Edgewise Therapeutics (NASDAQ:EWTX) Stock Price Down 7.2% – Here’s What Happened

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) was down 7.2% during mid-day trading on Wednesday . The stock traded as low as $41.48 and last traded at $41.2850. Approximately 205,746 shares were traded during trading, a decline of 83% from the average daily volume of 1,201,318 shares. The stock had previously closed at $44.51.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on EWTX shares. Guggenheim lifted their price target on shares of Edgewise Therapeutics from $41.00 to $51.00 and gave the stock a “buy” rating in a research note on Monday, July 6th. HC Wainwright raised their price objective on Edgewise Therapeutics from $45.00 to $57.00 and gave the stock a “buy” rating in a research note on Monday. Leerink Partners set a $52.00 price objective on Edgewise Therapeutics in a research note on Tuesday, June 16th. Evercore restated an “outperform” rating and set a $55.00 target price on shares of Edgewise Therapeutics in a research note on Monday, July 20th. Finally, Royal Bank Of Canada upped their price target on shares of Edgewise Therapeutics from $48.00 to $59.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $51.33.

Edgewise Therapeutics Stock Down 9.4%

The stock has a market capitalization of $4.38 billion, a PE ratio of -21.76 and a beta of 0.32. The stock’s 50 day moving average price is $42.77 and its 200-day moving average price is $37.39.

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

Insider Buying and Selling at Edgewise Therapeutics

In other news, insider Alan Russell sold 5,901 shares of the company’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $43.73, for a total value of $258,050.73. Following the completion of the sale, the insider owned 31,466 shares of the company’s stock, valued at approximately $1,376,008.18. This represents a 15.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CMO Joanne Donovan sold 2,919 shares of Edgewise Therapeutics stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $43.41, for a total value of $126,713.79. Following the completion of the transaction, the chief marketing officer owned 8,625 shares in the company, valued at $374,411.25. This represents a 25.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 238,329 shares of company stock worth $9,557,529. 21.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the company. First Light Asset Management LLC lifted 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 valued at $44,497,000 after purchasing an additional 93,325 shares during the last quarter. Engineers Gate Manager LP purchased a new stake in Edgewise Therapeutics in the second quarter valued at about $271,000. Squarepoint Ops LLC purchased a new stake in shares of Edgewise Therapeutics during the second quarter worth about $230,000. Allianz Asset Management GmbH acquired a new position in shares of Edgewise Therapeutics during the second quarter valued at about $370,000. Finally, Corient Private Wealth LP purchased a new position in shares of Edgewise Therapeutics in the 2nd quarter valued at approximately $502,000.

About Edgewise Therapeutics

Edgewise Therapeutics, Inc is a clinical-stage biotechnology company focused on developing small-molecule medicines for severe muscle disorders. The company’s research is centered on therapies intended to address the biological mechanisms that contribute to muscle damage and impaired function in diseases affecting skeletal and cardiac muscle.

Edgewise’s lead program is sevasemten (also known as EDG-5506), an orally administered investigational therapy designed to reduce contraction-related muscle injury by selectively modulating fast skeletal muscle contractility.