Edgewise Therapeutics (NASDAQ:EWTX) Shares Down 7.1% Following Insider Selling

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) fell 7.1% on Friday after an insider sold shares in the company. The company traded as low as $26.86 and last traded at $26.66. 485,657 shares traded hands during mid-day trading, a decline of 47% from the average session volume of 921,603 shares. The stock had previously closed at $28.69.

Specifically, CEO Kevin Koch sold 8,636 shares of the stock in a transaction 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 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 filing with the SEC, which is available through the SEC website. Also, insider Alan J. Russell sold 1,200 shares of the stock in a transaction on Thursday, February 6th. The stock was 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 $447,822.19. The trade was a 7.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

Several equities analysts have commented on EWTX shares. Truist Financial increased their target price on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a "buy" rating in a research report on Wednesday, November 27th. Evercore ISI increased their target price on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an "outperform" rating in a research report on Tuesday, December 17th. Stifel Nicolaus began coverage on Edgewise Therapeutics in a research report on Wednesday, January 22nd. They issued a "hold" rating and a $30.00 price target on the stock. Finally, Wedbush raised their price target on Edgewise Therapeutics from $44.00 to $45.00 and gave the company an "outperform" rating in a research report on Friday, November 8th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $41.29.

Edgewise Therapeutics Price Performance

The company's 50 day moving average is $28.34 and its two-hundred day moving average is $26.77. The firm has a market cap of $2.48 billion, a P/E ratio of -17.44 and a beta of 0.20.

Institutional Investors Weigh In On Edgewise Therapeutics

Hedge funds have recently made changes to their positions in the stock. Meeder Asset Management Inc. lifted its stake in shares of Edgewise Therapeutics by 69.9% in the third quarter. Meeder Asset Management Inc. now owns 3,307 shares of the company's stock valued at $88,000 after buying an additional 1,361 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in Edgewise Therapeutics by 21.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company's stock worth $88,000 after purchasing an additional 604 shares during the period. Quantbot Technologies LP bought a new position in Edgewise Therapeutics during the fourth quarter worth about $103,000. Chicago Partners Investment Group LLC bought a new position in Edgewise Therapeutics during the third quarter worth about $161,000. Finally, KLP Kapitalforvaltning AS bought a new position in Edgewise Therapeutics during the fourth quarter worth about $182,000.

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.