Edgewise Therapeutics (NASDAQ:EWTX) Trading 5.9% Higher - Here's What Happened

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) shot up 5.9% during trading on Thursday . The stock traded as high as $28.45 and last traded at $28.25. 300,132 shares traded hands during trading, a decline of 68% from the average session volume of 931,674 shares. The stock had previously closed at $26.67.

Analyst Ratings Changes

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

Edgewise Therapeutics Trading Down 0.1 %

The stock has a market capitalization of $2.56 billion, a PE ratio of -18.05 and a beta of 0.20. The company's 50-day moving average is $27.59 and its 200 day moving average is $27.20.

Insider Activity at Edgewise Therapeutics

In related news, CEO Kevin Koch sold 8,636 shares of the stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $30.03, for a total value 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. This represents a 37.36 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 transaction of $882,060.21. Following the completion of the transaction, the insider now owns 6,716 shares in the company, valued at approximately $199,398.04. This trade represents a 81.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 164,545 shares of company stock valued at $4,605,305 in the last three months. 24.11% of the stock is owned by insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Braidwell LP acquired a new stake in shares of Edgewise Therapeutics during the 3rd quarter worth approximately $52,267,000. Janus Henderson Group PLC grew its stake in shares of Edgewise Therapeutics by 74.8% during the 3rd quarter. Janus Henderson Group PLC now owns 4,558,519 shares of the company's stock worth $121,616,000 after purchasing an additional 1,951,220 shares during the period. Paradigm Biocapital Advisors LP grew its stake in shares of Edgewise Therapeutics by 61.1% during the 4th quarter. Paradigm Biocapital Advisors LP now owns 4,493,929 shares of the company's stock worth $119,988,000 after purchasing an additional 1,704,757 shares during the period. First Light Asset Management LLC acquired a new stake in shares of Edgewise Therapeutics during the 4th quarter worth approximately $20,843,000. Finally, Foresite Capital Management VI LLC acquired a new stake in shares of Edgewise Therapeutics during the 4th quarter worth approximately $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.