Edgewise Therapeutics (NASDAQ:EWTX) Shares Gap Down – Here’s What Happened

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) gapped down before the market opened on Monday . The stock had previously closed at $27.72, but opened at $27.16. Edgewise Therapeutics shares last traded at $26.58, with a volume of 28,746 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on EWTX. Truist Financial upped their target price on Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $32.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday, September 17th. Evercore ISI lifted their price objective on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, December 17th. Piper Sandler upped their target price on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Finally, Wedbush lifted their price target on Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Edgewise Therapeutics presently has a consensus rating of “Buy” and a consensus price target of $43.17.

Edgewise Therapeutics Trading Up 0.1 %

The company’s 50-day simple moving average is $31.24 and its 200 day simple moving average is $25.57. The stock has a market cap of $2.41 billion, a P/E ratio of -16.95 and a beta of 0.12.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.36) EPS for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. Research analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current fiscal year.

Insider Transactions at Edgewise Therapeutics

In other Edgewise Therapeutics news, insider Marc Semigran sold 29,709 shares of the stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $29.69, for a total transaction of $882,060.21. Following the completion of the transaction, the insider now directly owns 6,716 shares of the company’s stock, valued at approximately $199,398.04. This represents a 81.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Alan J. Russell sold 100,000 shares of the business’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $27.37, for a total value of $2,737,000.00. Following the completion of the sale, the insider now owns 14,863 shares in the company, valued at approximately $406,800.31. The trade was a 87.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 24.11% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Sofinnova Investments Inc. purchased a new stake in Edgewise Therapeutics during the second quarter valued at about $8,567,000. Federated Hermes Inc. bought a new stake in Edgewise Therapeutics during the 2nd quarter valued at $833,000. Ally Bridge Group NY LLC purchased a new stake in shares of Edgewise Therapeutics during the third quarter worth $5,010,000. Franklin Resources Inc. lifted its holdings in Edgewise Therapeutics by 84.2% during 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 in the last quarter. Finally, abrdn plc purchased a new position in Edgewise Therapeutics during the 3rd quarter valued at about $6,850,000.

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.