Edgewise Therapeutics (NASDAQ:EWTX) Trading Up 5.9% – Should You Buy?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) rose 5.9% during trading on Thursday . The company traded as high as $28.45 and last traded at $28.25. Approximately 300,132 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 931,674 shares. The stock had previously closed at $26.67.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Stifel Nicolaus initiated coverage on Edgewise Therapeutics in a research note on Wednesday, January 22nd. They set a “hold” rating and a $30.00 target price for the company. Truist Financial lifted their price objective on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Evercore ISI raised their price objective on Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, December 17th. Finally, Wedbush raised their price target on Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $41.29.

Edgewise Therapeutics Price Performance

The stock has a market capitalization of $2.66 billion, a P/E ratio of -18.83 and a beta of 0.20. The stock’s 50-day simple moving average is $27.62 and its 200 day simple moving average is $27.13.

Insider Buying and Selling

In other Edgewise Therapeutics news, 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 sale, the insider now directly owns 14,863 shares in the company, valued at approximately $406,800.31. The trade was a 87.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Marc Semigran sold 29,709 shares of Edgewise Therapeutics stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $29.69, for a total value of $882,060.21. Following the completion of the sale, the insider now owns 6,716 shares of the company’s stock, valued at approximately $199,398.04. The trade was a 81.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 164,545 shares of company stock valued at $4,605,305 in the last three months. Insiders own 24.11% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Ally Bridge Group NY LLC bought a new stake in Edgewise Therapeutics during the 3rd quarter worth approximately $5,010,000. Franklin Resources Inc. grew 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 worth $1,207,000 after purchasing an additional 20,674 shares in the last quarter. abrdn plc purchased a new position in shares of Edgewise Therapeutics in the 3rd quarter worth about $6,850,000. Braidwell LP purchased a new stake in shares of Edgewise Therapeutics in the 3rd quarter valued at $52,267,000. Finally, Moody Aldrich Partners LLC purchased a new stake in Edgewise Therapeutics during the 3rd quarter valued at about $4,034,000.

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.