Edgewise Therapeutics (NASDAQ:EWTX) Reaches New 12-Month High - Here's What Happened

Key Points

• Shares of Edgewise Therapeutics hit a new 52-week high of $35.00 (last trade ~$34.03) on volume of 823,227 shares, valuing the company at roughly $3.7 billion.
• Analysts have raised targets and ratings—most notably JPMorgan bumped its price target to $45 with an "overweight" rating—and the consensus is a Moderate Buy with an average target of $38.44.
• Notable insider selling has occurred recently: CMO Joanne M. Donovan sold 28,662 shares and Director Badreddin Edris sold 115,471 shares, though insiders still own 23.2% of the stock.

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) hit a new 52-week high during trading on Monday . The company traded as high as $35.00 and last traded at $34.0290, with a volume of 823227 shares trading hands. The stock had previously closed at $34.43.

Analyst Ratings Changes

EWTX has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised their price target on Edgewise Therapeutics from $34.00 to $45.00 and gave the stock an "overweight" rating in a report on Tuesday, March 17th. Wedbush reiterated an "outperform" rating and set a $32.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday, March 17th. Wall Street Zen downgraded Edgewise Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, February 28th. Piper Sandler reaffirmed an "overweight" rating on shares of Edgewise Therapeutics in a report on Monday, February 9th. Finally, Evercore reiterated an "outperform" rating and set a $45.00 price target on shares of Edgewise Therapeutics in a research report on Thursday, February 26th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Edgewise Therapeutics currently has an average rating of "Moderate Buy" and a consensus price target of $38.44.

Edgewise Therapeutics Trading Up 0.1%

The business's fifty day simple moving average is $30.86 and its 200-day simple moving average is $25.32. The firm has a market cap of $3.70 billion, a P/E ratio of -21.13 and a beta of 0.24.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last issued its quarterly earnings data on Thursday, February 26th. The company reported ($0.47) EPS for the quarter, missing the consensus estimate of ($0.43) by ($0.04). Analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.

Insider Activity

In other news, CMO Joanne M. Donovan sold 28,662 shares of the stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $32.31, for a total transaction of $926,069.22. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Badreddin Edris sold 115,471 shares of the business's stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $29.44, for a total transaction of $3,399,466.24. Following the transaction, the director directly owned 19,820 shares of the company's stock, valued at $583,500.80. The trade was a 85.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 23.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the company. Morgan Stanley boosted its position in Edgewise Therapeutics by 234.7% in the fourth quarter. Morgan Stanley now owns 2,910,881 shares of the company's stock worth $72,234,000 after purchasing an additional 2,041,203 shares during the last quarter. UBS Group AG raised its stake in shares of Edgewise Therapeutics by 1,755.0% in the fourth quarter. UBS Group AG now owns 2,117,073 shares of the company's stock worth $52,535,000 after buying an additional 2,002,945 shares during the period. Norges Bank bought a new position in shares of Edgewise Therapeutics during the 4th quarter valued at approximately $18,645,000. Sofinnova Investments Inc. increased its holdings in Edgewise Therapeutics by 3,185.7% in the 2nd quarter. Sofinnova Investments Inc. now owns 716,873 shares of the company's stock worth $9,398,000 after acquiring an additional 695,055 shares in the last quarter. Finally, Marshall Wace LLP bought a new stake in Edgewise Therapeutics during the 4th quarter worth approximately $16,925,000.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics, Inc NASDAQ: EWTX is a clinical-stage biopharmaceutical company headquartered in Cambridge, Massachusetts, focused on the discovery and development of precision medicines for the treatment of rare diseases. The company leverages its expertise in small-molecule chemistry and ion channel biology to address severe, unmet medical needs, particularly in the areas of kidney disorders and neuromuscular diseases.

At the core of Edgewise's pipeline is EWTX-101, a novel, orally available inhibitor of TRPC5, a calcium channel implicated in nephrotic syndromes such as focal segmental glomerulosclerosis (FSGS) and other proteinuric kidney diseases.

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