Edgewise Therapeutics (NASDAQ:EWTX) Shares Down 7.2% – Here’s What Happened

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s stock price fell 7.2% during mid-day trading on Wednesday. The company traded as low as $41.48 and last traded at $41.2850. 205,746 shares were traded during mid-day trading, a decline of 83% from the average session volume of 1,201,318 shares. The stock had previously closed at $44.51.

Analysts Set New Price Targets

EWTX has been the topic of several recent research reports. Guggenheim raised their target price on Edgewise Therapeutics from $41.00 to $51.00 and gave the company a “buy” rating in a report on Monday, July 6th. The Goldman Sachs Group upped their target price on Edgewise Therapeutics from $32.00 to $36.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 11th. HC Wainwright increased their price target on Edgewise Therapeutics from $45.00 to $57.00 and gave the company a “buy” rating in a report on Monday. Weiss Ratings restated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Friday, July 17th. Finally, Evercore reaffirmed an “outperform” rating and set a $55.00 price objective on shares of Edgewise Therapeutics in a report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $51.33.

Edgewise Therapeutics Trading Up 0.3%

The firm’s fifty day moving average price is $42.84 and its 200-day moving average price is $37.58. The company has a market cap of $4.47 billion, a P/E ratio of -22.25 and a beta of 0.32.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.53) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.06). As a group, research analysts forecast that Edgewise Therapeutics, Inc. will post -2.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Edgewise Therapeutics news, insider Alan Russell sold 5,901 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $43.73, for a total transaction of $258,050.73. Following the sale, the insider owned 31,466 shares of the company’s stock, valued at $1,376,008.18. This represents a 15.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel John R. Moore sold 5,016 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $43.82, for a total transaction of $219,801.12. Following the completion of the sale, the general counsel directly owned 17,697 shares of the company’s stock, valued at approximately $775,482.54. This represents a 22.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 238,329 shares of company stock worth $9,557,529 over the last ninety days. Company insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On Edgewise Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of EWTX. Janus Henderson Group PLC lifted its stake in Edgewise Therapeutics by 29.5% in the first quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company’s stock valued at $186,289,000 after buying an additional 1,348,706 shares during the period. Hsbc Holdings PLC bought a new stake in shares of Edgewise Therapeutics in the 2nd quarter valued at about $3,723,000. Persistent Asset Partners Ltd acquired a new stake in shares of Edgewise Therapeutics in the 2nd quarter valued at approximately $2,821,000. California State Teachers Retirement System boosted its stake in Edgewise Therapeutics by 45.7% during the 1st quarter. California State Teachers Retirement System now owns 73,419 shares of the company’s stock worth $2,313,000 after acquiring an additional 23,027 shares during the last quarter. Finally, GSA Capital Partners LLP bought a new position in Edgewise Therapeutics during the 2nd quarter worth approximately $1,807,000.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics, Inc is a clinical-stage biotechnology company focused on developing small-molecule medicines for severe muscle disorders. The company’s research is centered on therapies intended to address the biological mechanisms that contribute to muscle damage and impaired function in diseases affecting skeletal and cardiac muscle.

Edgewise’s lead program is sevasemten (also known as EDG-5506), an orally administered investigational therapy designed to reduce contraction-related muscle injury by selectively modulating fast skeletal muscle contractility.