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

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

Analysts Set New Price Targets

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

Edgewise Therapeutics Trading Up 4.8 %

The company has a market capitalization of $2.68 billion, a PE ratio of -18.87 and a beta of 0.20. The business has a fifty day moving average of $29.19 and a 200 day moving average of $26.23.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.36) EPS for the quarter, beating the consensus estimate of ($0.37) by $0.01. Equities analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Alan J. Russell sold 100,000 shares of Edgewise Therapeutics stock in a transaction 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 transaction, the insider now directly owns 14,863 shares in the company, valued at approximately $406,800.31. This trade represents a 87.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Marc Semigran sold 29,709 shares of the business’s stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $29.69, for a total value of $882,060.21. Following the transaction, the insider now directly owns 6,716 shares of the company’s stock, 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. Insiders own 24.11% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

Several hedge funds have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Edgewise Therapeutics by 21.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock valued at $88,000 after purchasing an additional 604 shares during the last quarter. Meeder Asset Management Inc. increased its holdings in 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 buying an additional 1,361 shares during the last quarter. Chicago Partners Investment Group LLC purchased a new position in Edgewise Therapeutics in the third quarter valued at $161,000. Dark Forest Capital Management LP purchased a new stake in Edgewise Therapeutics during the 2nd quarter worth about $193,000. Finally, Profund Advisors LLC acquired a new position in shares of Edgewise Therapeutics during the 2nd quarter worth about $205,000.

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.