Edgewise Therapeutics (NASDAQ:EWTX) Trading Down 7.1% – Time to Sell?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) traded down 7.1% during mid-day trading on Friday . The stock traded as low as $44.85 and last traded at $44.8930. Approximately 126,888 shares changed hands during trading, a decline of 89% from the average session volume of 1,188,236 shares. The stock had previously closed at $48.35.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on EWTX shares. Wedbush raised their price objective on Edgewise Therapeutics from $46.00 to $52.00 and gave the company an “outperform” rating in a research report on Monday, June 1st. HC Wainwright reiterated a “buy” rating and issued a $45.00 target price on shares of Edgewise Therapeutics in a report on Tuesday, June 16th. The Goldman Sachs Group increased their price target on shares of Edgewise Therapeutics from $20.00 to $32.00 and gave the company a “neutral” rating in a research report on Wednesday, June 17th. Oppenheimer began coverage on shares of Edgewise Therapeutics in a report on Thursday. They issued an “outperform” rating and a $51.00 price target on the stock. Finally, Raymond James Financial reaffirmed a “strong-buy” rating and issued a $66.00 price objective on shares of Edgewise Therapeutics in a research report on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.92.

Edgewise Therapeutics Stock Down 8.1%

The company has a market capitalization of $4.78 billion, a PE ratio of -26.66 and a beta of 0.27. The business has a 50 day simple moving average of $36.37 and a 200 day simple moving average of $31.79.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.46) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.04. Equities analysts expect that Edgewise Therapeutics, Inc. will post -2.01 EPS for the current fiscal year.

Insider Buying and Selling

In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $38.57, for a total transaction of $1,928,500.00. Following the sale, the chief marketing officer owned 4,367 shares of the company’s stock, valued at approximately $168,435.19. The trade was a 91.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Alan J. Russell sold 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $39.41, for a total transaction of $7,882,000.00. Following the transaction, the insider owned 24,555 shares in the company, valued at $967,712.55. The trade was a 89.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 255,230 shares of company stock valued at $9,974,147 over the last quarter. 21.30% of the stock is owned by company insiders.

Institutional Trading of Edgewise Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC raised its position in Edgewise Therapeutics by 797.9% during the 4th quarter. SG Americas Securities LLC now owns 88,723 shares of the company’s stock worth $2,202,000 after buying an additional 78,842 shares during the last quarter. HighVista Strategies LLC increased its stake in shares of Edgewise Therapeutics by 198.5% in the third quarter. HighVista Strategies LLC now owns 208,101 shares of the company’s stock worth $3,375,000 after acquiring an additional 138,378 shares during the period. Integral Health Asset Management LLC raised its holdings in shares of Edgewise Therapeutics by 50.0% during the third quarter. Integral Health Asset Management LLC now owns 1,500,000 shares of the company’s stock worth $24,330,000 after purchasing an additional 500,000 shares during the last quarter. UBS Group AG raised its holdings in shares of Edgewise Therapeutics by 1,755.0% during the fourth quarter. UBS Group AG now owns 2,117,073 shares of the company’s stock worth $52,535,000 after purchasing an additional 2,002,945 shares during the last quarter. Finally, Aberdeen Group plc lifted its position in Edgewise Therapeutics by 32.6% during the fourth quarter. Aberdeen Group plc now owns 821,940 shares of the company’s stock valued at $20,396,000 after purchasing an additional 202,062 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.