Edgewise Therapeutics (NASDAQ:EWTX) Shares Down 3.5% - Should You Sell?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report)'s share price traded down 3.5% during trading on Wednesday . The stock traded as low as $25.57 and last traded at $25.61. 528,562 shares were traded during mid-day trading, a decline of 43% from the average session volume of 922,370 shares. The stock had previously closed at $26.53.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on EWTX shares. Scotiabank initiated coverage on shares of Edgewise Therapeutics in a research report on Friday, March 7th. They set a "sector outperform" rating and a $50.00 price objective for the company. Truist Financial raised their price objective on Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, November 27th. Stifel Nicolaus started 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. Royal Bank of Canada reissued an "outperform" rating and issued a $56.00 target price on shares of Edgewise Therapeutics in a research report on Tuesday, March 4th. Finally, Evercore ISI lifted their price target on Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an "outperform" rating in a research report on Tuesday, December 17th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $45.38.

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Edgewise Therapeutics Stock Performance

The company has a 50-day moving average of $26.65 and a 200-day moving average of $28.32. The stock has a market cap of $2.25 billion, a price-to-earnings ratio of -15.74 and a beta of 0.22.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last released its earnings results on Monday, March 3rd. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.39) by ($0.03). As a group, equities research analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Insider Buying and Selling at Edgewise Therapeutics

In other Edgewise Therapeutics news, CEO Kevin Koch sold 8,636 shares of the business'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 transaction of $259,339.08. Following the transaction, the chief executive officer now owns 14,478 shares in the company, valued at approximately $434,774.34. The trade was a 37.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Marc Semigran sold 29,709 shares of the stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $29.69, for a total value of $882,060.21. Following the transaction, the insider now directly owns 6,716 shares of the company's stock, valued at approximately $199,398.04. This trade represents a 81.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In 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.

Institutional Investors Weigh In On Edgewise Therapeutics

Institutional investors have recently made changes to their positions in the stock. Diadema Partners LP purchased a new position in shares of Edgewise Therapeutics in the 4th quarter valued at about $36,000. GF Fund Management CO. LTD. purchased a new position in Edgewise Therapeutics in the fourth quarter valued at about $53,000. Aquatic Capital Management LLC acquired a new stake in shares of Edgewise Therapeutics during the 4th quarter valued at approximately $77,000. Tower Research Capital LLC TRC boosted its stake 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 acquiring an additional 3,369 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new position in Edgewise Therapeutics in the 4th quarter valued at approximately $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.