Insider Buying: Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Director Purchases 496,771 Shares of Stock

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Director Orbimed Advisors Llc bought 496,771 shares of Edgewise Therapeutics stock in a transaction on Thursday, April 3rd. The shares were purchased at an average cost of $20.13 per share, with a total value of $10,000,000.23. Following the acquisition, the director now directly owns 14,809,075 shares of the company’s stock, valued at approximately $298,106,679.75. The trade was a 3.47 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Edgewise Therapeutics Trading Down 15.2 %

Shares of EWTX traded down $2.07 during mid-day trading on Friday, hitting $11.51. The company’s stock had a trading volume of 4,454,380 shares, compared to its average volume of 1,074,913. Edgewise Therapeutics, Inc. has a 1-year low of $11.37 and a 1-year high of $38.12. The firm has a market capitalization of $1.10 billion, a P/E ratio of -7.67 and a beta of 0.22. The firm has a 50-day simple moving average of $25.20 and a 200 day simple moving average of $28.41.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its earnings results on Monday, March 3rd. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.03). As a group, sell-side analysts predict that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on EWTX. Scotiabank downgraded shares of Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and decreased their price target for the stock from $50.00 to $14.00 in a research note on Wednesday. Evercore ISI upped their price objective on Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, December 17th. Stifel Nicolaus assumed coverage on shares of Edgewise Therapeutics in a research report on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 target price on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $51.00 price objective on shares of Edgewise Therapeutics in a research report on Wednesday. Finally, Royal Bank of Canada dropped their target price on Edgewise Therapeutics from $56.00 to $52.00 and set an “outperform” rating for the company in a research report on Thursday. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $40.38.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of large investors have recently added to or reduced their stakes in the business. Diadema Partners LP acquired a new stake in Edgewise Therapeutics during the 4th quarter valued at $36,000. GF Fund Management CO. LTD. acquired a new position in shares of Edgewise Therapeutics during the 4th quarter valued at about $53,000. Aquatic Capital Management LLC purchased a new position in Edgewise Therapeutics during the fourth quarter worth approximately $77,000. Tower Research Capital LLC TRC raised its position in shares of 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 worth $98,000 after buying an additional 3,369 shares during the period. Finally, Quantbot Technologies LP purchased a new position in shares of Edgewise Therapeutics in the 4th quarter worth about $103,000.

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.