Edgewise Therapeutics (NASDAQ:EWTX) Shares Down 3.4%

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

Analysts Set New Price Targets

EWTX has been the subject of several research reports. Piper Sandler began coverage on Edgewise Therapeutics in a report on Thursday, March 7th. They set an “overweight” rating and a $48.00 price objective for the company. Truist Financial reaffirmed a “buy” rating and issued a $25.00 target price on shares of Edgewise Therapeutics in a research note on Wednesday. Finally, Wedbush reissued an “outperform” rating and issued a $26.00 price target on shares of Edgewise Therapeutics in a report on Tuesday.

Edgewise Therapeutics Price Performance

The company’s fifty day moving average is $17.13 and its 200 day moving average is $11.93.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Thursday, February 22nd. The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.03). As a group, equities analysts expect that Edgewise Therapeutics, Inc. will post -1.76 EPS for the current fiscal year.

Insider Activity at Edgewise Therapeutics

In other news, CFO R Michael Carruthers sold 90,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief financial officer now owns 29,024 shares of the company’s stock, valued at approximately $457,998.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Edgewise Therapeutics news, CFO R Michael Carruthers sold 90,000 shares of the firm’s stock in a transaction dated 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 owns 29,024 shares of the company’s stock, valued at $457,998.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Peter A. Thompson bought 454,545 shares of the business’s stock in a transaction on Tuesday, January 23rd. The stock was bought at an average price of $11.00 per share, for a total transaction of $4,999,995.00. Following the completion of the purchase, the director now directly owns 14,436,497 shares of the company’s stock, valued at approximately $158,801,467. The disclosure for this purchase can be found here. Insiders have sold 120,622 shares of company stock valued at $2,032,766 over the last ninety days. Corporate insiders own 31.95% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Legal & General Group Plc increased its stake in Edgewise Therapeutics by 41.2% during the 4th quarter. Legal & General Group Plc now owns 3,634 shares of the company’s stock valued at $32,000 after buying an additional 1,060 shares during the period. Tower Research Capital LLC TRC raised its holdings in Edgewise Therapeutics by 209.4% during the third quarter. Tower Research Capital LLC TRC now owns 3,775 shares of the company’s stock worth $37,000 after purchasing an additional 2,555 shares in the last quarter. Royal Bank of Canada lifted its position in Edgewise Therapeutics by 82.8% in the second quarter. Royal Bank of Canada now owns 5,164 shares of the company’s stock worth $40,000 after purchasing an additional 2,339 shares during the period. China Universal Asset Management Co. Ltd. boosted its stake in Edgewise Therapeutics by 349.1% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 7,338 shares of the company’s stock valued at $80,000 after purchasing an additional 5,704 shares in the last quarter. Finally, AJOVista LLC acquired a new position in Edgewise Therapeutics during the fourth quarter worth about $84,000.

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.