Edgewise Therapeutics (NASDAQ:EWTX) Stock Price Up 9.4% - Here's What Happened

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) was up 9.4% on Tuesday . The stock traded as high as $13.13 and last traded at $13.49. Approximately 104,821 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 1,120,723 shares. The stock had previously closed at $12.33.

Analysts Set New Price Targets

Several brokerages have recently issued reports on EWTX. Scotiabank cut shares of Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and reduced their price target for the stock from $50.00 to $14.00 in a research report on Wednesday, April 2nd. Piper Sandler reissued an "overweight" rating and issued a $51.00 price target on shares of Edgewise Therapeutics in a research report on Wednesday, April 2nd. Royal Bank of Canada dropped their price target on shares of Edgewise Therapeutics from $56.00 to $52.00 and set an "outperform" rating for the company in a research note on Thursday, April 3rd. Finally, Stifel Nicolaus assumed coverage on Edgewise Therapeutics in a research note on Wednesday, January 22nd. They issued a "hold" rating and a $30.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $40.38.

Edgewise Therapeutics Price Performance

The company's 50 day simple moving average is $21.45 and its 200 day simple moving average is $27.30. The company has a market capitalization of $1.40 billion, a PE ratio of -8.94 and a beta of 0.32.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last announced its quarterly earnings results on Monday, March 3rd. The company reported ($0.42) earnings per share for the quarter, missing analysts' consensus estimates of ($0.39) by ($0.03). On average, equities analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Insider Buying and Selling

In other news, insider Alan J. Russell sold 1,200 shares of the stock in a transaction dated 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 sale, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Orbimed Advisors Llc purchased 496,771 shares of the stock in a transaction that occurred on Thursday, April 3rd. The shares were bought at an average cost of $20.13 per share, for a total transaction of $10,000,000.23. Following the acquisition, the director now owns 14,809,075 shares of the company's stock, valued at approximately $298,106,679.75. The trade was a 3.47 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 34,836 shares of company stock worth $986,245 in the last quarter. 24.11% of the stock is owned by insiders.

Institutional Trading of Edgewise Therapeutics

A number of hedge funds have recently added to or reduced their stakes in EWTX. Franklin Resources Inc. raised its stake in shares of Edgewise Therapeutics by 84.2% during the third quarter. Franklin Resources Inc. now owns 45,223 shares of the company's stock worth $1,207,000 after purchasing an additional 20,674 shares during the last quarter. Amundi raised its position in Edgewise Therapeutics by 127.2% during the 4th quarter. Amundi now owns 341,687 shares of the company's stock worth $8,686,000 after buying an additional 191,267 shares during the last quarter. Victory Capital Management Inc. acquired a new stake in shares of Edgewise Therapeutics in the 4th quarter worth $576,000. Artisan Partners Limited Partnership boosted its holdings in shares of Edgewise Therapeutics by 7.1% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,071,596 shares of the company's stock valued at $28,612,000 after acquiring an additional 70,964 shares in the last quarter. Finally, Intech Investment Management LLC raised its holdings in Edgewise Therapeutics by 75.1% during the fourth quarter. Intech Investment Management LLC now owns 34,844 shares of the company's stock worth $930,000 after purchasing an additional 14,944 shares in the last quarter.

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.