Edgewise Therapeutics (NASDAQ:EWTX) Shares Gap Down – What’s Next?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) gapped down prior to trading on Tuesday . The stock had previously closed at $24.62, but opened at $24.07. Edgewise Therapeutics shares last traded at $24.5850, with a volume of 108,242 shares.

Analysts Set New Price Targets

EWTX has been the subject of several research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Edgewise Therapeutics in a research report on Wednesday, October 8th. The Goldman Sachs Group assumed coverage on shares of Edgewise Therapeutics in a report on Thursday, September 25th. They issued a “neutral” rating and a $20.00 price target for the company. JPMorgan Chase & Co. lifted their price objective on shares of Edgewise Therapeutics from $33.00 to $34.00 and gave the stock an “overweight” rating in a research note on Friday, November 14th. Wedbush cut their target price on Edgewise Therapeutics from $35.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, November 7th. Finally, Wall Street Zen cut Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Edgewise Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $36.00.

Edgewise Therapeutics Stock Up 0.2%

The stock’s 50 day moving average price is $21.49 and its two-hundred day moving average price is $16.86. The stock has a market cap of $2.61 billion, a price-to-earnings ratio of -15.62 and a beta of 0.26.

Edgewise Therapeutics (NASDAQ:EWTX) last posted 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. On average, analysts predict that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current fiscal year.

Insider Transactions at Edgewise Therapeutics

In other news, Director Jonathan C. Fox acquired 10,700 shares of the company’s stock in a transaction dated Tuesday, November 11th. The shares were acquired at an average price of $18.64 per share, with a total value of $199,448.00. Following the purchase, the director directly owned 23,702 shares of the company’s stock, valued at $441,805.28. This trade represents a 82.30% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Alan J. Russell sold 100,000 shares of the business’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 completion of the transaction, the insider owned 23,400 shares of the company’s stock, valued at approximately $494,208. This represents a 81.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 23.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of institutional investors have recently modified their holdings of EWTX. Invesco Ltd. increased its position in shares of Edgewise Therapeutics by 10.8% during the first quarter. Invesco Ltd. now owns 48,130 shares of the company’s stock worth $1,059,000 after purchasing an additional 4,695 shares in the last quarter. Braidwell LP boosted its position in Edgewise Therapeutics by 5.4% in the 1st quarter. Braidwell LP now owns 2,458,808 shares of the company’s stock valued at $54,094,000 after buying an additional 126,612 shares during the period. MPM Bioimpact LLC raised its position in Edgewise Therapeutics by 2.4% in the 1st quarter. MPM Bioimpact LLC now owns 1,105,444 shares of the company’s stock valued at $24,320,000 after purchasing an additional 26,128 shares in the last quarter. First Light Asset Management LLC grew its holdings in Edgewise Therapeutics by 137.3% during the 1st quarter. First Light Asset Management LLC now owns 1,852,290 shares of the company’s stock worth $40,750,000 after acquiring an additional 1,071,651 shares in the last quarter. Finally, ADAR1 Capital Management LLC purchased a new stake in shares of Edgewise Therapeutics during the 1st quarter worth $440,000.

Edgewise Therapeutics Company Profile

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.