Edgewise Therapeutics (NASDAQ:EWTX) Shares Down 6.4% – Time to Sell?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares traded down 6.4% during mid-day trading on Thursday . The stock traded as low as $26.58 and last traded at $26.37. 191,868 shares were traded during mid-day trading, a decline of 80% from the average session volume of 949,452 shares. The stock had previously closed at $28.17.

Wall Street Analyst Weigh In

EWTX has been the topic of several research analyst reports. Wall Street Zen lowered Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, December 27th. Royal Bank Of Canada raised their price target on shares of Edgewise Therapeutics from $49.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, November 7th. The Goldman Sachs Group assumed coverage on shares of Edgewise Therapeutics in a report on Thursday, September 25th. They set a “neutral” rating and a $20.00 price target on the stock. Wedbush dropped their price objective on shares of Edgewise Therapeutics from $35.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, November 7th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $36.00.

Edgewise Therapeutics Stock Down 5.6%

The stock has a 50 day moving average of $23.43 and a 200 day moving average of $17.71. The company has a market capitalization of $2.82 billion, a price-to-earnings ratio of -16.83 and a beta of 0.27.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.40) by $0.01. As a group, sell-side analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Insider Transactions at Edgewise Therapeutics

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

Hedge Funds Weigh In On Edgewise Therapeutics

Several large investors have recently added to or reduced their stakes in EWTX. Artisan Partners Limited Partnership grew its holdings in shares of Edgewise Therapeutics by 50.4% in the second quarter. Artisan Partners Limited Partnership now owns 1,379,068 shares of the company’s stock valued at $18,080,000 after acquiring an additional 461,846 shares in the last quarter. Schroder Investment Management Group grew its stake in Edgewise Therapeutics by 90.9% in the 2nd quarter. Schroder Investment Management Group now owns 151,062 shares of the company’s stock valued at $1,980,000 after purchasing an additional 71,911 shares during the period. Aberdeen Group plc grew its stake in Edgewise Therapeutics by 41.6% in the 2nd quarter. Aberdeen Group plc now owns 443,319 shares of the company’s stock valued at $5,812,000 after purchasing an additional 130,294 shares during the period. Bellevue Group AG increased its position in shares of Edgewise Therapeutics by 94.3% during the 2nd quarter. Bellevue Group AG now owns 2,775,997 shares of the company’s stock valued at $36,393,000 after purchasing an additional 1,347,068 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Edgewise Therapeutics by 8.5% during the 2nd quarter. Geode Capital Management LLC now owns 1,797,215 shares of the company’s stock worth $23,564,000 after purchasing an additional 141,551 shares during the period.

Edgewise Therapeutics Company Profile

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.