Edgewise Therapeutics (NASDAQ:EWTX) Shares Up 7.4% – Should You Buy?

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) were up 7.4% during mid-day trading on Tuesday . The stock traded as high as $27.27 and last traded at $27.20. Approximately 883,883 shares traded hands during trading, an increase of 8% from the average daily volume of 817,137 shares. The stock had previously closed at $25.33.

Wall Street Analysts Forecast Growth

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

Edgewise Therapeutics Stock Down 5.2 %

The business has a 50-day moving average price of $30.20 and a two-hundred day moving average price of $25.87. The company has a market cap of $2.53 billion, a P/E ratio of -17.81 and a beta of 0.20.

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

Insider Transactions at Edgewise Therapeutics

In other news, insider Marc Semigran sold 29,709 shares of Edgewise Therapeutics stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $29.69, for a total transaction 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 trade represents a 81.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Alan J. Russell sold 100,000 shares of the business’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $27.37, for a total transaction of $2,737,000.00. Following the completion of the transaction, the insider now directly owns 14,863 shares of the company’s stock, valued at $406,800.31. This trade represents a 87.06 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 24.11% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Large investors have recently modified their holdings of the business. Novo Holdings A S acquired a new position in shares of Edgewise Therapeutics in the 2nd quarter valued at approximately $114,263,000. Braidwell LP acquired a new position in shares of Edgewise Therapeutics in the third quarter valued at approximately $52,267,000. Janus Henderson Group PLC boosted its holdings in shares of Edgewise Therapeutics by 74.8% in the third quarter. Janus Henderson Group PLC now owns 4,558,519 shares of the company’s stock valued at $121,616,000 after buying an additional 1,951,220 shares during the period. Millennium Management LLC increased its position in shares of Edgewise Therapeutics by 115.2% during the second quarter. Millennium Management LLC now owns 1,145,506 shares of the company’s stock worth $20,631,000 after acquiring an additional 613,251 shares in the last quarter. Finally, Frazier Life Sciences Management L.P. raised its holdings in shares of Edgewise Therapeutics by 12.9% during the second quarter. Frazier Life Sciences Management L.P. now owns 3,731,067 shares of the company’s stock worth $67,197,000 after acquiring an additional 427,500 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.