Edgewise Therapeutics (NASDAQ:EWTX) Reaches New 12-Month High - Should You Buy?

Key Points

• Edgewise shares hit a new 52-week high (intraday high $34.00) amid analyst enthusiasm — JPMorgan raised its price target to $45 and the consensus rating is a Moderate Buy with an average target of $38.44.
• The company remains unprofitable, reporting an EPS miss of ($0.47) versus ($0.43) expected for the quarter and analysts forecast a ~-1.45 EPS for the fiscal year.
• There are mixed ownership signals: significant insider selling (CMO and a director sold large blocks) despite institutional buying activity, including Goldman Sachs increasing its stake; insiders still own about 23.2% of the stock.

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) shares hit a new 52-week high on Tuesday . The stock traded as high as $34.00 and last traded at $32.83, with a volume of 577238 shares traded. The stock had previously closed at $33.33.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. upped their price target on shares of Edgewise Therapeutics from $34.00 to $45.00 and gave the stock an "overweight" rating in a research report on Tuesday, March 17th. HC Wainwright raised 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 research report on Thursday, February 26th. Wall Street Zen lowered shares of Edgewise Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, February 28th. Finally, Piper Sandler reiterated an "overweight" rating on shares of Edgewise Therapeutics in a research note on Monday, February 9th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $38.44.

Edgewise Therapeutics Stock Performance

The stock has a market cap of $3.52 billion, a P/E ratio of -20.14 and a beta of 0.24. The firm's 50 day moving average is $30.02 and its 200 day moving average is $24.19.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last posted 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). As a group, analysts expect that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Insider Buying and Selling

In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 28,662 shares of the company's 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Badreddin Edris sold 115,471 shares of the company'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 owned 19,820 shares in the company, valued at $583,500.80. The trade was a 85.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 23.20% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of EWTX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Edgewise Therapeutics by 6.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 43,776 shares of the company's stock valued at $963,000 after purchasing an additional 2,463 shares in the last quarter. Jones Financial Companies Lllp acquired a new position in Edgewise Therapeutics during the 1st quarter valued at approximately $47,000. Goldman Sachs Group Inc. increased its stake in Edgewise Therapeutics by 5.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 366,644 shares of the company's stock valued at $8,066,000 after purchasing an additional 19,753 shares in the last quarter. Strs Ohio acquired a new position in Edgewise Therapeutics during the 1st quarter valued at approximately $84,000. Finally, Creative Planning increased its stake in Edgewise Therapeutics by 29.4% during the 2nd quarter. Creative Planning now owns 16,910 shares of the company's stock valued at $222,000 after purchasing an additional 3,837 shares in the last quarter.

About Edgewise Therapeutics

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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