Edgewise Therapeutics (NASDAQ:EWTX) Shares Up 3.8% – Time to Buy?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s share price traded up 3.8% during mid-day trading on Wednesday. The stock traded as high as $37.57 and last traded at $37.6650. 519,573 shares were traded during trading, a decline of 58% from the average session volume of 1,239,886 shares. The stock had previously closed at $36.28.

Analysts Set New Price Targets

Several equities research analysts have commented on EWTX shares. Evercore reaffirmed an “outperform” rating and issued a $55.00 price target on shares of Edgewise Therapeutics in a report on Monday, July 20th. Oppenheimer assumed coverage on Edgewise Therapeutics in a research report on Thursday, July 9th. They set an “outperform” rating and a $51.00 price target on the stock. HC Wainwright reiterated a “buy” rating on shares of Edgewise Therapeutics in a research note on Wednesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Friday, July 17th. Finally, The Goldman Sachs Group boosted their price objective on Edgewise Therapeutics from $32.00 to $36.00 and gave the company a “neutral” rating in a report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Edgewise Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.33.

Edgewise Therapeutics Trading Up 2.8%

The stock has a market capitalization of $4.05 billion, a PE ratio of -20.14 and a beta of 0.35. The firm’s fifty day moving average price is $42.70 and its two-hundred day moving average price is $38.45.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its earnings results on Thursday, August 6th. The company reported ($0.53) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.47) by ($0.06). As a group, sell-side analysts anticipate that Edgewise Therapeutics, Inc. will post -2.09 earnings per share for the current fiscal year.

Insider Activity

In other news, CMO Joanne M. Donovan sold 6,522 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $43.85, for a total transaction of $285,989.70. Following the sale, the chief marketing officer directly owned 11,544 shares of the company’s stock, valued at $506,204.40. This represents a 36.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Kevin Koch sold 17,971 shares of the stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $43.68, for a total transaction of $784,973.28. Following the sale, the chief executive officer directly owned 52,488 shares in the company, valued at approximately $2,292,675.84. The trade was a 25.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 38,329 shares of company stock worth $1,675,529 over the last three months. Corporate insiders own 21.30% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC increased its stake in shares of Edgewise Therapeutics by 26.5% in the 3rd quarter. GAMMA Investing LLC now owns 2,666 shares of the company’s stock worth $108,000 after acquiring an additional 559 shares during the last quarter. First Light Asset Management LLC raised its holdings in shares of Edgewise Therapeutics by 9.3% during the 2nd quarter. First Light Asset Management LLC now owns 1,095,171 shares of the company’s stock worth $44,497,000 after acquiring an additional 93,325 shares during the period. Engineers Gate Manager LP acquired a new position in shares of Edgewise Therapeutics during the 2nd quarter valued at about $271,000. Squarepoint Ops LLC acquired a new position in shares of Edgewise Therapeutics during the 2nd quarter valued at about $230,000. Finally, Allianz Asset Management GmbH acquired a new position in shares of Edgewise Therapeutics during the 2nd quarter valued at about $370,000.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics, Inc is a biopharmaceutical company focused on developing small-molecule therapies for severe neuromuscular and cardiovascular diseases. The company’s research is centered on muscle biology, with the goal of developing treatments that address the underlying mechanisms of muscle damage and dysfunction.

Edgewise’s lead investigational product is sevasemten, formerly known as EDG-5506, a selective fast skeletal muscle myosin inhibitor being developed for dystrophinopathies, including Duchenne muscular dystrophy and Becker muscular dystrophy.