Edgewise Therapeutics (NASDAQ:EWTX) Trading Down 6.4% – Time to Sell?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) traded down 6.4% during trading on Thursday . The company traded as low as $26.58 and last traded at $26.37. 191,868 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 949,452 shares. The stock had previously closed at $28.17.

Wall Street Analysts Forecast Growth

EWTX has been the subject of a number of recent analyst reports. Wedbush lowered their price target on Edgewise Therapeutics from $35.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, November 7th. Wall Street Zen downgraded shares of Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, December 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of Edgewise Therapeutics in a research report on Wednesday, October 8th. JPMorgan Chase & Co. raised their price objective on Edgewise Therapeutics from $33.00 to $34.00 and gave the stock an “overweight” rating in a research note on Friday, November 14th. Finally, The Goldman Sachs Group assumed coverage on Edgewise Therapeutics in a research note on Thursday, September 25th. They issued a “neutral” rating and a $20.00 target price for the company. One research 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 stock. According to MarketBeat, Edgewise Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $36.00.

Edgewise Therapeutics Stock Performance

The stock has a market cap of $2.90 billion, a price-to-earnings ratio of -17.34 and a beta of 0.27. The business has a 50-day simple moving average of $23.82 and a two-hundred day simple moving average of $17.87.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.39) EPS for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.01. On average, analysts expect that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current fiscal year.

Insider Transactions at Edgewise Therapeutics

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

Institutional Trading of Edgewise Therapeutics

A number of large investors have recently added to or reduced their stakes in EWTX. Orbimed Advisors LLC raised its holdings in shares of Edgewise Therapeutics by 3.3% in the 2nd quarter. Orbimed Advisors LLC now owns 15,518,492 shares of the company’s stock valued at $203,447,000 after purchasing an additional 496,771 shares during the period. RA Capital Management L.P. raised its stake in Edgewise Therapeutics by 5.3% in the third quarter. RA Capital Management L.P. now owns 10,428,437 shares of the company’s stock valued at $169,149,000 after buying an additional 525,804 shares during the period. Paradigm Biocapital Advisors LP lifted its position in shares of Edgewise Therapeutics by 0.5% in the third quarter. Paradigm Biocapital Advisors LP now owns 6,170,131 shares of the company’s stock valued at $100,080,000 after buying an additional 27,787 shares during the last quarter. Braidwell LP boosted its stake in shares of Edgewise Therapeutics by 111.9% during the 2nd quarter. Braidwell LP now owns 5,210,831 shares of the company’s stock worth $68,314,000 after acquiring an additional 2,752,023 shares during the period. Finally, Bellevue Group AG increased its holdings in shares of Edgewise Therapeutics by 94.3% during the 2nd quarter. Bellevue Group AG now owns 2,775,997 shares of the company’s stock worth $36,393,000 after acquiring an additional 1,347,068 shares during the last quarter.

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.