Edgewise Therapeutics (NASDAQ:EWTX) Sees Strong Trading Volume – What’s Next?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares saw unusually-strong trading volume on Thursday . Approximately 1,615,517 shares traded hands during mid-day trading, an increase of 56% from the previous session’s volume of 1,036,301 shares.The stock last traded at $13.05 and had previously closed at $15.52.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Stifel Nicolaus started coverage on shares of Edgewise Therapeutics in a report on Wednesday, January 22nd. They set a “hold” rating and a $30.00 price target on the stock. Scotiabank downgraded Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and cut their price objective for the company from $50.00 to $14.00 in a research note on Wednesday. Evercore ISI boosted their price objective on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 17th. Piper Sandler reiterated an “overweight” rating and issued a $51.00 target price on shares of Edgewise Therapeutics in a research note on Wednesday. Finally, Royal Bank of Canada dropped their target price on shares of Edgewise Therapeutics from $56.00 to $52.00 and set an “outperform” rating on the stock in a report on Thursday. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Edgewise Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $40.38.

Edgewise Therapeutics Stock Performance

The firm’s 50-day simple moving average is $25.81 and its 200-day simple moving average is $28.55. The company has a market capitalization of $1.27 billion, a price-to-earnings ratio of -8.99 and a beta of 0.22.

Edgewise Therapeutics (NASDAQ:EWTX) last released its earnings results on Monday, March 3rd. The company reported ($0.42) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.03). Equities research analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.

Insider Transactions at Edgewise Therapeutics

In other news, CEO Kevin Koch sold 8,636 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $30.03, for a total transaction of $259,339.08. Following the completion of the transaction, the chief executive officer now directly owns 14,478 shares of the company’s stock, valued at approximately $434,774.34. This trade represents a 37.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Alan J. Russell sold 1,200 shares of Edgewise Therapeutics stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $30.13, for a total transaction of $36,156.00. Following the sale, the insider now owns 14,863 shares in the company, valued at approximately $447,822.19. This trade represents a 7.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 34,836 shares of company stock valued at $986,245. 24.11% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Franklin Resources Inc. grew its stake in shares of Edgewise Therapeutics by 84.2% in the 3rd quarter. Franklin Resources Inc. now owns 45,223 shares of the company’s stock valued at $1,207,000 after purchasing an additional 20,674 shares during the period. Amundi boosted its stake in Edgewise Therapeutics by 127.2% in the 4th quarter. Amundi now owns 341,687 shares of the company’s stock valued at $8,686,000 after buying an additional 191,267 shares in the last quarter. Victory Capital Management Inc. bought a new stake in Edgewise Therapeutics in the fourth quarter valued at $576,000. XTX Topco Ltd acquired a new position in Edgewise Therapeutics during the third quarter worth $755,000. Finally, Moody Aldrich Partners LLC lifted its holdings in shares of Edgewise Therapeutics by 24.3% during the fourth quarter. Moody Aldrich Partners LLC now owns 187,932 shares of the company’s stock valued at $5,018,000 after acquiring an additional 36,775 shares during the period.

About Edgewise Therapeutics

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.