Edgewise Therapeutics (NASDAQ:EWTX) Trading Up 4.9% - Still a Buy?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) shares rose 4.9% during mid-day trading on Thursday . The company traded as high as $27.84 and last traded at $28.02. Approximately 705,238 shares changed hands during mid-day trading, a decline of 28% from the average daily volume of 979,849 shares. The stock had previously closed at $26.71.

Analyst Upgrades and Downgrades

Several analysts recently commented on EWTX shares. Truist Financial boosted their price target on Edgewise Therapeutics from $33.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, November 27th. Evercore ISI upped their target price on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an "outperform" rating in a report on Tuesday, December 17th. Scotiabank started coverage on shares of Edgewise Therapeutics in a report on Friday. They set a "sector outperform" rating and a $50.00 price target for the company. Royal Bank of Canada reaffirmed an "outperform" rating and set a $56.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday, March 4th. Finally, 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 for the company. One 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, Edgewise Therapeutics has a consensus rating of "Moderate Buy" and a consensus target price of $45.38.

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Edgewise Therapeutics Stock Down 1.9 %

The firm has a market cap of $2.62 billion, a P/E ratio of -18.21 and a beta of 0.22. The firm has a fifty day moving average of $26.77 and a 200-day moving average of $27.93.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last announced its quarterly earnings data 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). Sell-side analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Insider Activity

In related 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 directly owns 14,478 shares of the company's stock, valued at approximately $434,774.34. The trade was a 37.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Alan J. Russell sold 1,200 shares of the company's stock in a transaction 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 completion of the transaction, the insider now 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 disclosure for this sale can be found here. Insiders sold 164,545 shares of company stock worth $4,605,305 over the last quarter. 24.11% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Braidwell LP acquired a new stake in Edgewise Therapeutics during the third quarter worth approximately $52,267,000. Janus Henderson Group PLC boosted its stake in shares of Edgewise Therapeutics by 74.8% during the third quarter. Janus Henderson Group PLC now owns 4,558,519 shares of the company's stock valued at $121,616,000 after purchasing an additional 1,951,220 shares in the last quarter. Paradigm Biocapital Advisors LP increased its position in Edgewise Therapeutics by 61.1% in the 4th quarter. Paradigm Biocapital Advisors LP now owns 4,493,929 shares of the company's stock valued at $119,988,000 after acquiring an additional 1,704,757 shares during the period. First Light Asset Management LLC bought a new position in Edgewise Therapeutics during the 4th quarter worth $20,843,000. Finally, Foresite Capital Management VI LLC acquired a new position in Edgewise Therapeutics during the 4th quarter worth about $15,620,000.

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.