Edgewise Therapeutics (NASDAQ:EWTX) Stock Price Down 6.1% – Here’s Why

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares traded down 6.1% on Thursday . The company traded as low as $26.41 and last traded at $26.47. 72,636 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 929,205 shares. The stock had previously closed at $28.20.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Truist Financial increased their price objective on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Wedbush lifted their price target on 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 lifted their target price on Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Finally, Evercore ISI boosted their target price on Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, December 17th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Edgewise Therapeutics presently has an average rating of “Buy” and a consensus target price of $43.17.

Edgewise Therapeutics Stock Performance

The company has a fifty day moving average price of $30.20 and a two-hundred day moving average price of $25.87. The company has a market cap of $2.51 billion, a P/E ratio of -17.68 and a beta of 0.20.

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

Insider Activity at Edgewise Therapeutics

In other news, insider Alan J. Russell sold 100,000 shares of Edgewise Therapeutics stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $27.37, for a total transaction 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. The trade was a 87.06 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Marc Semigran sold 29,709 shares of the stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $29.69, for a total value of $882,060.21. Following the completion of the sale, the insider now owns 6,716 shares in the company, valued at approximately $199,398.04. This trade represents a 81.56 % decrease in their position. The disclosure for this sale can be found here. 24.11% of the stock is owned by company insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the stock. Quest Partners LLC lifted its stake in shares of Edgewise Therapeutics by 156.9% during the 2nd quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock worth $31,000 after buying an additional 1,064 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in 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 acquiring an additional 604 shares during the period. Meeder Asset Management Inc. lifted its position in Edgewise Therapeutics by 69.9% during the third quarter. Meeder Asset Management Inc. now owns 3,307 shares of the company’s stock worth $88,000 after acquiring an additional 1,361 shares during the last quarter. Chicago Partners Investment Group LLC bought a new stake in shares of Edgewise Therapeutics during the third quarter worth approximately $161,000. Finally, Arizona State Retirement System acquired a new position in shares of Edgewise Therapeutics in the second quarter valued at approximately $188,000.

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.