Edgewise Therapeutics (NASDAQ:EWTX) Trading Up 7.1% - Here's What Happened

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report)'s stock price shot up 7.1% on Friday . The company traded as high as $29.68 and last traded at $28.93. 824,747 shares changed hands during mid-day trading, a decline of 12% from the average session volume of 941,506 shares. The stock had previously closed at $27.00.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on EWTX shares. Wedbush boosted their price objective on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the company an "outperform" rating in a research note on Friday, November 8th. Piper Sandler boosted their price target on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an "overweight" rating in a research note on Friday, October 11th. Truist Financial raised their price objective 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. Evercore ISI boosted their target price on Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an "outperform" rating in a research report on Tuesday, December 17th. Finally, Stifel Nicolaus started coverage on Edgewise Therapeutics in a report on Wednesday. They issued a "hold" rating and a $30.00 price target for the company. One analyst has rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $41.29.

Edgewise Therapeutics Stock Up 4.8 %

The stock's fifty day simple moving average is $29.19 and its 200-day simple moving average is $26.23. The company has a market capitalization of $2.68 billion, a PE ratio of -18.87 and a beta of 0.20.

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

Insider Activity

In related news, insider Marc Semigran sold 29,709 shares of the company's stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $29.69, for a total value of $882,060.21. Following the sale, the insider now 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Alan J. Russell sold 100,000 shares of the stock in a transaction on Monday, December 30th. The shares were sold at an average price of $27.37, for a total value of $2,737,000.00. Following the sale, the insider now owns 14,863 shares in the company, valued at approximately $406,800.31. This trade represents a 87.06 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 24.11% of the company's stock.

Institutional Trading of Edgewise Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Novo Holdings A S acquired a new stake in shares of Edgewise Therapeutics during the second quarter worth $114,263,000. Braidwell LP purchased a new position in Edgewise Therapeutics during the third quarter worth about $52,267,000. Janus Henderson Group PLC boosted 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 worth $121,616,000 after buying an additional 1,951,220 shares during the last quarter. Millennium Management LLC grew its holdings in Edgewise Therapeutics by 115.2% in the 2nd quarter. Millennium Management LLC now owns 1,145,506 shares of the company's stock valued at $20,631,000 after buying an additional 613,251 shares during the period. Finally, Frazier Life Sciences Management L.P. increased its stake in shares of 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 valued at $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.