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

Key Points

• Edgewise shares hit a new 52-week high of $32.00 (last traded $32.1760) with about 158,502 shares changing hands; the company has a market cap of $3.46 billion and analysts have an average rating of “Moderate Buy” with an average price target of $37.36.
• Edgewise is a clinical‑stage biotech developing a TRPC5 inhibitor, EWTX‑101, for proteinuric kidney diseases; it reported quarterly EPS of ($0.47), missed estimates, and is forecast to post negative full‑year EPS (~‑1.45).
• Director Badreddin Edris sold 115,471 shares (~$3.4M) in January—an ~85% reduction in his holding—while company insiders collectively still own 23.20% of the stock.

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $32.00 and last traded at $32.1760, with a volume of 158502 shares trading hands. The stock had previously closed at $30.64.

Wall Street Analyst Weigh In

A number of equities analysts have commented on EWTX shares. Piper Sandler reissued an "overweight" rating on shares of Edgewise Therapeutics in a research note on Monday, February 9th. Stifel Nicolaus set a $25.00 target price on shares of Edgewise Therapeutics in a research report on Thursday, February 26th. HC Wainwright upgraded shares of Edgewise Therapeutics to a "strong-buy" rating in a research report on Thursday, February 26th. Evercore reaffirmed an "outperform" rating and issued a $45.00 price target on shares of Edgewise Therapeutics in a report on Thursday, February 26th. Finally, Wedbush reiterated an "outperform" rating and issued a $32.00 price target on shares of Edgewise Therapeutics in a research report on Tuesday, March 17th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $37.36.

Edgewise Therapeutics Price Performance

The firm has a fifty day moving average price of $29.33 and a two-hundred day moving average price of $23.08. The stock has a market capitalization of $3.46 billion, a PE ratio of -19.81 and a beta of 0.26.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last posted its quarterly earnings data on Thursday, February 26th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.43) by ($0.04). On average, research analysts expect that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current fiscal year.

Insider Buying and Selling at Edgewise Therapeutics

In other news, Director Badreddin Edris sold 115,471 shares of the business's stock in a transaction 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 completion of the sale, the director directly owned 19,820 shares of the company's stock, valued at approximately $583,500.80. The trade was a 85.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 23.20% of the company's stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Aberdeen Group plc increased its position in shares of Edgewise Therapeutics by 39.8% during the third quarter. Aberdeen Group plc now owns 619,878 shares of the company's stock worth $10,054,000 after acquiring an additional 176,559 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in shares of Edgewise Therapeutics in the third quarter valued at approximately $929,000. HighVista Strategies LLC boosted its holdings in shares of Edgewise Therapeutics by 198.5% in the third quarter. HighVista Strategies LLC now owns 208,101 shares of the company's stock valued at $3,375,000 after purchasing an additional 138,378 shares during the period. GSA Capital Partners LLP grew its stake in Edgewise Therapeutics by 315.2% in the third quarter. GSA Capital Partners LLP now owns 113,243 shares of the company's stock worth $1,837,000 after purchasing an additional 85,967 shares in the last quarter. Finally, Integral Health Asset Management LLC grew its stake in Edgewise Therapeutics by 50.0% in the third quarter. Integral Health Asset Management LLC now owns 1,500,000 shares of the company's stock worth $24,330,000 after purchasing an additional 500,000 shares in the last quarter.

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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