Edgewise Therapeutics (NASDAQ:EWTX) Trading Down 4.3%

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) was down 4.3% on Tuesday . The stock traded as low as $16.59 and last traded at $16.63. Approximately 168,519 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 822,579 shares. The stock had previously closed at $17.37.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on EWTX shares. Royal Bank of Canada raised their price target on Edgewise Therapeutics from $28.00 to $32.00 and gave the stock an “outperform” rating in a report on Monday, April 22nd. Piper Sandler assumed coverage on Edgewise Therapeutics in a research report on Thursday, March 7th. They set an “overweight” rating and a $48.00 price target for the company. Wedbush reiterated an “outperform” rating and set a $26.00 price target on shares of Edgewise Therapeutics in a research report on Tuesday, April 16th. Finally, Truist Financial restated a “buy” rating and issued a $25.00 price objective on shares of Edgewise Therapeutics in a research report on Wednesday, April 17th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Edgewise Therapeutics presently has an average rating of “Buy” and a consensus price target of $31.20.

Edgewise Therapeutics Stock Down 6.9 %

The stock has a 50-day moving average price of $17.49 and a 200 day moving average price of $15.33. The firm has a market capitalization of $1.51 billion, a PE ratio of -10.94 and a beta of 0.13.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.06. As a group, equities analysts predict that Edgewise Therapeutics, Inc. will post -1.59 earnings per share for the current fiscal year.

Insider Transactions at Edgewise Therapeutics

In other news, insider Behrad Derakhshan sold 1,718 shares of Edgewise Therapeutics stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total value of $32,487.38. Following the sale, the insider now directly owns 13,422 shares of the company’s stock, valued at $253,810.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Edgewise Therapeutics news, CFO R Michael Carruthers sold 2,157 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total transaction of $40,788.87. Following the transaction, the chief financial officer now owns 35,230 shares of the company’s stock, valued at $666,199.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Behrad Derakhshan sold 1,718 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total value of $32,487.38. Following the transaction, the insider now directly owns 13,422 shares in the company, valued at approximately $253,810.02. The disclosure for this sale can be found here. Insiders have sold 12,665 shares of company stock valued at $239,495 over the last ninety days. Insiders own 24.11% of the company’s stock.

Hedge Funds Weigh In On Edgewise Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EWTX. RA Capital Management L.P. acquired a new position in shares of Edgewise Therapeutics in the 1st quarter valued at $162,502,000. Baker BROS. Advisors LP lifted its stake in shares of Edgewise Therapeutics by 87.6% in the 1st quarter. Baker BROS. Advisors LP now owns 5,840,059 shares of the company’s stock valued at $106,523,000 after purchasing an additional 2,727,273 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Edgewise Therapeutics by 89.0% in the 1st quarter. Vanguard Group Inc. now owns 4,017,433 shares of the company’s stock valued at $73,278,000 after purchasing an additional 1,892,053 shares during the last quarter. Frazier Life Sciences Management L.P. lifted its stake in shares of Edgewise Therapeutics by 214.2% in the 4th quarter. Frazier Life Sciences Management L.P. now owns 2,667,203 shares of the company’s stock valued at $29,179,000 after purchasing an additional 1,818,181 shares during the last quarter. Finally, Artal Group S.A. acquired a new position in shares of Edgewise Therapeutics in the 1st quarter valued at $14,806,000.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics, Inc, a biopharmaceutical company, discovers, develops, and commercializes therapies for the treatment of muscle disorders. Its lead product candidate, EDG-5506, an orally administered small molecule that is in Phase II clinical trials, designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy and Becker muscular dystrophy.