Edgewise Therapeutics (NASDAQ:EWTX) Trading Down 5.3% – What’s Next?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) fell 5.3% on Wednesday . The stock traded as low as $25.98 and last traded at $25.96. 495,249 shares changed hands during trading, a decline of 46% from the average session volume of 921,799 shares. The stock had previously closed at $27.40.

Wall Street Analysts Forecast Growth

EWTX has been the subject of a number of analyst reports. Stifel Nicolaus initiated coverage on Edgewise Therapeutics in a research report on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 price target for the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $56.00 price target on shares of Edgewise Therapeutics in a research note on Tuesday, March 4th. Evercore ISI increased their price objective on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 17th. Truist Financial lifted their target price on Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Finally, Scotiabank started coverage on Edgewise Therapeutics in a research note on Friday, March 7th. They issued a “sector outperform” rating and a $50.00 price objective on the stock. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $45.38.

Edgewise Therapeutics Price Performance

The stock has a market cap of $2.37 billion, a price-to-earnings ratio of -16.68 and a beta of 0.22. The company’s fifty day moving average price is $26.79 and its 200-day moving average price is $28.04.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its earnings results on Monday, March 3rd. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.03). On average, sell-side analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Alan J. Russell sold 1,200 shares of the firm’s stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $30.13, for a total transaction of $36,156.00. Following the sale, the insider now owns 14,863 shares in the company, valued at approximately $447,822.19. This trade represents a 7.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Kevin Koch sold 8,636 shares of the company’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $30.03, for a total transaction of $259,339.08. Following the completion of the transaction, the chief executive officer now owns 14,478 shares of the company’s stock, valued at approximately $434,774.34. This trade represents a 37.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 164,545 shares of company stock valued at $4,605,305 over the last quarter. 24.11% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

A number of large investors have recently bought and sold shares of EWTX. Diadema Partners LP acquired a new stake in shares of Edgewise Therapeutics in the fourth quarter valued at about $36,000. GF Fund Management CO. LTD. acquired a new stake in shares of Edgewise Therapeutics in the fourth quarter worth approximately $53,000. Aquatic Capital Management LLC acquired a new stake in shares of Edgewise Therapeutics in the fourth quarter worth approximately $77,000. Meeder Asset Management Inc. increased its position in shares of 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 purchasing an additional 1,361 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its holdings in shares of Edgewise Therapeutics by 1,097.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,676 shares of the company’s stock worth $98,000 after buying an additional 3,369 shares in the last quarter.

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.