Edgewise Therapeutics (NASDAQ:EWTX) Stock Price Up 9.3% – Time to Buy?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s stock price rose 9.3% during mid-day trading on Thursday . The company traded as high as $25.36 and last traded at $24.34. Approximately 335,906 shares were traded during trading, a decline of 64% from the average daily volume of 944,532 shares. The stock had previously closed at $22.26.

Analysts Set New Price Targets

Several equities research analysts have commented on EWTX shares. Evercore ISI boosted their target price on Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, December 17th. 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 started 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 on the stock. Finally, Stifel Nicolaus initiated coverage on shares of Edgewise Therapeutics in a research note on Wednesday, January 22nd. They set a “hold” rating and a $30.00 price objective for the company. One analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Edgewise Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.38.

Edgewise Therapeutics Price Performance

The company has a market capitalization of $2.22 billion, a P/E ratio of -15.51 and a beta of 0.22. The company’s 50-day moving average price is $26.27 and its two-hundred day moving average price is $28.44.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Monday, March 3rd. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.03). On average, analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current fiscal year.

Insider Buying and Selling at Edgewise Therapeutics

In other news, insider Alan J. Russell sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $27.37, for a total value of $2,737,000.00. Following the sale, the insider now directly owns 14,863 shares in the company, valued at approximately $406,800.31. This trade represents a 87.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Kevin Koch sold 8,636 shares of Edgewise Therapeutics stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $30.03, for a total transaction of $259,339.08. Following the sale, the chief executive officer now directly owns 14,478 shares in the company, valued at $434,774.34. This trade represents a 37.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 134,836 shares of company stock worth $3,723,245 over the last three months. Corporate insiders own 24.11% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of EWTX. Diadema Partners LP acquired a new stake in shares of Edgewise Therapeutics during the 4th quarter valued at $36,000. GF Fund Management CO. LTD. acquired a new position in shares of Edgewise Therapeutics in the fourth quarter valued at approximately $53,000. Aquatic Capital Management LLC bought a new position in Edgewise Therapeutics in the 4th quarter valued at approximately $77,000. Tower Research Capital LLC TRC grew its holdings in Edgewise Therapeutics by 1,097.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,676 shares of the company’s stock worth $98,000 after acquiring an additional 3,369 shares during the last quarter. Finally, Quantbot Technologies LP bought a new position in shares of Edgewise Therapeutics during the fourth quarter valued at $103,000.

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.