Edgewise Therapeutics (NASDAQ:EWTX) Sees Unusually-High Trading Volume – Still a Buy?

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) saw unusually-strong trading volume on Monday . Approximately 898,321 shares were traded during trading, a decline of 3% from the previous session’s volume of 924,785 shares.The stock last traded at $30.48 and had previously closed at $27.62.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $32.00 price objective on shares of Edgewise Therapeutics in a report on Tuesday, September 17th. Truist Financial boosted their price target on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Piper Sandler raised their price objective on Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. 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. Finally, Wedbush lifted their price target on Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $43.17.

Edgewise Therapeutics Stock Down 7.7 %

The firm has a market capitalization of $2.86 billion, a P/E ratio of -20.11 and a beta of 0.12. The company has a fifty day simple moving average of $32.82 and a 200 day simple moving average of $24.39.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.36) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.01. As a group, equities analysts expect that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Alan J. Russell sold 75,000 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $28.27, for a total value of $2,120,250.00. Following the transaction, the insider now owns 12,719 shares of the company’s stock, valued at approximately $359,566.13. This trade represents a 85.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel John R. Moore sold 20,922 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $27.63, for a total transaction of $578,074.86. Following the sale, the general counsel now directly owns 3,252 shares of the company’s stock, valued at approximately $89,852.76. The trade was a 86.55 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 278,176 shares of company stock valued at $7,893,316. 24.11% of the stock is owned by insiders.

Institutional Trading of Edgewise Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Novo Holdings A S bought a new stake in shares of Edgewise Therapeutics during the second quarter valued at approximately $114,263,000. Braidwell LP purchased a new stake in Edgewise Therapeutics in the 3rd quarter worth $52,267,000. Janus Henderson Group PLC boosted its holdings in shares of Edgewise Therapeutics by 74.8% during the 3rd quarter. Janus Henderson Group PLC now owns 4,558,519 shares of the company’s stock valued at $121,616,000 after purchasing an additional 1,951,220 shares during the last quarter. Millennium Management LLC grew its position in shares of Edgewise Therapeutics by 115.2% during the second quarter. Millennium Management LLC now owns 1,145,506 shares of the company’s stock valued at $20,631,000 after purchasing an additional 613,251 shares in the last quarter. Finally, Sofinnova Investments Inc. purchased a new stake in shares of Edgewise Therapeutics in the second quarter worth about $8,567,000.

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.