Edgewise Therapeutics (NASDAQ:EWTX) Trading Down 6.3% – Here’s Why

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s share price was down 6.3% during trading on Thursday . The stock traded as low as $27.86 and last traded at $27.92. Approximately 205,866 shares traded hands during trading, a decline of 78% from the average daily volume of 924,335 shares. The stock had previously closed at $29.80.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Truist Financial lifted their price objective on Edgewise Therapeutics from $33.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Wedbush raised their price objective on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Piper Sandler boosted their target price on Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Evercore ISI assumed coverage on Edgewise Therapeutics in a research report on Friday, November 22nd. They issued an “outperform” rating and a $45.00 price objective for the company. Finally, Royal Bank of Canada restated an “outperform” rating and set a $32.00 target price on shares of Edgewise Therapeutics in a report on Tuesday, September 17th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, Edgewise Therapeutics currently has an average rating of “Buy” and an average price target of $42.33.

Edgewise Therapeutics Price Performance

The firm has a 50 day moving average price of $32.69 and a 200-day moving average price of $24.09. The firm has a market cap of $2.62 billion, a price-to-earnings ratio of -18.41 and a beta of 0.12.

Edgewise Therapeutics (NASDAQ:EWTX) last released its earnings results on Thursday, November 7th. The company reported ($0.36) EPS for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. On average, sell-side analysts expect that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Insider Buying and Selling

In other Edgewise Therapeutics news, insider Alan J. Russell sold 75,000 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $28.27, for a total value of $2,120,250.00. Following the completion of the transaction, the insider now directly owns 12,719 shares of the company’s stock, valued at approximately $359,566.13. The trade was a 85.50 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO R Michael Carruthers sold 125,092 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $28.57, for a total transaction of $3,573,878.44. Following the sale, the chief financial officer now owns 6,904 shares in the company, valued at $197,247.28. This trade represents a 94.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 278,176 shares of company stock valued at $7,893,316 in the last 90 days. 24.11% of the stock is owned by insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in EWTX. California State Teachers Retirement System grew its position in shares of Edgewise Therapeutics by 23.1% in the 1st quarter. California State Teachers Retirement System now owns 36,467 shares of the company’s stock valued at $665,000 after acquiring an additional 6,847 shares during the period. SG Americas Securities LLC lifted its stake in shares of Edgewise Therapeutics by 657.9% during the 2nd quarter. SG Americas Securities LLC now owns 64,173 shares of the company’s stock worth $1,156,000 after buying an additional 55,706 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Edgewise Therapeutics by 26.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 268,712 shares of the company’s stock valued at $4,840,000 after buying an additional 56,447 shares during the last quarter. Rhumbline Advisers raised its holdings in Edgewise Therapeutics by 16.7% in the 2nd quarter. Rhumbline Advisers now owns 98,269 shares of the company’s stock valued at $1,770,000 after acquiring an additional 14,041 shares during the period. Finally, Arizona State Retirement System bought a new stake in shares of Edgewise Therapeutics during the second quarter worth approximately $188,000.

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.