Edgewise Therapeutics (NASDAQ:EWTX) Sees Large Volume Increase - Still a Buy?

Key Points

• Edgewise Therapeutics shares surged to $44.35 from a $38.38 prior close, while trading volume rose 4% to approximately 1.21 million shares.
• Analyst sentiment remains favorable, with a “Moderate Buy” consensus and an average price target of $48.75; targets range as high as $52.
• The company beat its latest quarterly EPS estimate, reporting a loss of $0.46 versus the expected $0.50 loss, though insider Alan J. Russell recently sold 200,000 shares for about $7.9 million.

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) saw strong trading volume on Tuesday . Approximately 1,205,753 shares traded hands during trading, an increase of 4% from the previous session's volume of 1,155,801 shares.The stock last traded at $44.3450 and had previously closed at $38.38.

Analyst Ratings Changes

Several analysts have weighed in on EWTX shares. The Goldman Sachs Group lifted their price objective on shares of Edgewise Therapeutics from $20.00 to $32.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 17th. Wedbush raised their target price on shares of Edgewise Therapeutics from $46.00 to $52.00 and gave the stock an "outperform" rating in a report on Monday, June 1st. HC Wainwright reiterated a "buy" rating and issued a $45.00 price target on shares of Edgewise Therapeutics in a research report on Tuesday, June 16th. Guggenheim boosted their price target on Edgewise Therapeutics from $41.00 to $51.00 and gave the company a "buy" rating in a research note on Monday, July 6th. Finally, Leerink Partners set a $52.00 price target on Edgewise Therapeutics in a research report on Tuesday, June 16th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $48.75.

Edgewise Therapeutics Price Performance

The company's 50-day moving average is $38.59 and its two-hundred day moving average is $33.65. The firm has a market cap of $4.68 billion, a P/E ratio of -26.30 and a beta of 0.30.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported ($0.46) EPS for the quarter, beating the consensus estimate of ($0.50) by $0.04. On average, analysts expect that Edgewise Therapeutics, Inc. will post -2.01 EPS for the current fiscal year.

Insider Transactions at Edgewise Therapeutics

In other Edgewise Therapeutics news, insider Alan J. Russell sold 200,000 shares of the business's stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $39.41, for a total transaction of $7,882,000.00. Following the completion of the transaction, the insider directly owned 24,555 shares in the company, valued at $967,712.55. The trade was a 89.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 21.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

A number of institutional investors have recently modified their holdings of EWTX. Parallel Advisors LLC boosted its stake in Edgewise Therapeutics by 64.9% in the first quarter. Parallel Advisors LLC now owns 1,032 shares of the company's stock valued at $33,000 after buying an additional 406 shares in the last quarter. Canada Pension Plan Investment Board bought a new position in shares of Edgewise Therapeutics in the second quarter worth about $45,000. Jones Financial Companies Lllp acquired a new stake in shares of Edgewise Therapeutics in the 1st quarter valued at approximately $47,000. KBC Group NV acquired a new stake in shares of Edgewise Therapeutics in the 1st quarter valued at approximately $49,000. Finally, Seven Fleet Capital Management LP bought a new stake in shares of Edgewise Therapeutics during the 4th quarter valued at approximately $50,000.

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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