Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) rose 7.4% on Tuesday . The stock traded as high as $27.27 and last traded at $27.20. Approximately 883,883 shares were traded during mid-day trading, an increase of 8% from the average daily volume of 817,137 shares. The stock had previously closed at $25.33.
Analyst Upgrades and Downgrades
Several equities analysts recently weighed in on the stock. Royal Bank of Canada reiterated an "outperform" rating and issued a $32.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday, September 17th. Evercore ISI upped their target price on Edgewise Therapeutics from $45.00 to $50.00 and gave the company an "outperform" rating in a research note on Tuesday, December 17th. Wedbush upped their target price on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an "outperform" rating in a report on Friday, November 8th. Piper Sandler increased their price target on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the company an "overweight" rating in a research note on Friday, October 11th. Finally, Truist Financial upped their target price 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. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Edgewise Therapeutics presently has a consensus rating of "Buy" and a consensus price target of $43.17.
Check Out Our Latest Analysis on Edgewise Therapeutics
Edgewise Therapeutics Stock Performance
The stock has a market cap of $2.61 billion, a price-to-earnings ratio of -18.35 and a beta of 0.20. The business has a 50-day simple moving average of $30.37 and a two-hundred day simple moving average of $25.85.
Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last issued its earnings results on Thursday, November 7th. The company reported ($0.36) earnings per share for the quarter, topping analysts' consensus estimates of ($0.37) by $0.01. On average, analysts expect that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, insider Alan J. Russell sold 100,000 shares of Edgewise Therapeutics stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $27.37, for a total transaction of $2,737,000.00. Following the sale, the insider now directly owns 14,863 shares in the company, valued at $406,800.31. This trade represents a 87.06 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Marc Semigran sold 29,709 shares of the company's stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $29.69, for a total value of $882,060.21. Following the completion of the sale, the insider now owns 6,716 shares in the company, valued at $199,398.04. The trade was a 81.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 24.11% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Hedge funds have recently made changes to their positions in the business. Quest Partners LLC increased its stake in Edgewise Therapeutics by 156.9% during the 2nd quarter. Quest Partners LLC now owns 1,742 shares of the company's stock valued at $31,000 after purchasing an additional 1,064 shares in the last quarter. Meeder Asset Management Inc. bought a new stake in shares of Edgewise Therapeutics during the second quarter valued at about $35,000. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Edgewise Therapeutics by 21.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company's stock valued at $88,000 after purchasing an additional 604 shares in the last quarter. Chicago Partners Investment Group LLC bought a new stake in shares of Edgewise Therapeutics during the 3rd quarter valued at about $161,000. Finally, Arizona State Retirement System bought a new stake in Edgewise Therapeutics during the second quarter valued at approximately $188,000.
About Edgewise Therapeutics
(
Get Free Report)
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.
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