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

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report)'s share price reached a new 52-week low during trading on Tuesday . The stock traded as low as $10.60 and last traded at $11.83, with a volume of 4982842 shares changing hands. The stock had previously closed at $11.51.

Analysts Set New Price Targets

Several analysts have recently weighed in on EWTX shares. Piper Sandler reissued an "overweight" rating and set a $51.00 price objective on shares of Edgewise Therapeutics in a report on Wednesday, April 2nd. Royal Bank of Canada lowered their price target on shares of Edgewise Therapeutics from $56.00 to $52.00 and set an "outperform" rating on the stock in a report on Thursday, April 3rd. Scotiabank downgraded shares of Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and reduced their price objective for the stock from $50.00 to $14.00 in a report on Wednesday, April 2nd. Stifel Nicolaus started coverage on shares of Edgewise Therapeutics in a research note on Wednesday, January 22nd. They issued a "hold" rating and a $30.00 target price on the stock. Finally, Evercore ISI raised their price target on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an "outperform" rating in a research note on Tuesday, December 17th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, Edgewise Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus price target of $40.38.

Edgewise Therapeutics Stock Down 1.3 %

The stock has a market capitalization of $1.20 billion, a price-to-earnings ratio of -7.61 and a beta of 0.32. The stock's 50-day simple moving average is $22.90 and its 200 day simple moving average is $27.78.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) 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). As a group, equities research analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.

Insider Transactions at Edgewise Therapeutics

In other news, insider Alan J. Russell sold 1,200 shares of the company's stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $30.13, for a total transaction of $36,156.00. Following the transaction, the insider now directly owns 14,863 shares in the company, valued at approximately $447,822.19. This represents a 7.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CMO Joanne M. Donovan sold 25,000 shares of the firm's stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $27.63, for a total transaction of $690,750.00. Following the completion of the sale, the chief marketing officer now directly owns 16,358 shares of the company's stock, valued at approximately $451,971.54. This represents a 60.45 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 34,836 shares of company stock worth $986,245. Insiders own 24.11% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Diadema Partners LP bought a new position in Edgewise Therapeutics in the fourth quarter valued at about $36,000. GF Fund Management CO. LTD. acquired a new position in Edgewise Therapeutics during the 4th quarter valued at about $53,000. Aquatic Capital Management LLC bought a new position in shares of Edgewise Therapeutics in the 4th quarter valued at about $77,000. Tower Research Capital LLC TRC grew its position in shares of 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 buying an additional 3,369 shares during the period. Finally, Quantbot Technologies LP bought a new stake in shares of Edgewise Therapeutics during the fourth quarter worth approximately $103,000.

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.