Edgewise Therapeutics (NASDAQ:EWTX) Trading Down 5.2% – Here’s Why

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s share price fell 5.2% on Friday . The stock traded as low as $26.12 and last traded at $25.88. 198,790 shares changed hands during trading, a decline of 84% from the average session volume of 1,219,236 shares. The stock had previously closed at $27.29.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on EWTX. The Goldman Sachs Group began coverage on Edgewise Therapeutics in a report on Thursday, September 25th. They set a “neutral” rating and a $20.00 price target on the stock. Royal Bank Of Canada raised their target price on Edgewise Therapeutics from $49.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, November 7th. Wall Street Zen raised Edgewise Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, November 22nd. JPMorgan Chase & Co. upped their price objective on shares of Edgewise Therapeutics from $33.00 to $34.00 and gave the company an “overweight” rating in a research note on Friday, November 14th. Finally, Wedbush reduced their target price on Edgewise Therapeutics from $35.00 to $32.00 and set an “outperform” rating for the company in a report on Friday, November 7th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.00.

Edgewise Therapeutics Stock Performance

The company has a market capitalization of $2.73 billion, a PE ratio of -16.20 and a beta of 0.26. The stock has a 50 day moving average price of $21.08 and a two-hundred day moving average price of $16.70.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.39) EPS for the quarter, beating the consensus estimate of ($0.40) by $0.01. Sell-side analysts predict that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.

Insider Buying and Selling at Edgewise Therapeutics

In other news, insider Alan J. Russell sold 100,000 shares of the firm’s stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $21.12, for a total transaction of $2,112,000.00. Following the transaction, the insider owned 23,400 shares in the company, valued at approximately $494,208. This trade represents a 81.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jonathan C. Fox bought 10,700 shares of the business’s stock in a transaction on Tuesday, November 11th. The shares were bought at an average price of $18.64 per share, for a total transaction of $199,448.00. Following the completion of the acquisition, the director owned 23,702 shares of the company’s stock, valued at approximately $441,805.28. This represents a 82.30% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 23.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Bessemer Group Inc. grew its position 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 purchasing an additional 2,165 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in Edgewise Therapeutics during the 2nd quarter valued at approximately $45,000. Jones Financial Companies Lllp acquired a new stake in Edgewise Therapeutics in the 1st quarter valued at approximately $47,000. Mirae Asset Global Investments Co. Ltd. increased its position in Edgewise Therapeutics by 28.2% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,062 shares of the company’s stock worth $53,000 after buying an additional 894 shares during the period. Finally, Allostery Investments LP bought a new position in Edgewise Therapeutics in the 1st quarter worth approximately $66,000.

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.