Stock Traders Purchase High Volume of Edgewise Therapeutics Put Options (NASDAQ:EWTX)

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) saw some unusual options trading on Wednesday. Investors purchased 13,313 put options on the company. This is an increase of 873% compared to the typical daily volume of 1,368 put options.

Edgewise Therapeutics Price Performance

NASDAQ EWTX opened at $13.58 on Friday. The company has a fifty day moving average price of $25.54 and a 200-day moving average price of $28.44. The firm has a market cap of $1.29 billion, a price-to-earnings ratio of -9.05 and a beta of 0.22. Edgewise Therapeutics has a 1 year low of $12.18 and a 1 year high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings data 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). On average, research analysts anticipate that Edgewise Therapeutics will post -1.45 EPS for the current fiscal year.

Insider Activity

In other news, CEO Kevin Koch sold 8,636 shares of Edgewise Therapeutics stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $30.03, for a total value of $259,339.08. Following the completion of the sale, the chief executive officer now owns 14,478 shares in the company, valued at $434,774.34. The trade was a 37.36 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CMO Joanne M. Donovan sold 25,000 shares of the 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 transaction, the chief marketing officer now directly owns 16,358 shares in the company, valued at approximately $451,971.54. This represents a 60.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,836 shares of company stock valued at $986,245 in the last ninety days. 24.11% of the stock is owned by company insiders.

Institutional Trading of Edgewise Therapeutics

Hedge funds have recently bought and sold shares of the business. Janus Henderson Group PLC grew its stake in Edgewise Therapeutics by 74.8% in the 3rd quarter. Janus Henderson Group PLC now owns 4,558,519 shares of the company’s stock valued at $121,616,000 after purchasing an additional 1,951,220 shares during the period. Paradigm Biocapital Advisors LP boosted its holdings in shares of Edgewise Therapeutics by 61.1% in the 4th quarter. Paradigm Biocapital Advisors LP now owns 4,493,929 shares of the company’s stock worth $119,988,000 after buying an additional 1,704,757 shares during the last quarter. First Light Asset Management LLC bought a new position in Edgewise Therapeutics during the fourth quarter valued at about $20,843,000. Foresite Capital Management VI LLC purchased a new stake in Edgewise Therapeutics during the fourth quarter worth about $15,620,000. Finally, Braidwell LP raised its position in Edgewise Therapeutics by 19.1% in the fourth quarter. Braidwell LP now owns 2,332,196 shares of the company’s stock worth $62,270,000 after acquiring an additional 373,886 shares during the period.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on EWTX shares. Piper Sandler reaffirmed an “overweight” rating and set a $51.00 price target on shares of Edgewise Therapeutics in a research note on Wednesday. Scotiabank cut Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and cut their target price for the stock from $50.00 to $14.00 in a report on Wednesday. Stifel Nicolaus started coverage on shares of Edgewise Therapeutics in a research note on Wednesday, January 22nd. They set a “hold” rating and a $30.00 price target for the company. 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 note on Tuesday, December 17th. Finally, Royal Bank of Canada decreased their target price on shares of Edgewise Therapeutics from $56.00 to $52.00 and set an “outperform” rating for the company in a research report on Thursday. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $40.38.

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.