Edgewise Therapeutics (NASDAQ:EWTX) Trading Down 6.7%

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) was down 6.7% during trading on Tuesday . The stock traded as low as $18.09 and last traded at $18.09. Approximately 255,731 shares were traded during trading, a decline of 71% from the average daily volume of 868,378 shares. The stock had previously closed at $19.38.

Analyst Upgrades and Downgrades

Several research analysts have commented on EWTX shares. Piper Sandler reissued an “overweight” rating and set a $48.00 target price on shares of Edgewise Therapeutics in a research note on Monday. Wedbush reissued an “outperform” rating and set a $31.00 target price on shares of Edgewise Therapeutics in a research note on Wednesday, June 26th. Truist Financial reissued a “buy” rating and set a $25.00 target price on shares of Edgewise Therapeutics in a research note on Wednesday, April 17th. Finally, Royal Bank of Canada boosted their target price on Edgewise Therapeutics from $28.00 to $32.00 and gave the stock an “outperform” rating in a research note on Monday, April 22nd.

Edgewise Therapeutics Stock Down 0.5 %

The company has a 50 day moving average price of $17.85 and a 200-day moving average price of $16.17. The company has a market cap of $1.71 billion, a price-to-earnings ratio of -11.79 and a beta of 0.14.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.39) by $0.06. On average, analysts forecast that Edgewise Therapeutics, Inc. will post -1.59 EPS for the current fiscal year.

Insider Activity

In related news, insider Behrad Derakhshan sold 1,718 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total value of $32,487.38. Following the sale, the insider now directly owns 13,422 shares in the company, valued at $253,810.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CMO Joanne M. Donovan sold 3,682 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total value of $69,626.62. Following the sale, the chief marketing officer now directly owns 19,897 shares in the company, valued at $376,252.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Behrad Derakhshan sold 1,718 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $18.91, for a total value of $32,487.38. Following the completion of the sale, the insider now owns 13,422 shares in the company, valued at $253,810.02. The disclosure for this sale can be found here. Insiders sold 12,665 shares of company stock valued at $239,495 over the last quarter. 24.11% of the stock is owned by company insiders.

Institutional Trading of Edgewise Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. Pale Fire Capital SE boosted its holdings in shares of Edgewise Therapeutics by 529.3% during the 4th quarter. Pale Fire Capital SE now owns 98,449 shares of the company’s stock worth $1,077,000 after buying an additional 82,804 shares in the last quarter. Perceptive Advisors LLC bought a new position in shares of Edgewise Therapeutics during the 4th quarter worth approximately $6,078,000. Trexquant Investment LP bought a new position in shares of Edgewise Therapeutics during the 4th quarter worth approximately $608,000. Frazier Life Sciences Management L.P. boosted its holdings in shares of Edgewise Therapeutics by 214.2% during the 4th quarter. Frazier Life Sciences Management L.P. now owns 2,667,203 shares of the company’s stock worth $29,179,000 after buying an additional 1,818,181 shares in the last quarter. Finally, Jump Financial LLC bought a new position in shares of Edgewise Therapeutics during the 4th quarter worth approximately $515,000.

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.