Edgewise Therapeutics (NASDAQ:EWTX) Sets New 52-Week Low - Here's What Happened

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) shares hit a new 52-week low during trading on Wednesday . The stock traded as low as $12.18 and last traded at $15.13, with a volume of 3865036 shares traded. The stock had previously closed at $20.13.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on EWTX shares. Piper Sandler reissued an "overweight" rating and issued a $51.00 price target on shares of Edgewise Therapeutics in a research note on Wednesday, April 2nd. Royal Bank of Canada reduced their price objective on shares of Edgewise Therapeutics from $56.00 to $52.00 and set an "outperform" rating on the stock in a research note on Thursday. Scotiabank lowered shares of Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and dropped their target price for the company from $50.00 to $14.00 in a report on Wednesday, April 2nd. Evercore ISI increased their price target on Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an "outperform" rating in a report on Tuesday, December 17th. Finally, Stifel Nicolaus began coverage on Edgewise Therapeutics in a research report on Wednesday, January 22nd. They set a "hold" rating and a $30.00 target price on the stock. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $40.38.

Remove Ads

Edgewise Therapeutics Stock Up 2.5 %

The stock has a market cap of $1.24 billion, a price-to-earnings ratio of -7.88 and a beta of 0.32. The stock has a 50 day simple moving average of $25.20 and a 200 day simple moving average of $28.54.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last released 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). Equities analysts expect that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Kevin Koch sold 8,636 shares of the company's stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $30.03, for a total value of $259,339.08. Following the completion of the transaction, the chief executive officer now directly owns 14,478 shares of the company's stock, valued at $434,774.34. This represents a 37.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Alan J. Russell sold 1,200 shares of Edgewise Therapeutics stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $30.13, for a total value of $36,156.00. Following the sale, the insider now owns 14,863 shares in the company, valued at $447,822.19. This trade represents a 7.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,836 shares of company stock valued at $986,245. Corporate insiders own 24.11% of the company's stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Several large investors have recently made changes to their positions in EWTX. Paradigm Biocapital Advisors LP lifted its stake in Edgewise Therapeutics by 61.1% in the fourth quarter. Paradigm Biocapital Advisors LP now owns 4,493,929 shares of the company's stock valued at $119,988,000 after purchasing an additional 1,704,757 shares during the last quarter. First Light Asset Management LLC purchased a new stake in shares of Edgewise Therapeutics in the fourth quarter worth about $20,843,000. Foresite Capital Management VI LLC purchased a new position in Edgewise Therapeutics during the fourth quarter valued at approximately $15,620,000. Janus Henderson Group PLC increased its holdings in Edgewise Therapeutics by 9.3% during the 4th quarter. Janus Henderson Group PLC now owns 4,983,940 shares of the company's stock worth $133,044,000 after acquiring an additional 425,421 shares during the period. Finally, Braidwell LP boosted its holdings in Edgewise Therapeutics by 19.1% in the 4th quarter. Braidwell LP now owns 2,332,196 shares of the company's stock valued at $62,270,000 after purchasing an additional 373,886 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.