Edgewise Therapeutics (NASDAQ:EWTX) Sets New 1-Year High - Still a Buy?

Key Points

• 52-week high: Shares hit a new 52-week high of $34.11 (last $33.84) on volume ~689,138, with a market cap of about $3.63 billion and trading above its 50- and 200-day SMAs ($30.36, $24.69).
• Analyst outlook: The consensus is a "Moderate Buy" with an average price target of $38.44, and several firms (including JPMorgan and Evercore) have issued buy/overweight ratings and raised targets (JPMorgan to $45).
• Fundamentals & insider activity: The company missed Q results (EPS ‑$0.47 vs. ‑$0.43 expected) and saw significant insider sales (a director sold 115,471 shares; the CMO sold 28,662), though insiders still own 23.2% of the stock.

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report)'s share price hit a new 52-week high during trading on Monday . The company traded as high as $34.11 and last traded at $33.84, with a volume of 689138 shares traded. The stock had previously closed at $32.82.

Analysts Set New Price Targets

EWTX has been the topic of a number of analyst reports. Evercore reaffirmed an "outperform" rating and issued a $45.00 price target on shares of Edgewise Therapeutics in a research note on Thursday, February 26th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Edgewise Therapeutics in a research note on Wednesday, January 21st. Piper Sandler reaffirmed an "overweight" rating on shares of Edgewise Therapeutics in a research note on Monday, February 9th. JPMorgan Chase & Co. lifted their price target on Edgewise Therapeutics from $34.00 to $45.00 and gave the stock an "overweight" rating in a research note on Tuesday, March 17th. Finally, Stifel Nicolaus set a $25.00 target price on Edgewise Therapeutics in a research note on Thursday, February 26th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $38.44.

Edgewise Therapeutics Stock Up 3.1%

The company has a fifty day simple moving average of $30.36 and a 200 day simple moving average of $24.69. The firm has a market capitalization of $3.63 billion, a P/E ratio of -20.76 and a beta of 0.24.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last released its earnings results 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, equities 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 Edgewise Therapeutics news, Director Badreddin Edris sold 115,471 shares of the business's stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $29.44, for a total value of $3,399,466.24. Following 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CMO Joanne M. Donovan sold 28,662 shares of the business's stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $32.31, for a total value of $926,069.22. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 23.20% of the company's stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Large investors have recently bought and sold shares of the business. Bessemer Group Inc. increased its holdings in Edgewise Therapeutics by 1,170.3% in the 3rd quarter. Bessemer Group Inc. now owns 2,350 shares of the company's stock worth $38,000 after buying an additional 2,165 shares in the last quarter. Canada Pension Plan Investment Board bought a new stake in Edgewise Therapeutics in the 2nd quarter worth about $45,000. Jones Financial Companies Lllp bought a new stake in Edgewise Therapeutics in the 1st quarter worth about $47,000. Seven Fleet Capital Management LP purchased a new stake in Edgewise Therapeutics during the fourth quarter valued at $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.

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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