Edgewise Therapeutics (NASDAQ:EWTX) Sets New 52-Week High - Here's What Happened

Key Points

• Shares of Edgewise Therapeutics hit a new 52-week high, trading as high as $33.14 (last $32.22) on Wednesday with about 494,784 shares changing hands and a market cap near $3.51 billion.
• Analysts are mixed but generally positive — the stock carries an average rating of “Moderate Buy” with an average target of $37.36, amid recent moves including an HC Wainwright upgrade to strong-buy and a sell from Wall Street Zen.
• Insider activity and institutional positioning are notable: Director Badreddin Edris sold 115,471 shares (an ~85% reduction), while large funds like OrbiMed, RA Capital and Paradigm Biocapital have recently increased stakes.

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $33.14 and last traded at $32.22, with a volume of 494784 shares traded. The stock had previously closed at $31.50.

Analyst Upgrades and Downgrades

A number of research firms recently commented on EWTX. Wall Street Zen cut shares of Edgewise Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, February 28th. Evercore restated an "outperform" rating and issued a $45.00 target price on shares of Edgewise Therapeutics in a research note on Thursday, February 26th. HC Wainwright upgraded shares of Edgewise Therapeutics to a "strong-buy" rating in a research note on Thursday, February 26th. Piper Sandler restated an "overweight" rating on shares of Edgewise Therapeutics in a research report on Monday, February 9th. Finally, Wedbush reiterated an "outperform" rating and set a $32.00 price target on shares of Edgewise Therapeutics in a research report on Tuesday, March 17th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $37.36.

Edgewise Therapeutics Trading Up 4.0%

The stock has a market cap of $3.51 billion, a PE ratio of -20.10 and a beta of 0.26. The company has a fifty day moving average of $29.68 and a 200-day moving average of $23.66.

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, research analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current fiscal year.

Insider Transactions at Edgewise Therapeutics

In other news, Director Badreddin Edris sold 115,471 shares of the stock in a transaction that occurred 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 completion of the sale, the director directly owned 19,820 shares of the company's stock, valued at approximately $583,500.80. This represents a 85.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 23.20% of the stock is owned by corporate insiders.

Institutional Trading of Edgewise Therapeutics

Hedge funds have recently made changes to their positions in the company. Orbimed Advisors LLC boosted its stake in shares of Edgewise Therapeutics by 3.3% in the second quarter. Orbimed Advisors LLC now owns 15,518,492 shares of the company's stock valued at $203,447,000 after buying an additional 496,771 shares in the last quarter. RA Capital Management L.P. boosted its position in shares of Edgewise Therapeutics by 5.3% in the 3rd quarter. RA Capital Management L.P. now owns 10,428,437 shares of the company's stock worth $169,149,000 after buying an additional 525,804 shares in the last quarter. Paradigm Biocapital Advisors LP boosted its position in shares of Edgewise Therapeutics by 6.0% in the 4th quarter. Paradigm Biocapital Advisors LP now owns 6,541,210 shares of the company's stock worth $162,320,000 after buying an additional 371,079 shares in the last quarter. Braidwell LP increased its holdings in Edgewise Therapeutics by 111.9% during the 2nd quarter. Braidwell LP now owns 5,210,831 shares of the company's stock valued at $68,314,000 after acquiring an additional 2,752,023 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Edgewise Therapeutics by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 4,871,624 shares of the company's stock worth $120,889,000 after purchasing an additional 67,683 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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