Edgewise Therapeutics (NASDAQ:EWTX) Stock Price Down 7.3% – Here’s What Happened

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) dropped 7.3% during mid-day trading on Tuesday . The company traded as low as $20.44 and last traded at $20.40. Approximately 591,460 shares were traded during mid-day trading, a decline of 39% from the average daily volume of 964,617 shares. The stock had previously closed at $22.00.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on EWTX. Royal Bank of Canada reiterated an “outperform” rating and issued a $56.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday, March 4th. Stifel Nicolaus began coverage on shares of Edgewise Therapeutics in a research note on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 price target for the company. Evercore ISI boosted their price target on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an “outperform” rating in a report on Tuesday, December 17th. Finally, Scotiabank assumed coverage on shares of Edgewise Therapeutics in a report on Friday, March 7th. They issued a “sector outperform” rating and a $50.00 price objective on the stock. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Edgewise Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $45.38.

Edgewise Therapeutics Price Performance

The company has a market capitalization of $1.90 billion, a PE ratio of -13.46 and a beta of 0.22. The company’s 50 day simple moving average is $26.18 and its 200 day simple moving average is $28.63.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings results on Monday, March 3rd. The company reported ($0.42) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.03). On average, equities analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Insider Activity

In other Edgewise Therapeutics news, CEO Kevin Koch sold 8,636 shares of Edgewise Therapeutics stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $30.03, for a total value of $259,339.08. Following the transaction, the chief executive officer now directly owns 14,478 shares in the company, valued at approximately $434,774.34. The trade was a 37.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Alan J. Russell sold 1,200 shares of the company’s stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $30.13, for a total value of $36,156.00. Following the sale, the insider now directly owns 14,863 shares of the company’s stock, valued at approximately $447,822.19. This represents a 7.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 34,836 shares of company stock valued at $986,245. Insiders own 24.11% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Several hedge funds have recently modified their holdings of EWTX. Diadema Partners LP purchased a new position in Edgewise Therapeutics during the 4th quarter worth $36,000. GF Fund Management CO. LTD. acquired a new position in shares of Edgewise Therapeutics during the fourth quarter worth about $53,000. Aquatic Capital Management LLC acquired a new position in Edgewise Therapeutics during the 4th quarter worth approximately $77,000. Tower Research Capital LLC TRC raised its stake in shares of Edgewise Therapeutics by 1,097.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,676 shares of the company’s stock worth $98,000 after buying an additional 3,369 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new stake in shares of Edgewise Therapeutics in the 4th quarter valued at approximately $103,000.

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.