Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Sees Significant Decline in Short Interest

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) was the target of a large decline in short interest in the month of November. As of November 30th, there was short interest totalling 5,740,000 shares, a decline of 10.2% from the November 15th total of 6,390,000 shares. Based on an average daily volume of 1,110,000 shares, the days-to-cover ratio is currently 5.2 days. Approximately 9.2% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Wedbush upped their price target on Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Truist Financial upped their price target on Edgewise Therapeutics from $33.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Royal Bank of Canada reiterated an “outperform” rating and issued a $32.00 price target on shares of Edgewise Therapeutics in a research report on Tuesday, September 17th. Evercore ISI upped their price target on Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, Piper Sandler upped their price target on Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $43.17.

Insider Activity at Edgewise Therapeutics

In other news, CFO R Michael Carruthers sold 125,092 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $28.57, for a total transaction of $3,573,878.44. Following the completion of the transaction, the chief financial officer now owns 6,904 shares of the company’s stock, valued at approximately $197,247.28. The trade was a 94.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel John R. Moore sold 50,000 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $28.37, for a total value of $1,418,500.00. Following the completion of the transaction, the general counsel now directly owns 3,252 shares of the company’s stock, valued at approximately $92,259.24. The trade was a 93.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 278,176 shares of company stock worth $7,893,316 in the last ninety days. 24.11% of the stock is owned by company insiders.

Institutional Trading of Edgewise Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. grew its holdings in Edgewise Therapeutics by 21.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock valued at $88,000 after purchasing an additional 604 shares during the period. Quest Partners LLC grew its holdings in Edgewise Therapeutics by 156.9% during the second quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock valued at $31,000 after purchasing an additional 1,064 shares during the period. Meeder Asset Management Inc. grew its holdings in Edgewise Therapeutics by 69.9% during the third quarter. Meeder Asset Management Inc. now owns 3,307 shares of the company’s stock valued at $88,000 after purchasing an additional 1,361 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Edgewise Therapeutics by 5.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 84,294 shares of the company’s stock valued at $2,250,000 after purchasing an additional 4,426 shares during the period. Finally, Chicago Partners Investment Group LLC bought a new position in Edgewise Therapeutics during the third quarter valued at $161,000.

Edgewise Therapeutics Stock Performance

Shares of Edgewise Therapeutics stock traded down $2.52 on Tuesday, hitting $30.17. The company had a trading volume of 1,641,188 shares, compared to its average volume of 940,576. The stock has a market capitalization of $2.86 billion, a price-to-earnings ratio of -20.11 and a beta of 0.12. Edgewise Therapeutics has a 1 year low of $6.82 and a 1 year high of $38.12. The stock has a 50 day moving average of $32.82 and a 200-day moving average of $24.39.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.36) EPS for the quarter, topping the consensus estimate of ($0.37) by $0.01. Equities analysts anticipate that Edgewise Therapeutics will post -1.45 earnings per share for the current year.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics, Inc, a biopharmaceutical company, discovers, develops, and commercializes therapies for the treatment of muscle disorders. Its lead product candidate, EDG-5506, an orally administered small molecule that is in Phase II clinical trials, designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy and Becker muscular dystrophy.