Edgewise Therapeutics (NASDAQ:EWTX) Trading Up 9.3% – Should You Buy?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shot up 9.3% on Thursday . The company traded as high as $25.36 and last traded at $24.34. 335,906 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 944,532 shares. The stock had previously closed at $22.26.

Analyst Ratings Changes

A number of analysts have recently weighed in on EWTX shares. Stifel Nicolaus initiated coverage on shares of Edgewise Therapeutics in a research report on Wednesday, January 22nd. They set a “hold” rating and a $30.00 price target for the company. Truist Financial increased their price objective on Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Evercore ISI boosted their price target on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 17th. Scotiabank began coverage on shares of Edgewise Therapeutics in a research report on Friday, March 7th. They set a “sector outperform” rating and a $50.00 price objective for the company. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $56.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday, March 4th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $45.38.

Edgewise Therapeutics Trading Up 6.5 %

The business has a 50 day moving average of $26.40 and a 200-day moving average of $28.43. The firm has a market capitalization of $2.26 billion, a P/E ratio of -15.90 and a beta of 0.22.

Edgewise Therapeutics (NASDAQ:EWTX) last released its earnings results on Monday, March 3rd. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.03). On average, analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Alan J. Russell sold 100,000 shares of the firm’s stock in a transaction dated Monday, December 30th. The stock was 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 directly owns 14,863 shares in the company, valued at $406,800.31. This trade represents a 87.06 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Kevin Koch sold 8,636 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 14,478 shares in the company, valued at $434,774.34. This represents a 37.36 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 134,836 shares of company stock worth $3,723,245. Corporate insiders own 24.11% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Diadema Partners LP purchased a new stake in shares of Edgewise Therapeutics during the 4th quarter valued at $36,000. GF Fund Management CO. LTD. bought a new position in shares of Edgewise Therapeutics in the 4th quarter worth approximately $53,000. Aquatic Capital Management LLC bought a new stake in Edgewise Therapeutics during the fourth quarter worth about $77,000. Tower Research Capital LLC TRC increased its holdings in shares of Edgewise Therapeutics by 1,097.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,676 shares of the company’s stock valued at $98,000 after acquiring an additional 3,369 shares in the last quarter. Finally, Quantbot Technologies LP bought a new stake in Edgewise Therapeutics in the 4th quarter worth about $103,000.

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.