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

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) was the target of unusually large options trading activity on Wednesday. Stock investors bought 13,313 put options on the stock. This represents an increase of 873% compared to the average daily volume of 1,368 put options.

Edgewise Therapeutics Price Performance

NASDAQ EWTX traded down $4.44 during mid-day trading on Wednesday, reaching $15.70. The stock had a trading volume of 8,611,405 shares, compared to its average volume of 1,289,629. The stock has a market cap of $1.49 billion, a PE ratio of -10.49 and a beta of 0.22. Edgewise Therapeutics has a 1 year low of $12.18 and a 1 year high of $38.12. The company has a fifty day moving average price of $26.04 and a 200 day moving average price of $28.64.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings results on Monday, March 3rd. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.03). As a group, equities research analysts expect that Edgewise Therapeutics will post -1.45 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Scotiabank initiated coverage on shares of Edgewise Therapeutics in a research note on Friday, March 7th. They issued a “sector outperform” rating and a $50.00 price target for the company. Evercore ISI upped their price objective on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an “outperform” rating in a report on Tuesday, December 17th. Stifel Nicolaus initiated coverage on shares of Edgewise Therapeutics in a report on Wednesday, January 22nd. They set a “hold” rating and a $30.00 target price for the company. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $56.00 price target on shares of Edgewise Therapeutics in a research note on Tuesday, March 4th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $45.38.

Insiders Place Their Bets

In other news, insider Alan J. Russell sold 1,200 shares of the stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $30.13, for a total value of $36,156.00. Following the completion of the transaction, the insider now owns 14,863 shares of the company’s stock, valued at approximately $447,822.19. This represents a 7.47 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CMO Joanne M. Donovan sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $27.63, for a total value of $690,750.00. Following the completion of the transaction, the chief marketing officer now owns 16,358 shares of the company’s stock, valued at approximately $451,971.54. The trade was a 60.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,836 shares of company stock worth $986,245 over the last three months. Company insiders own 24.11% of the company’s stock.

Hedge Funds Weigh In On Edgewise Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Franklin Resources Inc. grew its stake in shares of Edgewise Therapeutics by 84.2% in the third quarter. Franklin Resources Inc. now owns 45,223 shares of the company’s stock worth $1,207,000 after acquiring an additional 20,674 shares during the period. Amundi grew its position in Edgewise Therapeutics by 127.2% in the 4th quarter. Amundi now owns 341,687 shares of the company’s stock worth $8,686,000 after purchasing an additional 191,267 shares during the period. Victory Capital Management Inc. purchased a new stake in Edgewise Therapeutics during the 4th quarter valued at $576,000. XTX Topco Ltd bought a new position in shares of Edgewise Therapeutics during the 3rd quarter valued at $755,000. Finally, Moody Aldrich Partners LLC boosted its stake in shares of Edgewise Therapeutics by 24.3% in the 4th quarter. Moody Aldrich Partners LLC now owns 187,932 shares of the company’s stock worth $5,018,000 after buying an additional 36,775 shares during the last quarter.

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.