Edgewise Therapeutics (NASDAQ:EWTX) Shares Down 3.5% – Should You Sell?

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) were down 3.5% during mid-day trading on Wednesday . The company traded as low as $25.57 and last traded at $25.61. Approximately 528,562 shares changed hands during trading, a decline of 43% from the average daily volume of 922,370 shares. The stock had previously closed at $26.53.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on EWTX shares. Stifel Nicolaus initiated coverage on Edgewise Therapeutics in a research report on Wednesday, January 22nd. They set a “hold” rating and a $30.00 price target on the stock. Truist Financial upped their target price on Edgewise Therapeutics from $33.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Royal Bank of Canada reissued an “outperform” rating and issued a $56.00 target price on shares of Edgewise Therapeutics in a research report on Tuesday, March 4th. Evercore ISI upped their target price on Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a research 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 target on the stock. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $45.38.

Edgewise Therapeutics Stock Performance

The firm has a market capitalization of $2.25 billion, a PE ratio of -15.74 and a beta of 0.22. The company’s 50-day moving average price is $26.66 and its 200-day moving average price is $28.22.

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

Insider Transactions at Edgewise Therapeutics

In related news, insider Alan J. Russell sold 100,000 shares of Edgewise Therapeutics 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 sale, the insider now directly owns 14,863 shares in the company, valued at $406,800.31. This trade represents a 87.06 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CMO Joanne M. Donovan sold 25,000 shares of Edgewise Therapeutics stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $27.63, for a total transaction of $690,750.00. Following the sale, the chief marketing officer now owns 16,358 shares in the company, valued at $451,971.54. This represents a 60.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 164,545 shares of company stock valued at $4,605,305. Insiders own 24.11% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Ally Bridge Group NY LLC acquired a new position in Edgewise Therapeutics in the third quarter valued at $5,010,000. Franklin Resources Inc. increased its stake in Edgewise Therapeutics by 84.2% in the third quarter. Franklin Resources Inc. now owns 45,223 shares of the company’s stock valued at $1,207,000 after purchasing an additional 20,674 shares during the period. Braidwell LP acquired a new position in Edgewise Therapeutics in the third quarter valued at $52,267,000. Amundi increased its stake in Edgewise Therapeutics by 127.2% in the fourth quarter. Amundi now owns 341,687 shares of the company’s stock valued at $8,686,000 after purchasing an additional 191,267 shares during the period. Finally, XTX Topco Ltd purchased a new stake in shares of Edgewise Therapeutics in the third quarter valued at about $755,000.

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.