Investors Purchase High Volume of Put Options on Edgewise Therapeutics (NASDAQ:EWTX)

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) was the target of unusually large options trading activity on Wednesday. Stock investors purchased 13,313 put options on the company. This is an increase of 873% compared to the average daily volume of 1,368 put options.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Piper Sandler reiterated an "overweight" rating and issued a $51.00 target price on shares of Edgewise Therapeutics in a research note on Wednesday, April 2nd. Scotiabank downgraded Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and decreased their target price for the stock from $50.00 to $14.00 in a research report on Wednesday, April 2nd. Evercore ISI boosted 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. Stifel Nicolaus initiated coverage on Edgewise Therapeutics in a report on Wednesday, January 22nd. They issued a "hold" rating and a $30.00 price objective for the company. Finally, Royal Bank of Canada dropped their price objective on shares of Edgewise Therapeutics from $56.00 to $52.00 and set an "outperform" rating on the stock in a report on Thursday. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $40.38.

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Edgewise Therapeutics Price Performance

Shares of EWTX traded up $0.28 during midday trading on Monday, hitting $11.79. 1,831,634 shares of the company traded hands, compared to its average volume of 1,081,017. The stock has a 50-day moving average of $25.20 and a 200-day moving average of $28.54. Edgewise Therapeutics has a one year low of $10.63 and a one year high of $38.12. The firm has a market cap of $1.24 billion, a P/E ratio of -7.92 and a beta of 0.32.

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

Insiders Place Their Bets

In other news, insider Alan J. Russell sold 1,200 shares of the business's stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $30.13, for a total value of $36,156.00. Following the transaction, the insider now owns 14,863 shares in the company, valued at $447,822.19. The trade was a 7.47 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Orbimed Advisors Llc purchased 496,771 shares of the firm's stock in a transaction that occurred on Thursday, April 3rd. The shares were acquired at an average cost of $20.13 per share, with a total value of $10,000,000.23. Following the completion of the transaction, the director now directly owns 14,809,075 shares of the company's stock, valued at $298,106,679.75. The trade was a 3.47 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 34,836 shares of company stock valued at $986,245. Corporate insiders own 24.11% of the company's stock.

Institutional Trading of Edgewise Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the business. Diadema Partners LP purchased a new stake in Edgewise Therapeutics in the fourth quarter valued at approximately $36,000. GF Fund Management CO. LTD. purchased a new stake in shares of Edgewise Therapeutics during the 4th quarter valued at $53,000. Aquatic Capital Management LLC bought a new stake in shares of Edgewise Therapeutics during the 4th quarter worth $77,000. Tower Research Capital LLC TRC grew its position in Edgewise Therapeutics by 1,097.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 3,676 shares of the company's stock worth $98,000 after acquiring an additional 3,369 shares in the last quarter. Finally, Quantbot Technologies LP bought a new position in Edgewise Therapeutics in the fourth quarter valued at $103,000.

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.