is $31.79. The firm has a market cap of $4.78 billion, a price-to-earnings ratio of -26.66 and a beta of 0.27.

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

Insider Buying and Selling

In other Edgewise Therapeutics news, insider Alan J. Russell sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $39.41, for a total value of $7,882,000.00. Following the sale, the insider directly owned 24,555 shares of the company’s stock, valued at approximately $967,712.55. This trade represents a 89.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CMO Joanne M. Donovan sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $38.57, for a total value of $1,928,500.00. Following the completion of the sale, the chief marketing officer owned 4,367 shares of the company’s stock, valued at $168,435.19. This trade represents a 91.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 255,230 shares of company stock worth $9,974,147 in the last quarter. 21.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of institutional investors have recently added to or reduced their stakes in EWTX. Morgan Stanley grew its stake 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 acquiring an additional 2,041,203 shares during the period. UBS Group AG raised its position in Edgewise Therapeutics by 1,755.0% during the fourth quarter. UBS Group AG now owns 2,117,073 shares of the company’s stock worth $52,535,000 after acquiring an additional 2,002,945 shares during the period. Janus Henderson Group PLC raised its position in Edgewise Therapeutics by 29.5% during 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 during the period. Norges Bank purchased a new position in Edgewise Therapeutics during the fourth quarter valued at $18,645,000. Finally, Sofinnova Investments Inc. lifted its holdings in Edgewise Therapeutics by 3,185.7% during the second 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 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.