Edgewise Therapeutics (NASDAQ:EWTX) Stock Price Up 7.4% – Time to Buy?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s share price traded up 7.4% during trading on Tuesday . The company traded as high as $27.27 and last traded at $27.20. 883,883 shares changed hands during trading, an increase of 8% from the average session volume of 817,137 shares. The stock had previously closed at $25.33.

Analyst Ratings Changes

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

Edgewise Therapeutics Stock Up 6.7 %

The company has a market cap of $2.56 billion, a PE ratio of -18.02 and a beta of 0.20. The business has a 50-day simple moving average of $30.54 and a 200-day simple moving average of $25.79.

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

Insider Buying and Selling

In other Edgewise Therapeutics news, insider Marc Semigran sold 29,709 shares of the stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $29.69, for a total value of $882,060.21. Following the sale, the insider now owns 6,716 shares of the company’s stock, valued at $199,398.04. This trade represents a 81.56 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Alan J. Russell sold 100,000 shares of Edgewise Therapeutics stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $27.37, for a total value of $2,737,000.00. Following the completion of the transaction, the insider now owns 14,863 shares of the company’s stock, valued at $406,800.31. The trade was a 87.06 % decrease in their position. The disclosure for this sale can be found here. 24.11% of the stock is owned by insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

Institutional investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. raised its stake in Edgewise Therapeutics by 21.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock valued at $88,000 after buying an additional 604 shares in the last quarter. Quest Partners LLC increased its holdings in shares of Edgewise Therapeutics by 156.9% in the 2nd quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock valued at $31,000 after acquiring an additional 1,064 shares during the last quarter. Meeder Asset Management Inc. raised its position in shares of Edgewise Therapeutics by 69.9% during the 3rd quarter. Meeder Asset Management Inc. now owns 3,307 shares of the company’s stock worth $88,000 after acquiring an additional 1,361 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Edgewise Therapeutics by 5.5% during 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 during the last quarter. Finally, Chicago Partners Investment Group LLC acquired a new position in Edgewise Therapeutics in the third quarter valued at approximately $161,000.

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.