Edgewise Therapeutics (NASDAQ:EWTX) Reaches New 52-Week High – Here’s Why

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) reached a new 52-week high during trading on Tuesday . The stock traded as high as $38.50 and last traded at $38.6570, with a volume of 180041 shares. The stock had previously closed at $31.45.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on EWTX. Weiss Ratings restated a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Monday, April 20th. Raymond James Financial set a $46.00 target price on Edgewise Therapeutics in a report on Tuesday, March 10th. Evercore restated an “outperform” rating and issued a $45.00 price target on shares of Edgewise Therapeutics in a research note on Thursday, February 26th. HC Wainwright raised Edgewise Therapeutics to a “strong-buy” rating in a report on Thursday, February 26th. Finally, JPMorgan Chase & Co. upped their price objective on Edgewise Therapeutics from $34.00 to $45.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 17th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Edgewise Therapeutics has an average rating of “Moderate Buy” and an average price target of $39.67.

Edgewise Therapeutics Trading Down 3.8%

The stock has a market capitalization of $3.82 billion, a price-to-earnings ratio of -21.83 and a beta of 0.25. The company’s 50 day moving average is $31.42 and its 200 day moving average is $26.67.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.46) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.50) by $0.04. Analysts anticipate that Edgewise Therapeutics, Inc. will post -2.16 EPS for the current fiscal year.

Insider Transactions at Edgewise Therapeutics

In related news, CMO Joanne M. Donovan sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $38.57, for a total transaction of $1,928,500.00. Following the transaction, the chief marketing officer owned 4,367 shares in the company, valued at $168,435.19. This trade represents a 91.97% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In the last quarter, insiders sold 83,892 shares of company stock worth $3,018,216. Company insiders own 23.20% of the company’s stock.

Hedge Funds Weigh In On Edgewise Therapeutics

Hedge funds have recently modified their holdings of the business. Parallel Advisors LLC raised its position in Edgewise Therapeutics by 64.9% in the 1st quarter. Parallel Advisors LLC now owns 1,032 shares of the company’s stock valued at $33,000 after purchasing an additional 406 shares during the last quarter. Bessemer Group Inc. raised its holdings in shares of Edgewise Therapeutics by 1,170.3% in the third quarter. Bessemer Group Inc. now owns 2,350 shares of the company’s stock valued at $38,000 after buying an additional 2,165 shares during the last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of Edgewise Therapeutics during the second quarter worth about $45,000. Jones Financial Companies Lllp purchased a new position in shares of Edgewise Therapeutics during the first quarter worth about $47,000. Finally, KBC Group NV acquired a new position in Edgewise Therapeutics in the 1st quarter valued at about $49,000.

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.