Edgewise Therapeutics (NASDAQ:EWTX) Trading Down 6.1% – Here’s Why

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) traded down 6.1% on Thursday . The company traded as low as $26.41 and last traded at $26.47. 72,636 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 929,205 shares. The stock had previously closed at $28.20.

Wall Street Analysts Forecast Growth

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

Edgewise Therapeutics Stock Performance

The firm has a market cap of $2.49 billion, a price-to-earnings ratio of -17.51 and a beta of 0.20. The firm’s 50 day moving average is $29.83 and its 200-day moving average is $25.92.

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

Insider Transactions at Edgewise Therapeutics

In other news, insider Marc Semigran sold 29,709 shares of Edgewise Therapeutics 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 transaction, the insider now directly owns 6,716 shares in the company, valued at approximately $199,398.04. The trade was a 81.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Alan J. Russell sold 100,000 shares of Edgewise Therapeutics stock in a transaction that occurred on Monday, December 30th. The stock was 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 directly owns 14,863 shares in the company, valued at approximately $406,800.31. This represents a 87.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 24.11% of the stock is owned by corporate insiders.

Institutional Trading of Edgewise Therapeutics

Several institutional investors have recently made changes to their positions in EWTX. JPMorgan Chase & Co. boosted its holdings in Edgewise Therapeutics by 146.3% during the third quarter. JPMorgan Chase & Co. now owns 158,506 shares of the company’s stock valued at $4,231,000 after purchasing an additional 94,147 shares in the last quarter. Exome Asset Management LLC acquired a new position in Edgewise Therapeutics during the third quarter worth $1,599,000. Franklin Resources Inc. lifted its holdings in shares of Edgewise Therapeutics by 84.2% during the third quarter. Franklin Resources Inc. now owns 45,223 shares of the company’s stock valued at $1,207,000 after acquiring an additional 20,674 shares during the period. Barclays PLC grew its holdings in shares of Edgewise Therapeutics by 291.0% in the 3rd quarter. Barclays PLC now owns 119,350 shares of the company’s stock worth $3,186,000 after purchasing an additional 88,826 shares during the last quarter. Finally, Orion Portfolio Solutions LLC acquired a new position in Edgewise Therapeutics in the third quarter valued at about $347,000.

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.