Edgewise Therapeutics (NASDAQ:EWTX) Sees Large Volume Increase - Here's What Happened

Key Points

• Shares of Edgewise Therapeutics experienced an unusual trading surge — approximately 3,069,014 shares traded mid-day, a 226% increase from the prior session, with the stock around $30.89 (prior close $30.64).
• The analyst consensus is a Moderate Buy with an average price target of $38.44, compiled from 2 Strong Buy, 6 Buy, 1 Hold and 1 Sell ratings.
• Edgewise, a clinical-stage biopharma with a market cap of $3.33B, reported quarterly EPS of ($0.47) (missing estimates) and is forecast to post -2.16 EPS for the year; the CMO sold 28,662 shares and insiders own 23.2% of the stock.

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) saw unusually-strong trading volume on Tuesday . Approximately 3,069,014 shares were traded during mid-day trading, an increase of 226% from the previous session's volume of 940,311 shares.The stock last traded at $30.89 and had previously closed at $30.64.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on EWTX. Stifel Nicolaus set a $25.00 target price on Edgewise Therapeutics in a research note on Thursday, February 26th. Wedbush restated an "outperform" rating and issued a $32.00 price target on shares of Edgewise Therapeutics in a research note on Tuesday, March 17th. Piper Sandler reaffirmed an "overweight" rating on shares of Edgewise Therapeutics in a report on Monday, February 9th. HC Wainwright upgraded shares of Edgewise Therapeutics to a "strong-buy" rating in a research report on Thursday, February 26th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Edgewise Therapeutics in a report on Monday, April 20th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $38.44.

Edgewise Therapeutics Trading Up 1.1%

The firm has a market cap of $3.33 billion, a P/E ratio of -19.01 and a beta of 0.24. The stock has a 50 day simple moving average of $31.06 and a 200-day simple moving average of $26.03.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last posted its earnings results on Thursday, February 26th. The company reported ($0.47) EPS for the quarter, missing analysts' consensus estimates of ($0.43) by ($0.04). As a group, equities analysts forecast that Edgewise Therapeutics, Inc. will post -2.16 earnings per share for the current fiscal year.

Insider Activity at Edgewise Therapeutics

In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 28,662 shares of Edgewise Therapeutics stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $32.31, for a total value of $926,069.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 23.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in EWTX. Bessemer Group Inc. raised its position in Edgewise Therapeutics by 1,170.3% during the third quarter. Bessemer Group Inc. now owns 2,350 shares of the company's stock valued at $38,000 after purchasing an additional 2,165 shares during the period. Canada Pension Plan Investment Board purchased a new stake in Edgewise Therapeutics during the 2nd quarter valued at $45,000. Jones Financial Companies Lllp bought a new stake in Edgewise Therapeutics in the first quarter worth $47,000. Seven Fleet Capital Management LP purchased a new position in Edgewise Therapeutics during the fourth quarter worth $50,000. Finally, Steward Partners Investment Advisory LLC increased its position in Edgewise Therapeutics by 23.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,854 shares of the company's stock valued at $71,000 after acquiring an additional 550 shares during 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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