Edgewise Therapeutics (NASDAQ:EWTX) Sets New 52-Week High - Should You Buy?

Key Points

• Edgewise Therapeutics stock hit a new 52-week high, trading as high as $38.50 and last at $38.6570 versus the prior close of $31.45.
• Analysts have lifted targets and ratings, with JPMorgan raising its price objective to $45; MarketBeat's consensus is a "Moderate Buy" with an average price target of $38.13.
• Large institutional inflows drove ownership changes—Morgan Stanley and UBS massively increased stakes—while insiders sold some shares (CMO sold 28,662) but still own 23.2% of the company.

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report)'s stock price reached a new 52-week high during trading on Tuesday . The stock traded as high as $38.50 and last traded at $38.6570, with a volume of 180041 shares. The stock had previously closed at $31.45.

Analysts Set New Price Targets

EWTX has been the subject of several research reports. JPMorgan Chase & Co. lifted their price objective on shares of Edgewise Therapeutics from $34.00 to $45.00 and gave the stock an "overweight" rating in a research note on Tuesday, March 17th. Wall Street Zen downgraded shares of Edgewise Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, February 28th. Stifel Nicolaus set a $25.00 target price on shares of Edgewise Therapeutics in a report on Thursday, February 26th. Wedbush reissued an "outperform" rating and set a $32.00 target price on shares of Edgewise Therapeutics in a report on Tuesday, March 17th. Finally, Evercore reissued an "outperform" rating and set a $45.00 target price on shares of Edgewise Therapeutics in a report on Thursday, February 26th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Edgewise Therapeutics currently has an average rating of "Moderate Buy" and an average price target of $38.13.

Edgewise Therapeutics Price Performance

The business's fifty day simple moving average is $31.11 and its two-hundred day simple moving average is $26.36. The company has a market cap of $3.99 billion, a PE ratio of -22.82 and a beta of 0.25.

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

Insiders Place Their Bets

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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 23.20% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EWTX. Morgan Stanley increased its holdings in Edgewise Therapeutics by 234.7% in the fourth quarter. Morgan Stanley now owns 2,910,881 shares of the company's stock valued at $72,234,000 after buying an additional 2,041,203 shares in the last quarter. UBS Group AG increased its stake in shares of Edgewise Therapeutics by 1,755.0% during the fourth quarter. UBS Group AG now owns 2,117,073 shares of the company's stock worth $52,535,000 after purchasing an additional 2,002,945 shares in the last quarter. Norges Bank purchased a new stake in shares of Edgewise Therapeutics during the fourth quarter worth about $18,645,000. Sofinnova Investments Inc. increased its stake in shares of Edgewise Therapeutics by 3,185.7% during the second quarter. Sofinnova Investments Inc. now owns 716,873 shares of the company's stock worth $9,398,000 after purchasing an additional 695,055 shares in the last quarter. Finally, Marshall Wace LLP purchased a new stake in shares of Edgewise Therapeutics during the fourth quarter worth about $16,925,000.

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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