Edgewise Therapeutics (NASDAQ:EWTX) Shares Climb 3.8% – Should You Buy?

by · The Cerbat Gem

Edgewise Therapeutics, Inc. (NASDAQ:EWTX – Get Free Report)’s stock price rose 3.8% during trading on Wednesday. The company traded as high as $37.57 and last traded at $37.6650. 519,573 shares changed hands during trading, a decline of 58% from the average daily volume of 1,239,886 shares. The stock had previously closed at $36.28.

Wall Street Analyst Weigh In

EWTX has been the subject of several analyst reports. William Blair initiated coverage on shares of Edgewise Therapeutics in a research report on Friday. They set an “outperform” rating for the company. Wall Street Zen raised Edgewise Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, October 4th. Oppenheimer initiated coverage on Edgewise Therapeutics in a research report on Thursday, July 9th. They issued an “outperform” rating and a $51.00 price objective on the stock. Guggenheim increased their target price on Edgewise Therapeutics from $41.00 to $51.00 and gave the company a “buy” rating in a research note on Monday, July 6th. Finally, JPMorgan Chase & Co. lifted their target price on Edgewise Therapeutics from $53.00 to $60.00 and gave the stock an “overweight” rating in a report on Thursday, August 20th. One analyst has rated the stock with a Strong Buy rating, nine 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 stock currently has an average rating of “Moderate Buy” and an average target price of $51.33.

View Our Latest Report on Edgewise Therapeutics

Edgewise Therapeutics Trading Up 3.2%

The business’s 50 day simple moving average is $42.41 and its 200 day simple moving average is $38.54. The company has a market cap of $4.15 billion, a P/E ratio of -20.65 and a beta of 0.35.

Edgewise Therapeutics (NASDAQ:EWTX – Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.53) EPS for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.06). Sell-side analysts anticipate 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 business’s stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $43.41, for a total transaction of $126,713.79. Following the completion of the sale, the chief marketing officer directly owned 8,625 shares of the company’s stock, valued at approximately $374,411.25. The trade was a 25.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel John Moore sold 5,016 shares of the company’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $43.82, for a total transaction of $219,801.12. Following the completion of the transaction, the general counsel owned 17,697 shares in the company, valued at $775,482.54. This represents a 22.08% 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. Over the last 90 days, insiders have sold 38,329 shares of company stock worth $1,675,529. 21.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Institutional investors have recently bought and sold shares of the business. BlackRock Inc. bought a new position in shares of Edgewise Therapeutics during the 2nd quarter worth approximately $268,415,000. Jupiter Topco LLC acquired a new stake in Edgewise Therapeutics in the second quarter valued at approximately $246,945,000. Bank of America Corp DE acquired a new stake in Edgewise Therapeutics in the second quarter valued at approximately $63,312,000. Janus Henderson Group PLC boosted 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 acquiring an additional 1,348,706 shares in the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in Edgewise Therapeutics in the third quarter worth $29,849,000.

About Edgewise Therapeutics

(Get Free Report)

Edgewise Therapeutics, Inc is a biopharmaceutical company focused on developing small-molecule therapies for severe neuromuscular and cardiovascular diseases. The company’s research is centered on muscle biology, with the goal of developing treatments that address the underlying mechanisms of muscle damage and dysfunction.

Edgewise’s lead investigational product is sevasemten, formerly known as EDG-5506, a selective fast skeletal muscle myosin inhibitor being developed for dystrophinopathies, including Duchenne muscular dystrophy and Becker muscular dystrophy.

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