Edgewise Therapeutics (NASDAQ:EWTX) Stock Price Down 6.1% - Should You Sell?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report)'s share price traded down 6.1% during mid-day trading on Thursday . The stock traded as low as $26.41 and last traded at $26.47. 72,636 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 929,205 shares. The stock had previously closed at $28.20.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on EWTX. Wedbush boosted their price objective on Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an "outperform" rating in a report on Friday, November 8th. Truist Financial lifted their price target 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. Piper Sandler increased their price objective on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the company an "overweight" rating in a report on Friday, October 11th. Finally, Evercore ISI lifted 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. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Edgewise Therapeutics presently has a consensus rating of "Buy" and an average price target of $43.17.

Edgewise Therapeutics Stock Performance

The business's 50-day moving average is $30.03 and its two-hundred day moving average is $25.88. The firm has a market capitalization of $2.49 billion, a price-to-earnings ratio of -17.51 and a beta of 0.20.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last issued its earnings results on Thursday, November 7th. The company reported ($0.36) EPS for the quarter, beating the consensus estimate of ($0.37) by $0.01. Analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Insider Buying and Selling

In related news, 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 sale, the insider now directly owns 6,716 shares of the company's stock, valued at approximately $199,398.04. This represents a 81.56 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 completion of the transaction, the insider now directly owns 14,863 shares in the company, valued at approximately $406,800.31. The trade was a 87.06 % decrease in their position. The disclosure for this sale can be found here. 24.11% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Novo Holdings A S bought a new stake in shares of Edgewise Therapeutics in the second quarter valued at about $114,263,000. Braidwell LP acquired a new stake in Edgewise Therapeutics in the 3rd quarter valued at approximately $52,267,000. Janus Henderson Group PLC lifted its stake in Edgewise Therapeutics by 74.8% in the 3rd quarter. Janus Henderson Group PLC now owns 4,558,519 shares of the company's stock valued at $121,616,000 after acquiring an additional 1,951,220 shares in the last quarter. Millennium Management LLC boosted its position in Edgewise Therapeutics by 115.2% during the 2nd quarter. Millennium Management LLC now owns 1,145,506 shares of the company's stock worth $20,631,000 after acquiring an additional 613,251 shares during the last quarter. Finally, Frazier Life Sciences Management L.P. boosted its position in Edgewise Therapeutics by 12.9% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 3,731,067 shares of the company's stock worth $67,197,000 after acquiring an additional 427,500 shares during the last quarter.

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.