Edgewise Therapeutics (NASDAQ:EWTX) Hits New 52-Week High – Here’s Why

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s stock price reached a new 52-week high during trading on Thursday . The company traded as high as $48.51 and last traded at $47.6410, with a volume of 616969 shares changing hands. The stock had previously closed at $45.44.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. raised their price target on shares of Edgewise Therapeutics from $53.00 to $60.00 and gave the stock an “overweight” rating in a report on Thursday, August 20th. Raymond James Financial reiterated a “strong-buy” rating and set a $66.00 target price on shares of Edgewise Therapeutics in a report on Monday, June 1st. Royal Bank Of Canada raised their target price on Edgewise Therapeutics from $48.00 to $59.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 17th. Evercore restated an “outperform” rating and set a $55.00 price target on shares of Edgewise Therapeutics in a report on Monday, July 20th. Finally, Guggenheim increased their price objective on Edgewise Therapeutics from $41.00 to $51.00 and gave the stock a “buy” rating in a report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $50.33.

Edgewise Therapeutics Trading Up 0.9%

The business’s 50 day moving average price is $42.64 and its two-hundred day moving average price is $36.95. The stock has a market cap of $4.98 billion, a P/E ratio of -24.78 and a beta of 0.32.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.53) EPS for the quarter, missing the consensus estimate of ($0.47) by ($0.06). As a group, analysts expect that Edgewise Therapeutics, Inc. will post -2.09 earnings per share for the current year.

Insider Transactions at Edgewise Therapeutics

In other Edgewise Therapeutics news, insider Alan J. Russell sold 200,000 shares of the stock in a transaction 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 completion of the transaction, the insider owned 24,555 shares in the company, valued at approximately $967,712.55. This represents a 89.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel John Moore sold 5,016 shares of the stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $43.82, for a total transaction of $219,801.12. Following the completion of the transaction, the general counsel owned 17,697 shares of the company’s stock, valued at approximately $775,482.54. The trade was a 22.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 238,329 shares of company stock worth $9,557,529 over the last 90 days. 21.30% of the stock is currently owned by insiders.

Institutional Trading of Edgewise Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in EWTX. BlackRock Inc. purchased a new position in Edgewise Therapeutics during the second quarter valued at $268,415,000. Jupiter Topco LLC purchased a new stake in shares of Edgewise Therapeutics in the second quarter worth $246,945,000. Janus Henderson Group PLC increased its holdings in shares of Edgewise Therapeutics by 29.5% during the first quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company’s stock valued at $186,289,000 after acquiring an additional 1,348,706 shares in the last quarter. Perceptive Advisors LLC raised its position in shares of Edgewise Therapeutics by 17.4% in the 4th quarter. Perceptive Advisors LLC now owns 4,457,974 shares of the company’s stock worth $110,625,000 after purchasing an additional 662,080 shares during the last quarter. Finally, Bank of America Corp DE purchased a new position in shares of Edgewise Therapeutics in the 2nd quarter worth about $63,312,000.

About Edgewise Therapeutics

Edgewise Therapeutics, Inc is a clinical-stage biotechnology company focused on developing small-molecule medicines for severe muscle disorders. The company’s research is centered on therapies intended to address the biological mechanisms that contribute to muscle damage and impaired function in diseases affecting skeletal and cardiac muscle.

Edgewise’s lead program is sevasemten (also known as EDG-5506), an orally administered investigational therapy designed to reduce contraction-related muscle injury by selectively modulating fast skeletal muscle contractility.