Edgewise Therapeutics (NASDAQ:EWTX) Trading Down 3.4%

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s share price traded down 3.4% during mid-day trading on Wednesday . The company traded as low as $15.78 and last traded at $16.06. 166,662 shares traded hands during trading, a decline of 82% from the average session volume of 942,962 shares. The stock had previously closed at $16.63.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on EWTX. Piper Sandler assumed coverage on shares of Edgewise Therapeutics in a research report on Thursday, March 7th. They issued an “overweight” rating and a $48.00 target price for the company. Truist Financial reiterated a “buy” rating and issued a $25.00 target price on shares of Edgewise Therapeutics in a research report on Wednesday. Finally, Wedbush reissued an “outperform” rating and issued a $26.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday.

Edgewise Therapeutics Stock Down 1.3 %

The company has a fifty day moving average of $17.13 and a 200 day moving average of $11.93.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its earnings results on Thursday, February 22nd. The company reported ($0.47) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.03). On average, equities analysts predict that Edgewise Therapeutics, Inc. will post -1.76 EPS for the current fiscal year.

Insider Activity at Edgewise Therapeutics

In other Edgewise Therapeutics news, CFO R Michael Carruthers sold 90,000 shares of the firm’s stock in a transaction on Tuesday, January 23rd. The shares were sold at an average price of $15.78, for a total value of $1,420,200.00. Following the transaction, the chief financial officer now directly owns 29,024 shares of the company’s stock, valued at $457,998.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Peter A. Thompson purchased 454,545 shares of the stock in a transaction that occurred on Tuesday, January 23rd. The stock was acquired at an average cost of $11.00 per share, with a total value of $4,999,995.00. Following the transaction, the director now owns 14,436,497 shares of the company’s stock, valued at approximately $158,801,467. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO R Michael Carruthers sold 90,000 shares of Edgewise Therapeutics stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $15.78, for a total transaction of $1,420,200.00. Following the transaction, the chief financial officer now directly owns 29,024 shares in the company, valued at $457,998.72. The disclosure for this sale can be found here. In the last 90 days, insiders sold 120,622 shares of company stock valued at $2,032,766. 31.95% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EWTX. Vanguard Group Inc. grew its stake in Edgewise Therapeutics by 3.0% in the 4th quarter. Vanguard Group Inc. now owns 2,125,380 shares of the company’s stock valued at $23,252,000 after purchasing an additional 60,959 shares during the period. Virtu Financial LLC bought a new position in shares of Edgewise Therapeutics during the 4th quarter valued at approximately $263,000. Perceptive Advisors LLC purchased a new stake in shares of Edgewise Therapeutics during the 4th quarter worth approximately $6,078,000. GSA Capital Partners LLP raised its holdings in shares of Edgewise Therapeutics by 19.8% in the 4th quarter. GSA Capital Partners LLP now owns 52,660 shares of the company’s stock worth $576,000 after purchasing an additional 8,696 shares during the period. Finally, Legal & General Group Plc lifted its stake in Edgewise Therapeutics by 371.9% in the fourth quarter. Legal & General Group Plc now owns 16,657 shares of the company’s stock valued at $182,000 after purchasing an additional 13,127 shares during 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.