Edgewise Therapeutics (NASDAQ:EWTX) Shares Gap Down – Here’s What Happened

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $33.26, but opened at $32.40. Edgewise Therapeutics shares last traded at $33.48, with a volume of 12,526 shares traded.

Wall Street Analysts Forecast Growth

EWTX has been the subject of several research analyst reports. Wedbush lifted their price objective on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Piper Sandler raised their target price on Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Truist Financial raised their price objective on Edgewise Therapeutics from $25.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $32.00 target price on shares of Edgewise Therapeutics in a research report on Tuesday, September 17th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Edgewise Therapeutics from $30.00 to $31.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Edgewise Therapeutics currently has a consensus rating of “Buy” and an average target price of $38.40.

Edgewise Therapeutics Trading Down 1.1 %

The firm has a 50-day moving average price of $28.93 and a 200-day moving average price of $22.16. The stock has a market capitalization of $3.12 billion, a PE ratio of -22.17 and a beta of 0.14.

Edgewise Therapeutics (NASDAQ:EWTX) last released its earnings results on Thursday, November 7th. The company reported ($0.36) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.01. Sell-side analysts expect that Edgewise Therapeutics, Inc. will post -1.46 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CMO Joanne M. Donovan sold 7,162 shares of Edgewise Therapeutics stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $28.29, for a total value of $202,612.98. Following the completion of the transaction, the chief marketing officer now directly owns 14,538 shares in the company, valued at approximately $411,280.02. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO R Michael Carruthers sold 125,092 shares of Edgewise Therapeutics stock in a transaction on Friday, September 20th. The stock was sold at an average price of $28.57, for a total transaction of $3,573,878.44. Following the completion of the sale, the chief financial officer now owns 6,904 shares of the company’s stock, valued at approximately $197,247.28. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CMO Joanne M. Donovan sold 7,162 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $28.29, for a total value of $202,612.98. Following the completion of the transaction, the chief marketing officer now owns 14,538 shares in the company, valued at $411,280.02. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 278,176 shares of company stock valued at $7,893,316. 24.11% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of 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 worth $88,000 after purchasing an additional 604 shares during the last quarter. Quest Partners LLC boosted its position in Edgewise Therapeutics by 156.9% during the 2nd quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock valued at $31,000 after buying an additional 1,064 shares during the period. Meeder Asset Management Inc. increased its position in shares of Edgewise Therapeutics by 69.9% in the third quarter. Meeder Asset Management Inc. now owns 3,307 shares of the company’s stock valued at $88,000 after acquiring an additional 1,361 shares during the period. Ameritas Investment Partners Inc. raised its stake in shares of Edgewise Therapeutics by 37.3% during the first quarter. Ameritas Investment Partners Inc. now owns 5,751 shares of the company’s stock valued at $105,000 after acquiring an additional 1,561 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Edgewise Therapeutics by 5.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 84,294 shares of the company’s stock worth $2,250,000 after purchasing an additional 4,426 shares during the period.

Edgewise Therapeutics Company Profile

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.