Edgewise Therapeutics (NASDAQ:EWTX) Trading Up 7% – Time to Buy?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares shot up 7% on Wednesday . The company traded as high as $26.57 and last traded at $26.7020. 265,646 shares traded hands during trading, a decline of 67% from the average session volume of 797,258 shares. The stock had previously closed at $24.95.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on EWTX shares. Weiss Ratings restated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Wednesday, October 8th. JPMorgan Chase & Co. raised their target price on Edgewise Therapeutics from $33.00 to $34.00 and gave the company an “overweight” rating in a research note on Friday, November 14th. Royal Bank Of Canada lifted their price objective on shares of Edgewise Therapeutics from $49.00 to $50.00 and gave the company an “outperform” rating in a research report on Friday, November 7th. Wedbush decreased their price objective on Edgewise Therapeutics from $35.00 to $32.00 and set an “outperform” rating for the company in a report on Friday, November 7th. Finally, Wall Street Zen downgraded Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, December 27th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $36.00.

Edgewise Therapeutics Price Performance

The firm has a market cap of $2.89 billion, a price-to-earnings ratio of -17.21 and a beta of 0.27. The firm’s 50 day moving average price is $23.21 and its 200-day moving average price is $17.64.

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

Insider Transactions at Edgewise Therapeutics

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

Institutional Investors Weigh In On Edgewise Therapeutics

Several large investors have recently made changes to their positions in the business. Jones Financial Companies Lllp purchased a new stake in shares of Edgewise Therapeutics during the 1st quarter valued at approximately $47,000. Bessemer Group Inc. increased 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 worth $38,000 after purchasing an additional 2,165 shares during the period. Canada Pension Plan Investment Board bought a new stake in shares of Edgewise Therapeutics during the 2nd quarter worth $45,000. Strs Ohio purchased a new stake in Edgewise Therapeutics in the first quarter worth approximately $84,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Edgewise Therapeutics by 28.2% in the second 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.

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.