Edgewise Therapeutics (NASDAQ:EWTX) Trading 4.9% Higher – Should You Buy?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s stock price traded up 4.9% during mid-day trading on Thursday . The stock traded as high as $27.84 and last traded at $28.02. 705,238 shares changed hands during mid-day trading, a decline of 28% from the average session volume of 979,849 shares. The stock had previously closed at $26.71.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on EWTX shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $56.00 price objective on shares of Edgewise Therapeutics in a research report on Tuesday. Evercore ISI upped their target price on Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, December 17th. Wedbush raised their price target on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Truist Financial boosted their price target on Edgewise Therapeutics from $33.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Finally, Stifel Nicolaus assumed coverage on shares of Edgewise Therapeutics in a report on Wednesday, January 22nd. They set a “hold” rating and a $30.00 price target for the company. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.71.

Edgewise Therapeutics Trading Up 5.3 %

The firm has a market cap of $2.66 billion, a price-to-earnings ratio of -18.75 and a beta of 0.20. The business’s 50-day simple moving average is $26.81 and its two-hundred day simple moving average is $27.76.

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

Insiders Place Their Bets

In related news, insider Marc Semigran sold 29,709 shares of Edgewise Therapeutics stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $29.69, for a total value of $882,060.21. Following the completion of the sale, the insider now owns 6,716 shares of the company’s stock, valued at approximately $199,398.04. This trade represents a 81.56 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 sale, the insider now directly owns 14,863 shares of the company’s stock, valued at $406,800.31. This represents a 87.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 164,545 shares of company stock worth $4,605,305. Corporate insiders own 24.11% of the company’s stock.

Hedge Funds Weigh In On Edgewise Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. Ally Bridge Group NY LLC purchased a new stake in Edgewise Therapeutics during the third quarter valued at about $5,010,000. Franklin Resources Inc. boosted its holdings in shares of Edgewise Therapeutics by 84.2% in the third quarter. Franklin Resources Inc. now owns 45,223 shares of the company’s stock worth $1,207,000 after acquiring an additional 20,674 shares during the period. Braidwell LP purchased a new position in shares of Edgewise Therapeutics in the third quarter valued at $52,267,000. XTX Topco Ltd bought a new stake in shares of Edgewise Therapeutics during the 3rd quarter valued at $755,000. Finally, Moody Aldrich Partners LLC lifted its holdings in Edgewise Therapeutics by 24.3% during the 4th quarter. Moody Aldrich Partners LLC now owns 187,932 shares of the company’s stock worth $5,018,000 after purchasing an additional 36,775 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.