Edgewise Therapeutics (NASDAQ:EWTX) Shares Up 5.9% – What’s Next?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s share price traded up 5.9% on Wednesday. The stock traded as high as $40.84 and last traded at $41.5050. 287,362 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 1,230,315 shares. The stock had previously closed at $39.19.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on EWTX. Wall Street Zen downgraded Edgewise Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday. HC Wainwright upped their target price on Edgewise Therapeutics from $45.00 to $57.00 and gave the company a “buy” rating in a report on Monday, September 21st. Oppenheimer initiated coverage on shares of Edgewise Therapeutics in a report on Thursday, July 9th. They issued an “outperform” rating and a $51.00 price target on the stock. Leerink Partners set a $52.00 price objective on shares of Edgewise Therapeutics in a research report on Tuesday, June 16th. Finally, The Goldman Sachs Group lifted their target price on shares of Edgewise Therapeutics from $32.00 to $36.00 and gave the company a “neutral” rating in a research note on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Edgewise Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $51.33.

Edgewise Therapeutics Stock Performance

The stock has a market cap of $4.46 billion, a price-to-earnings ratio of -22.18 and a beta of 0.32. The company’s 50 day simple moving average is $42.84 and its 200 day simple moving average is $37.78.

Edgewise Therapeutics (NASDAQ:EWTX) last released its earnings results on Thursday, August 6th. The company reported ($0.53) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.06). Sell-side analysts predict that Edgewise Therapeutics, Inc. will post -2.09 EPS for the current year.

Insider Buying and Selling

In other news, CMO Joanne M. Donovan sold 2,919 shares of the stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $43.41, for a total value of $126,713.79. Following the completion of the sale, the chief marketing officer owned 8,625 shares in the company, valued at $374,411.25. This represents a 25.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Alan J. Russell sold 5,901 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $43.73, for a total value of $258,050.73. Following the sale, the insider owned 31,466 shares of the company’s stock, valued at $1,376,008.18. The trade was a 15.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 38,329 shares of company stock worth $1,675,529 over the last quarter. 21.30% of the stock is currently owned by insiders.

Institutional Trading of Edgewise Therapeutics

Institutional investors have recently added to or reduced their stakes in the business. Janus Henderson Group PLC increased its holdings in shares of Edgewise Therapeutics by 29.5% during the 1st quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company’s stock worth $186,289,000 after purchasing an additional 1,348,706 shares during the period. Hsbc Holdings PLC bought a new position in shares of Edgewise Therapeutics in the second quarter valued at approximately $3,723,000. Persistent Asset Partners Ltd acquired a new position in shares of Edgewise Therapeutics in the 2nd quarter worth approximately $2,821,000. California State Teachers Retirement System grew its position 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 acquired a new stake in Edgewise Therapeutics during the 2nd quarter valued at $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.