Edgewise Therapeutics (NASDAQ:EWTX) Shares Gap Down - What's Next?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) shares gapped down prior to trading 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 changing hands.

Analysts Set New Price Targets

A number of research firms have commented on EWTX. Piper Sandler restated an "overweight" rating and set a $51.00 price target on shares of Edgewise Therapeutics in a research report on Wednesday, April 2nd. Scotiabank downgraded Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and cut their target price for the stock from $50.00 to $14.00 in a research report on Wednesday, April 2nd. Wedbush reiterated an "outperform" rating and set a $43.00 price target on shares of Edgewise Therapeutics in a research report on Monday, April 21st. Royal Bank Of Canada restated an "outperform" rating and issued a $48.00 price objective on shares of Edgewise Therapeutics in a report on Thursday, June 5th. Finally, Guggenheim started coverage on Edgewise Therapeutics in a report on Wednesday, April 30th. They set a "buy" rating and a $41.00 target price on the stock. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Edgewise Therapeutics presently has an average rating of "Moderate Buy" and a consensus target price of $39.78.

Edgewise Therapeutics Price Performance

The stock has a 50-day moving average of $14.77 and a two-hundred day moving average of $21.38.

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

Insider Buying and Selling

In other Edgewise Therapeutics news, Director Orbimed Advisors Llc acquired 496,771 shares of the firm's stock in a transaction on Thursday, April 3rd. The stock was purchased at an average cost of $20.13 per share, for a total transaction of $10,000,000.23. Following the transaction, the director now owns 14,809,075 shares of the company's stock, valued at $298,106,679.75. The trade was a 3.47% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Alan J. Russell sold 1,551 shares of Edgewise Therapeutics stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $16.45, for a total value of $25,513.95. Following the transaction, 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. In the last 90 days, insiders sold 14,258 shares of company stock valued at $234,544. Company insiders own 23.20% of the company's stock.

Institutional Trading of Edgewise Therapeutics

Institutional investors have recently made changes to their positions in the stock. Paradigm Biocapital Advisors LP lifted its position in Edgewise Therapeutics by 61.1% in the 4th quarter. Paradigm Biocapital Advisors LP now owns 4,493,929 shares of the company's stock worth $119,988,000 after buying an additional 1,704,757 shares in the last quarter. First Light Asset Management LLC boosted its position in Edgewise Therapeutics by 137.3% during the first quarter. First Light Asset Management LLC now owns 1,852,290 shares of the company's stock valued at $40,750,000 after purchasing an additional 1,071,651 shares during the last quarter. Siren L.L.C. grew its stake in Edgewise Therapeutics by 131.0% in the first quarter. Siren L.L.C. now owns 1,696,444 shares of the company's stock valued at $37,322,000 after purchasing an additional 962,101 shares in the last quarter. Cormorant Asset Management LP grew its stake in Edgewise Therapeutics by 20.4% in the first quarter. Cormorant Asset Management LP now owns 4,101,992 shares of the company's stock valued at $90,244,000 after purchasing an additional 695,458 shares in the last quarter. Finally, Foresite Capital Management VI LLC purchased a new stake in shares of Edgewise Therapeutics during the 4th quarter worth about $15,620,000.

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.