Edgewise Therapeutics (NASDAQ:EWTX) Shares Gap Down - Here's Why

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $14.33, but opened at $13.20. Edgewise Therapeutics shares last traded at $12.81, with a volume of 445,271 shares traded.

Wall Street Analyst Weigh In

Several research analysts have weighed in on EWTX shares. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $48.00 target price on shares of Edgewise Therapeutics in a research note on Thursday, June 5th. Scotiabank lowered shares of Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and lowered their target price for the stock from $50.00 to $14.00 in a research note on Wednesday, April 2nd. Piper Sandler reaffirmed an "overweight" rating and set a $51.00 target price on shares of Edgewise Therapeutics in a research note on Wednesday, April 2nd. Guggenheim started coverage on shares of Edgewise Therapeutics in a research note on Wednesday, April 30th. They set a "buy" rating and a $41.00 target price for the company. Finally, Wedbush reaffirmed an "outperform" rating and set a $43.00 target price on shares of Edgewise Therapeutics in a research note on Monday, April 21st. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $39.78.

Edgewise Therapeutics Stock Up 0.8%

The firm has a market cap of $1.39 billion, a price-to-earnings ratio of -8.50 and a beta of 0.28. The company's 50-day moving average price is $14.76 and its 200-day moving average price is $21.09.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.43) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.45) by $0.02. On average, sell-side analysts predict that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current fiscal year.

Insider Transactions at Edgewise Therapeutics

In related news, CMO Joanne M. Donovan sold 5,187 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $16.45, for a total value of $85,326.15. Following the sale, the chief marketing officer now owns 21,588 shares of the company's stock, valued at $355,122.60. This trade represents a 19.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Alan J. Russell sold 1,551 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $16.45, for a total transaction of $25,513.95. Following the completion of the sale, the insider now directly owns 18,521 shares in the company, valued at approximately $304,670.45. This trade represents a 7.73% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 14,258 shares of company stock valued at $234,544. 23.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Edgewise Therapeutics

Hedge funds have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. acquired a new stake in Edgewise Therapeutics in the fourth quarter valued at approximately $2,845,000. First Light Asset Management LLC acquired a new stake in Edgewise Therapeutics in the fourth quarter valued at approximately $20,843,000. Amundi raised its holdings in Edgewise Therapeutics by 127.2% during the fourth quarter. Amundi now owns 341,687 shares of the company's stock worth $8,686,000 after purchasing an additional 191,267 shares in the last quarter. Victory Capital Management Inc. acquired a new stake in Edgewise Therapeutics during the fourth quarter worth approximately $576,000. Finally, Russell Investments Group Ltd. acquired a new stake in Edgewise Therapeutics during the fourth quarter worth approximately $883,000.

About Edgewise Therapeutics

Edgewise Therapeutics, Inc, a biopharmaceutical company, discovers, develops, and commercializes therapies for the treatment of muscle disorders. Its lead product candidate, EDG-5506, an orally administered small molecule that is in Phase II clinical trials, designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy and Becker muscular dystrophy.