Edgewise Therapeutics (NASDAQ:EWTX) Trading Down 4.3%

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) dropped 4.3% during mid-day trading on Tuesday . The stock traded as low as $16.59 and last traded at $16.63. Approximately 168,519 shares traded hands during trading, a decline of 80% from the average daily volume of 822,579 shares. The stock had previously closed at $17.37.

Wall Street Analysts Forecast Growth

EWTX has been the topic of several analyst reports. Wedbush restated an “outperform” rating and set a $26.00 price objective on shares of Edgewise Therapeutics in a report on Tuesday, April 16th. Royal Bank of Canada raised their price objective on Edgewise Therapeutics from $28.00 to $32.00 and gave the stock an “outperform” rating in a report on Monday, April 22nd. Truist Financial restated a “buy” rating and set a $25.00 price objective on shares of Edgewise Therapeutics in a report on Wednesday, April 17th. Finally, Piper Sandler initiated coverage on Edgewise Therapeutics in a report on Thursday, March 7th. They set an “overweight” rating and a $48.00 price objective on the stock. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $31.20.

Edgewise Therapeutics Stock Performance

The firm has a market cap of $1.51 billion, a PE ratio of -10.94 and a beta of 0.13. The stock has a fifty day moving average price of $17.49 and a 200-day moving average price of $15.33.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its earnings results on Thursday, May 9th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.06. As a group, equities analysts predict that Edgewise Therapeutics, Inc. will post -1.59 earnings per share for the current fiscal year.

Insider Transactions at Edgewise Therapeutics

In other Edgewise Therapeutics news, General Counsel John R. Moore sold 1,956 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total value of $36,987.96. Following the completion of the transaction, the general counsel now owns 3,252 shares in the company, valued at approximately $61,495.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Edgewise Therapeutics news, General Counsel John R. Moore sold 1,956 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total value of $36,987.96. Following the completion of the transaction, the general counsel now owns 3,252 shares in the company, valued at approximately $61,495.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO R Michael Carruthers sold 2,157 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total value of $40,788.87. Following the completion of the transaction, the chief financial officer now owns 35,230 shares of the company’s stock, valued at approximately $666,199.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,665 shares of company stock worth $239,495. 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 bought and sold shares of the stock. Quantum Private Wealth LLC raised its position in shares of Edgewise Therapeutics by 2.4% in the 4th quarter. Quantum Private Wealth LLC now owns 63,219 shares of the company’s stock valued at $692,000 after purchasing an additional 1,500 shares in the last quarter. Ameritas Investment Partners Inc. raised its position in shares of Edgewise Therapeutics by 37.3% in the 1st quarter. Ameritas Investment Partners Inc. now owns 5,751 shares of the company’s stock valued at $105,000 after purchasing an additional 1,561 shares in the last quarter. Schonfeld Strategic Advisors LLC raised its position in shares of Edgewise Therapeutics by 3.5% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 116,900 shares of the company’s stock valued at $670,000 after purchasing an additional 3,900 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Edgewise Therapeutics by 29.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 20,833 shares of the company’s stock valued at $228,000 after acquiring an additional 4,785 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. raised its position in shares of Edgewise Therapeutics by 349.1% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 7,338 shares of the company’s stock valued at $80,000 after acquiring an additional 5,704 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.