Edgewise Therapeutics (NASDAQ:EWTX) Shares Down 7.1% – Should You Sell?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares dropped 7.1% on Friday . The company traded as low as $26.86 and last traded at $26.66. Approximately 485,657 shares traded hands during mid-day trading, a decline of 47% from the average daily volume of 921,603 shares. The stock had previously closed at $28.69.

Analysts Set New Price Targets

A number of research firms have recently commented on EWTX. Stifel Nicolaus started coverage on Edgewise Therapeutics in a report on Wednesday, January 22nd. They set a “hold” rating and a $30.00 price objective for the company. Wedbush lifted their price objective on Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Piper Sandler increased their target price on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. Evercore ISI increased their price objective on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 17th. Finally, Truist Financial upped their price target on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $41.29.

Edgewise Therapeutics Price Performance

The stock has a market capitalization of $2.50 billion, a price-to-earnings ratio of -17.58 and a beta of 0.20. The firm’s fifty day moving average is $28.58 and its 200-day moving average is $26.61.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.36) EPS for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. On average, sell-side analysts expect that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Insider Activity at Edgewise Therapeutics

In other news, insider Alan J. Russell sold 100,000 shares of the business’s stock in a transaction 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 sale, the insider now owns 14,863 shares of the company’s stock, valued at approximately $406,800.31. The trade was a 87.06 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Marc Semigran sold 29,709 shares of the firm’s stock in a transaction dated Tuesday, December 24th. The shares were 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 of the company’s stock, valued at $199,398.04. This represents a 81.56 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 154,709 shares of company stock valued at $4,309,810. Corporate insiders own 24.11% of the company’s stock.

Hedge Funds Weigh In On Edgewise Therapeutics

Several large investors have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. lifted its stake in Edgewise Therapeutics by 21.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock valued at $88,000 after purchasing an additional 604 shares during the last quarter. Meeder Asset Management Inc. grew its holdings in shares of Edgewise Therapeutics by 69.9% in 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 during the last quarter. Rhumbline Advisers lifted its holdings in shares of Edgewise Therapeutics by 1.5% during the fourth quarter. Rhumbline Advisers now owns 102,397 shares of the company’s stock valued at $2,734,000 after purchasing an additional 1,525 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its position in shares of Edgewise Therapeutics by 11.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 20,077 shares of the company’s stock worth $536,000 after acquiring an additional 2,042 shares in the last quarter. Finally, New York State Common Retirement Fund raised its stake in Edgewise Therapeutics by 6.4% during the 4th quarter. New York State Common Retirement Fund now owns 71,366 shares of the company’s stock valued at $1,905,000 after purchasing an additional 4,284 shares during the period.

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.