Edgewise Therapeutics (NASDAQ:EWTX) Sets New 12-Month High – Still a Buy?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s stock price hit a new 52-week high during mid-day trading on Monday. The company traded as high as $48.78 and last traded at $48.74, with a volume of 2,463,752 shares traded. The stock had previously closed at $45.04.

Analyst Ratings Changes

Several equities analysts have weighed in on EWTX shares. Wedbush cut their target price on Edgewise Therapeutics from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Thursday. The Goldman Sachs Group upped their price target on Edgewise Therapeutics from $32.00 to $36.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 11th. Raymond James Financial reissued an “underperform” rating and set a $85.00 price objective on shares of Edgewise Therapeutics in a report on Thursday. William Blair assumed coverage on Edgewise Therapeutics in a research note on Friday, October 16th. They issued an “outperform” rating on the stock. Finally, HC Wainwright restated a “buy” rating on shares of Edgewise Therapeutics in a report on Wednesday, October 14th. Nine investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $52.83.

Edgewise Therapeutics Trading Up 8.2%

The company’s fifty day moving average is $40.86 and its 200-day moving average is $36.54. The firm has a market capitalization of $5.34 billion, a P/E ratio of 5.95 and a beta of 0.39.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its earnings results on Wednesday, November 4th. The company reported $9.65 EPS for the quarter, topping the consensus estimate of ($0.53) by $10.18. On average, equities research analysts anticipate that Edgewise Therapeutics, Inc. will post 5.43 EPS for the current year.

Insider Activity

In other news, CMO Joanne M. Donovan sold 2,919 shares of Edgewise Therapeutics stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $43.41, for a total value of $126,713.79. Following the transaction, the chief marketing officer directly owned 8,625 shares in the company, valued at approximately $374,411.25. The trade was a 25.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Kevin Koch sold 17,971 shares of the business’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $43.68, for a total value of $784,973.28. Following the transaction, the chief executive officer directly owned 52,488 shares of the company’s stock, valued at $2,292,675.84. This represents a 25.51% decrease in their position. 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 38,329 shares of company stock valued at $1,675,529 over the last three months. 21.30% of the stock is currently owned by insiders.

Institutional Trading of Edgewise Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EWTX. BlackRock Inc. bought a new position in Edgewise Therapeutics in the 2nd quarter worth approximately $268,415,000. Jupiter Topco LLC bought a new stake in shares of Edgewise Therapeutics in the second quarter valued at approximately $246,945,000. Bank of America Corp DE acquired a new stake in shares of Edgewise Therapeutics in the second quarter worth $63,312,000. Janus Henderson Group PLC grew its stake in shares of Edgewise Therapeutics by 29.5% in the first quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company’s stock worth $186,289,000 after acquiring an additional 1,348,706 shares during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of Edgewise Therapeutics in the third quarter worth $29,849,000.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics is a clinical-stage biopharmaceutical company focused on developing therapies for serious muscle disorders. Founded in 2017 and based in Boulder, Colorado, the company researches small-molecule treatments designed to address the underlying biology of muscle and cardiac conditions.

Its programs include sevasemten, an investigational therapy for Duchenne and Becker muscular dystrophies, and EDG-7500, an investigational treatment being developed for hypertrophic cardiomyopathy.