Edgewise Therapeutics (NASDAQ:EWTX) Trading 5.9% Higher – What’s Next?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s share price shot up 5.9% on Thursday . The stock traded as high as $28.45 and last traded at $28.25. 300,132 shares were traded during trading, a decline of 68% from the average session volume of 931,674 shares. The stock had previously closed at $26.67.

Wall Street Analysts Forecast Growth

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

Edgewise Therapeutics Trading Down 0.1 %

The company’s fifty day moving average is $27.59 and its 200 day moving average is $27.20. The company has a market cap of $2.56 billion, a P/E ratio of -18.05 and a beta of 0.20.

Insider Activity at Edgewise Therapeutics

In other Edgewise Therapeutics news, insider Marc Semigran sold 29,709 shares of the firm’s stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $29.69, for a total value of $882,060.21. Following the sale, the insider now owns 6,716 shares of the company’s stock, valued at $199,398.04. This trade represents a 81.56 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Alan J. Russell sold 1,200 shares of the firm’s stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $30.13, for a total transaction of $36,156.00. Following the completion of the sale, the insider now directly owns 14,863 shares in the company, valued at approximately $447,822.19. This trade represents a 7.47 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 164,545 shares of company stock valued at $4,605,305. Insiders own 24.11% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Large investors have recently added to or reduced their stakes in the company. Ally Bridge Group NY LLC bought a new stake in Edgewise Therapeutics in the 3rd quarter worth $5,010,000. Franklin Resources Inc. lifted its position in shares of Edgewise Therapeutics by 84.2% in the 3rd 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 during the period. abrdn plc purchased a new stake 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 worth about $52,267,000. Finally, XTX Topco Ltd purchased a new stake in shares of Edgewise Therapeutics in the 3rd quarter worth about $755,000.

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.