Edgewise Therapeutics (NASDAQ:EWTX) Hits New 52-Week Low – Here’s What Happened

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) hit a new 52-week low on Wednesday . The company traded as low as $12.18 and last traded at $15.13, with a volume of 3865036 shares changing hands. The stock had previously closed at $20.13.

Analyst Upgrades and Downgrades

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

Edgewise Therapeutics Stock Down 24.6 %

The company’s 50-day moving average price is $26.04 and its 200-day moving average price is $28.64. The firm has a market cap of $1.44 billion, a price-to-earnings ratio of -10.12 and a beta of 0.22.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Monday, March 3rd. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.39) by ($0.03). Analysts predict that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current fiscal year.

Insider Transactions at Edgewise Therapeutics

In other Edgewise Therapeutics news, CEO Kevin Koch sold 8,636 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $30.03, for a total value of $259,339.08. Following the sale, the chief executive officer now owns 14,478 shares of the company’s stock, valued at $434,774.34. The trade was a 37.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CMO Joanne M. Donovan sold 25,000 shares of the company’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $27.63, for a total value of $690,750.00. Following the transaction, the chief marketing officer now owns 16,358 shares in the company, valued at $451,971.54. This trade represents a 60.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,836 shares of company stock valued at $986,245 over the last 90 days. 24.11% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

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