Edgewise Therapeutics (NASDAQ:EWTX) Trading Up 9.3% - Still a Buy?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report)'s stock price traded up 9.3% during mid-day trading on Thursday . The company traded as high as $25.36 and last traded at $24.34. 335,906 shares were traded during trading, a decline of 64% from the average session volume of 944,532 shares. The stock had previously closed at $22.26.

Analyst Upgrades and Downgrades

EWTX has been the topic of a number of recent analyst reports. Royal Bank of Canada restated an "outperform" rating and set a $56.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday, March 4th. Evercore ISI raised their price objective 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. Scotiabank started coverage on shares of Edgewise Therapeutics in a report on Friday, March 7th. They issued a "sector outperform" rating and a $50.00 target price for the company. Finally, Stifel Nicolaus started coverage on Edgewise Therapeutics in a report on Wednesday, January 22nd. They set a "hold" rating and a $30.00 price target on the stock. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $45.38.

Edgewise Therapeutics Price Performance

The stock has a market cap of $2.09 billion, a PE ratio of -14.67 and a beta of 0.22. The stock has a 50-day moving average price of $26.27 and a two-hundred day moving average price of $28.60.

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Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last posted its 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). Equities research analysts expect that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.

Insider Activity at Edgewise Therapeutics

In related news, CMO Joanne M. Donovan sold 25,000 shares of the firm's stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $27.63, for a total transaction of $690,750.00. Following the completion of the sale, the chief marketing officer now directly owns 16,358 shares of the company's stock, valued at approximately $451,971.54. This trade represents a 60.45 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kevin Koch sold 8,636 shares of the company's stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 14,478 shares in the company, valued at $434,774.34. This trade represents a 37.36 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,836 shares of company stock worth $986,245. Company insiders own 24.11% of the company's stock.

Institutional Trading of Edgewise Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the business. Intech Investment Management LLC bought a new stake in Edgewise Therapeutics during the 3rd quarter valued at about $531,000. Glenmede Trust Co. NA bought a new stake in shares of Edgewise Therapeutics during the third quarter valued at approximately $483,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Edgewise Therapeutics by 5.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 84,294 shares of the company's stock worth $2,250,000 after purchasing an additional 4,426 shares in the last quarter. Walleye Capital LLC bought a new position in Edgewise Therapeutics in the third quarter worth approximately $6,466,000. Finally, Fred Alger Management LLC purchased a new position in Edgewise Therapeutics during the 3rd quarter worth $564,000.

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.