Edgewise Therapeutics (NASDAQ:EWTX) Shares Gap Up – Still a Buy?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $34.16, but opened at $40.60. Edgewise Therapeutics shares last traded at $39.70, with a volume of 1,144,422 shares changing hands.

Analyst Ratings Changes

EWTX has been the subject of a number of recent research reports. Raymond James Financial reaffirmed a “strong-buy” rating and set a $66.00 price objective on shares of Edgewise Therapeutics in a research report on Monday. Evercore reaffirmed an “outperform” rating and set a $45.00 price objective on shares of Edgewise Therapeutics in a research report on Thursday, February 26th. Royal Bank Of Canada lowered their price objective on shares of Edgewise Therapeutics from $50.00 to $48.00 and set an “outperform” rating for the company in a research report on Tuesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Edgewise Therapeutics in a research report on Monday, April 20th. Finally, Piper Sandler reaffirmed an “overweight” rating on shares of Edgewise Therapeutics in a research report on Monday, February 9th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $44.22.

Edgewise Therapeutics Price Performance

The firm’s fifty day moving average price is $32.94 and its 200-day moving average price is $28.83. The firm has a market capitalization of $4.01 billion, a P/E ratio of -22.44 and a beta of 0.27.

Edgewise Therapeutics (NASDAQ:EWTX) last released its earnings results on Thursday, May 7th. The company reported ($0.46) EPS for the quarter, beating the consensus estimate of ($0.50) by $0.04. Analysts expect that Edgewise Therapeutics, Inc. will post -2.13 earnings per share for the current year.

Insider Buying and Selling

In related news, CMO Joanne M. Donovan sold 50,000 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $38.57, for a total transaction of $1,928,500.00. Following the completion of the sale, the chief marketing officer directly owned 4,367 shares of the company’s stock, valued at $168,435.19. This represents a 91.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 83,892 shares of company stock worth $3,018,216 over the last ninety days. 21.30% of the stock is owned by corporate insiders.

Institutional Trading of Edgewise Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in EWTX. Morgan Stanley lifted its stake in Edgewise Therapeutics by 234.7% during the fourth quarter. Morgan Stanley now owns 2,910,881 shares of the company’s stock valued at $72,234,000 after purchasing an additional 2,041,203 shares during the last quarter. UBS Group AG lifted its stake 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 valued at $52,535,000 after purchasing an additional 2,002,945 shares during the last quarter. Janus Henderson Group PLC lifted its stake 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 valued at $186,289,000 after purchasing an additional 1,348,706 shares during the last quarter. Norges Bank acquired a new stake in Edgewise Therapeutics during the fourth quarter valued at approximately $18,645,000. Finally, Sofinnova Investments Inc. raised its holdings in shares of 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 acquiring an additional 695,055 shares during the period.

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.