Edgewise Therapeutics (NASDAQ:EWTX) Stock Price Up 7.1% – Here’s What Happened

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares traded up 7.1% during mid-day trading on Friday . The company traded as high as $29.68 and last traded at $28.93. 824,747 shares were traded during trading, a decline of 12% from the average session volume of 941,506 shares. The stock had previously closed at $27.00.

Wall Street Analyst Weigh In

Several brokerages have recently commented on EWTX. Wedbush increased their target price on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Piper Sandler upped their target price on Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Truist Financial lifted their price target on Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Stifel Nicolaus assumed coverage on shares of Edgewise Therapeutics in a research report on Wednesday. They set a “hold” rating and a $30.00 target price for the company. Finally, Evercore ISI upped their price objective on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, December 17th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Edgewise Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $41.29.

Edgewise Therapeutics Stock Performance

The stock has a market capitalization of $2.69 billion, a PE ratio of -18.82 and a beta of 0.20. The business’s 50-day moving average price is $29.25 and its 200 day moving average price is $26.16.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its earnings results on Thursday, November 7th. The company reported ($0.36) EPS for the quarter, topping the consensus estimate of ($0.37) by $0.01. As a group, equities research analysts predict that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.

Insider Activity

In related news, insider Alan J. Russell sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $27.37, for a total value of $2,737,000.00. Following the completion of the sale, the insider now owns 14,863 shares in the company, valued at $406,800.31. The trade was a 87.06 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Marc Semigran sold 29,709 shares of the stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $29.69, for a total transaction of $882,060.21. Following the transaction, the insider now owns 6,716 shares in the company, valued at $199,398.04. The trade was a 81.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 24.11% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Meeder Asset Management Inc. raised its position in Edgewise Therapeutics by 69.9% during the 3rd 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 last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Edgewise Therapeutics by 21.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock valued at $88,000 after acquiring an additional 604 shares in the last quarter. Chicago Partners Investment Group LLC bought a new position in Edgewise Therapeutics in the 3rd quarter worth $161,000. US Bancorp DE lifted its position in shares of Edgewise Therapeutics by 12,452.9% in the 3rd quarter. US Bancorp DE now owns 8,536 shares of the company’s stock worth $228,000 after purchasing an additional 8,468 shares during the period. Finally, Quest Partners LLC boosted its stake in shares of Edgewise Therapeutics by 418.7% during the 3rd quarter. Quest Partners LLC now owns 9,035 shares of the company’s stock valued at $241,000 after purchasing an additional 7,293 shares in the last quarter.

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.