Edgewise Therapeutics (NASDAQ:EWTX) Trading Down 6.1% – Should You Sell?

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) fell 6.1% during mid-day trading on Thursday . The company traded as low as $26.41 and last traded at $26.47. 72,636 shares traded hands during trading, a decline of 92% from the average session volume of 929,205 shares. The stock had previously closed at $28.20.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on EWTX shares. Piper Sandler raised their price target on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Truist Financial lifted their target price on Edgewise Therapeutics from $33.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Wedbush raised their price target on Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Finally, Evercore ISI boosted their price objective on Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an “outperform” rating in a report on Tuesday, December 17th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, Edgewise Therapeutics has a consensus rating of “Buy” and an average target price of $43.17.

Edgewise Therapeutics Price Performance

The stock has a market cap of $2.49 billion, a price-to-earnings ratio of -17.51 and a beta of 0.20. The firm has a 50 day simple moving average of $29.83 and a two-hundred day simple moving average of $25.92.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.36) EPS for the quarter, beating the consensus estimate of ($0.37) by $0.01. On average, sell-side analysts expect that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current fiscal year.

Insider Transactions at Edgewise Therapeutics

In other news, insider Marc Semigran sold 29,709 shares of the firm’s stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $29.69, for a total value of $882,060.21. Following the completion of the transaction, the insider now owns 6,716 shares in the company, valued at $199,398.04. This trade represents a 81.56 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Alan J. Russell sold 100,000 shares of the firm’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $27.37, for a total transaction of $2,737,000.00. Following the completion of the transaction, the insider now directly owns 14,863 shares of the company’s stock, valued at $406,800.31. This represents a 87.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 24.11% of the stock is owned by insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

A number of institutional investors have recently bought and sold shares of the business. Novo Holdings A S bought a new position in shares of Edgewise Therapeutics in the second quarter valued at about $114,263,000. Janus Henderson Group PLC boosted its holdings in shares of Edgewise Therapeutics by 74.8% during the third quarter. Janus Henderson Group PLC now owns 4,558,519 shares of the company’s stock worth $121,616,000 after acquiring an additional 1,951,220 shares during the period. Frazier Life Sciences Management L.P. grew its position in shares of Edgewise Therapeutics by 12.9% in the second quarter. Frazier Life Sciences Management L.P. now owns 3,731,067 shares of the company’s stock valued at $67,197,000 after purchasing an additional 427,500 shares during the last quarter. Braidwell LP acquired a new position in shares of Edgewise Therapeutics in the third quarter valued at approximately $52,267,000. Finally, State Street Corp increased its stake in shares of Edgewise Therapeutics by 1.2% during the third quarter. State Street Corp now owns 1,685,115 shares of the company’s stock worth $44,976,000 after purchasing an additional 20,020 shares during the period.

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.