Edgewise Therapeutics (NASDAQ:EWTX) Shares Down 3.5% – Time to Sell?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s share price dropped 3.5% during trading on Thursday . The stock traded as low as $21.74 and last traded at $21.5370. Approximately 328,371 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 1,183,167 shares. The stock had previously closed at $22.31.

Analyst Ratings Changes

EWTX has been the topic of several research analyst reports. Wedbush dropped their price objective on Edgewise Therapeutics from $35.00 to $32.00 and set an “outperform” rating on the stock in a research note on Friday, November 7th. Wall Street Zen upgraded shares of Edgewise Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, November 22nd. The Goldman Sachs Group started coverage on Edgewise Therapeutics in a research report on Thursday, September 25th. They set a “neutral” rating and a $20.00 target price on the stock. Royal Bank Of Canada raised their price objective on Edgewise Therapeutics from $49.00 to $50.00 and gave the company an “outperform” rating in a research report on Friday, November 7th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $36.00.

Edgewise Therapeutics Stock Up 20.8%

The stock has a market cap of $2.70 billion, a PE ratio of -16.17 and a beta of 0.26. The stock has a 50-day moving average of $20.33 and a 200 day moving average of $16.43.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its earnings results on Thursday, November 6th. The company reported ($0.39) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.01. On average, equities analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Insider Activity

In related news, insider Alan J. Russell sold 100,000 shares of the business’s stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of $21.12, for a total value of $2,112,000.00. Following the sale, the insider owned 23,400 shares in the company, valued at approximately $494,208. The trade was a 81.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jonathan C. Fox purchased 10,700 shares of Edgewise Therapeutics stock in a transaction dated Tuesday, November 11th. The shares were acquired at an average cost of $18.64 per share, for a total transaction of $199,448.00. Following the transaction, the director directly owned 23,702 shares of the company’s stock, valued at approximately $441,805.28. This represents a 82.30% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 23.20% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Hedge funds have recently bought and sold shares of the stock. Swiss National Bank increased its stake in shares of Edgewise Therapeutics by 12.2% during the first quarter. Swiss National Bank now owns 82,600 shares of the company’s stock worth $1,817,000 after buying an additional 9,000 shares during the period. Invesco Ltd. increased its position in shares of Edgewise Therapeutics by 10.8% in the 1st quarter. Invesco Ltd. now owns 48,130 shares of the company’s stock valued at $1,059,000 after purchasing an additional 4,695 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Edgewise Therapeutics in the 1st quarter valued at approximately $4,457,000. American Century Companies Inc. boosted its position in shares of Edgewise Therapeutics by 1.2% during the 1st quarter. American Century Companies Inc. now owns 779,766 shares of the company’s stock worth $17,155,000 after acquiring an additional 9,413 shares in the last quarter. Finally, AlphaQuest LLC boosted its holdings in Edgewise Therapeutics by 324.8% in the first quarter. AlphaQuest LLC now owns 9,358 shares of the company’s stock valued at $206,000 after purchasing an additional 7,155 shares in the last quarter.

About Edgewise Therapeutics

Edgewise Therapeutics, Inc (NASDAQ: EWTX) is a clinical-stage biopharmaceutical company headquartered in Cambridge, Massachusetts, focused on the discovery and development of precision medicines for the treatment of rare diseases. The company leverages its expertise in small-molecule chemistry and ion channel biology to address severe, unmet medical needs, particularly in the areas of kidney disorders and neuromuscular diseases.

At the core of Edgewise’s pipeline is EWTX-101, a novel, orally available inhibitor of TRPC5, a calcium channel implicated in nephrotic syndromes such as focal segmental glomerulosclerosis (FSGS) and other proteinuric kidney diseases.