Edgewise Therapeutics (NASDAQ:EWTX) Trading Down 8.5%

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s stock price traded down 8.5% on Thursday . The stock traded as low as $19.39 and last traded at $19.39. 663,607 shares traded hands during trading, a decline of 23% from the average session volume of 857,311 shares. The stock had previously closed at $21.18.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Truist Financial reaffirmed a “buy” rating and set a $25.00 price target on shares of Edgewise Therapeutics in a research report on Wednesday, April 17th. Piper Sandler reaffirmed an “overweight” rating and issued a $48.00 target price on shares of Edgewise Therapeutics in a research report on Monday, July 1st. Wedbush reiterated an “outperform” rating and set a $31.00 target price on shares of Edgewise Therapeutics in a report on Wednesday, June 26th. Royal Bank of Canada reissued an “outperform” rating and set a $32.00 price target on shares of Edgewise Therapeutics in a research report on Thursday. Finally, JPMorgan Chase & Co. increased their price objective on shares of Edgewise Therapeutics from $27.00 to $30.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $33.20.

Edgewise Therapeutics Stock Up 1.3 %

The business has a fifty day moving average of $18.74 and a 200 day moving average of $17.43.

Edgewise Therapeutics (NASDAQ:EWTX) last released its earnings results on Thursday, May 9th. The company reported ($0.33) EPS for the quarter, beating the consensus estimate of ($0.39) by $0.06. As a group, equities analysts forecast that Edgewise Therapeutics, Inc. will post -1.59 EPS for the current fiscal year.

Insider Buying and Selling at Edgewise Therapeutics

In other news, insider Behrad Derakhshan sold 1,718 shares of the business’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $18.91, for a total value of $32,487.38. Following the completion of the sale, the insider now owns 13,422 shares of the company’s stock, valued at approximately $253,810.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO R Michael Carruthers sold 2,157 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total transaction of $40,788.87. Following the transaction, the chief financial officer now directly owns 35,230 shares in the company, valued at $666,199.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Behrad Derakhshan sold 1,718 shares of Edgewise Therapeutics stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total transaction of $32,487.38. Following the completion of the transaction, the insider now directly owns 13,422 shares of the company’s stock, valued at approximately $253,810.02. The disclosure for this sale can be found here. Insiders have sold 12,665 shares of company stock worth $239,495 in the last ninety days. 24.11% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. China Universal Asset Management Co. Ltd. grew its position in shares of Edgewise Therapeutics by 349.1% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 7,338 shares of the company’s stock valued at $80,000 after buying an additional 5,704 shares during the last quarter. AJOVista LLC bought a new position in Edgewise Therapeutics in the 4th quarter worth approximately $84,000. Ameritas Investment Partners Inc. grew its holdings in Edgewise Therapeutics by 37.3% in the 1st quarter. Ameritas Investment Partners Inc. now owns 5,751 shares of the company’s stock worth $105,000 after buying an additional 1,561 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in Edgewise Therapeutics by 29.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 20,833 shares of the company’s stock valued at $228,000 after acquiring an additional 4,785 shares in the last quarter. Finally, Entropy Technologies LP acquired a new position in Edgewise Therapeutics during the 1st quarter worth $231,000.

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.