Edgewise Therapeutics (NASDAQ:EWTX) Sees Unusually-High Trading Volume – Still a Buy?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares saw an uptick in trading volume on Tuesday . 1,205,753 shares traded hands during mid-day trading, an increase of 4% from the previous session’s volume of 1,155,801 shares.The stock last traded at $44.3450 and had previously closed at $38.38.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Wedbush upped their price target on shares of Edgewise Therapeutics from $46.00 to $52.00 and gave the stock an “outperform” rating in a report on Monday, June 1st. The Goldman Sachs Group raised their price objective on Edgewise Therapeutics from $20.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, June 17th. Royal Bank Of Canada boosted their price objective on Edgewise Therapeutics from $48.00 to $59.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 17th. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $66.00 target price on shares of Edgewise Therapeutics in a report on Monday, June 1st. Finally, Leerink Partners set a $52.00 target price on Edgewise Therapeutics in a research report on Tuesday, June 16th. One equities 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 MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $48.75.

Edgewise Therapeutics Stock Performance

The stock’s fifty day simple moving average is $38.59 and its two-hundred day simple moving average is $33.65. The stock has a market capitalization of $4.68 billion, a P/E ratio of -26.30 and a beta of 0.30.

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

Insider Transactions at Edgewise Therapeutics

In related news, insider Alan J. Russell sold 200,000 shares of the firm’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $39.41, for a total transaction of $7,882,000.00. Following the completion of the transaction, the insider directly 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. 21.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the stock. Parallel Advisors LLC raised its position in shares of Edgewise Therapeutics by 64.9% during the first quarter. Parallel Advisors LLC now owns 1,032 shares of the company’s stock worth $33,000 after acquiring an additional 406 shares during the last quarter. KBC Group NV acquired a new stake in Edgewise Therapeutics during the 1st quarter valued at approximately $49,000. Seven Fleet Capital Management LP acquired a new stake in Edgewise Therapeutics during the 4th quarter valued at approximately $50,000. Jones Financial Companies Lllp bought a new position in Edgewise Therapeutics during the 1st quarter worth approximately $47,000. Finally, Steward Partners Investment Advisory LLC raised its holdings in Edgewise Therapeutics by 23.9% during 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 during 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.