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

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $25.67, but opened at $25.00. Edgewise Therapeutics shares last traded at $25.54, with a volume of 36,831 shares changing hands.

Analysts Set New Price Targets

A number of brokerages recently commented on EWTX. Evercore ISI lifted their price objective on Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an "outperform" rating in a research report on Tuesday, December 17th. Royal Bank of Canada reissued an "outperform" rating and set a $56.00 price target on shares of Edgewise Therapeutics in a research report on Tuesday, March 4th. Truist Financial raised their price objective 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. Stifel Nicolaus began coverage on shares of Edgewise Therapeutics in a research note on Wednesday, January 22nd. They set a "hold" rating and a $30.00 target price on the stock. Finally, Scotiabank started coverage on shares of Edgewise Therapeutics in a research note on Friday, March 7th. They issued a "sector outperform" rating and a $50.00 price target for the company. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average 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 $26.66 and a 200-day moving average of $28.22. 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 issued its quarterly earnings results on Monday, March 3rd. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.03). On average, research analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Insider Transactions at Edgewise Therapeutics

In other news, insider Alan J. Russell sold 100,000 shares of the business's stock in a transaction dated Monday, December 30th. The stock was 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 approximately $406,800.31. The trade was a 87.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed 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 shares were sold at an average price of $29.69, for a total transaction of $882,060.21. Following the completion of the sale, the insider now directly owns 6,716 shares in the company, valued at approximately $199,398.04. This represents a 81.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 164,545 shares of company stock valued at $4,605,305. 24.11% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

Several institutional investors have recently added to or reduced their stakes in EWTX. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Edgewise Therapeutics in the fourth quarter valued at $2,404,000. GF Fund Management CO. LTD. purchased a new stake in shares of Edgewise Therapeutics in the 4th quarter valued at about $53,000. Neo Ivy Capital Management acquired a new stake in shares of Edgewise Therapeutics in the 4th quarter valued at about $259,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Edgewise Therapeutics by 231.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 279,125 shares of the company's stock worth $7,453,000 after buying an additional 194,831 shares during the last quarter. Finally, Woodline Partners LP increased its position in Edgewise Therapeutics by 7.5% during the fourth quarter. Woodline Partners LP now owns 567,218 shares of the company's stock worth $15,145,000 after buying an additional 39,379 shares during the period.

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.