Edgewise Therapeutics (NASDAQ:EWTX) Shares Gap Down – Time to Sell?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares gapped down before the market opened on Monday . The stock had previously closed at $25.67, but opened at $25.00. Edgewise Therapeutics shares last traded at $25.54, with a volume of 36,831 shares traded.

Analysts Set New Price Targets

Several brokerages recently commented on EWTX. Royal Bank of Canada restated an “outperform” rating and set a $56.00 target price on shares of Edgewise Therapeutics in a report on Tuesday, March 4th. Scotiabank assumed coverage on shares of Edgewise Therapeutics in a research note on Friday, March 7th. They issued a “sector outperform” rating and a $50.00 price target for the company. Evercore ISI increased their price target on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, December 17th. Truist Financial increased their price target on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Finally, Stifel Nicolaus assumed coverage on shares of Edgewise Therapeutics in a research note on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 price target for the company. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.38.

Edgewise Therapeutics Trading Up 0.0 %

The business’s 50 day moving average price is $26.69 and its 200-day moving average price is $28.16. The company has a market cap of $2.44 billion, a price-to-earnings ratio of -17.12 and a beta of 0.22.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings results on Monday, March 3rd. The company reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.03). Equities research analysts forecast 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 1,200 shares of the firm’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $30.13, for a total value of $36,156.00. Following the transaction, the insider now directly owns 14,863 shares of the company’s stock, valued at $447,822.19. This trade represents a 7.47 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kevin Koch sold 8,636 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $30.03, for a total transaction of $259,339.08. Following the completion of the transaction, the chief executive officer now directly owns 14,478 shares in the company, valued at approximately $434,774.34. This represents a 37.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 164,545 shares of company stock valued at $4,605,305. 24.11% of the stock is owned by company insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Hedge funds have recently bought and sold shares of the company. Ally Bridge Group NY LLC bought a new position in Edgewise Therapeutics in the 3rd quarter valued at about $5,010,000. Franklin Resources Inc. boosted its stake in shares of Edgewise Therapeutics by 84.2% in the 3rd quarter. Franklin Resources Inc. now owns 45,223 shares of the company’s stock valued at $1,207,000 after purchasing an additional 20,674 shares in the last quarter. Braidwell LP acquired a new stake in shares of Edgewise Therapeutics in the 3rd quarter valued at approximately $52,267,000. XTX Topco Ltd acquired a new stake in shares of Edgewise Therapeutics in the 3rd quarter valued at approximately $755,000. Finally, Moody Aldrich Partners LLC boosted its stake in shares of Edgewise Therapeutics by 24.3% in the 4th quarter. Moody Aldrich Partners LLC now owns 187,932 shares of the company’s stock valued at $5,018,000 after purchasing an additional 36,775 shares in the last quarter.

About Edgewise Therapeutics

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.