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

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $13.17, but opened at $13.68. Edgewise Therapeutics shares last traded at $13.29, with a volume of 98,889 shares changing hands.

Wall Street Analyst Weigh In

EWTX has been the subject of a number of research reports. Piper Sandler reissued an "overweight" rating and set a $51.00 target price on shares of Edgewise Therapeutics in a report on Wednesday, April 2nd. Guggenheim assumed coverage on shares of Edgewise Therapeutics in a research report on Wednesday, April 30th. They set a "buy" rating and a $41.00 price target on the stock. HC Wainwright began coverage on Edgewise Therapeutics in a research note on Monday. They issued a "buy" rating and a $42.00 price objective for the company. Scotiabank downgraded shares of Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and lowered their target price for the company from $50.00 to $14.00 in a report on Wednesday, April 2nd. Finally, Wedbush reissued an "outperform" rating and set a $43.00 target price on shares of Edgewise Therapeutics in a research report on Monday, April 21st. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Edgewise Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus target price of $40.00.

Edgewise Therapeutics Trading Down 1.1%

The stock has a 50 day simple moving average of $14.76 and a 200-day simple moving average of $20.94. The firm has a market capitalization of $1.36 billion, a P/E ratio of -8.38 and a beta of 0.29.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.43) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.45) by $0.02. As a group, sell-side analysts expect that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Orbimed Advisors Llc acquired 496,771 shares of the firm's stock in a transaction on Thursday, April 3rd. The stock was acquired at an average price of $20.13 per share, with a total value of $10,000,000.23. Following the completion of the purchase, the director directly owned 14,809,075 shares in the company, valued at approximately $298,106,679.75. This trade represents a 3.47% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Alan J. Russell sold 1,551 shares of the business's stock in a transaction on 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 owned 18,521 shares of the company's stock, valued at approximately $304,670.45. The trade was a 7.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 14,258 shares of company stock worth $234,544 over the last ninety days. 23.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Institutional investors have recently bought and sold shares of the business. Diadema Partners LP purchased a new stake in shares of Edgewise Therapeutics during the fourth quarter worth about $36,000. Jones Financial Companies Lllp purchased a new position in Edgewise Therapeutics in the first quarter valued at $47,000. GF Fund Management CO. LTD. purchased a new stake in shares of Edgewise Therapeutics in the fourth quarter valued at approximately $53,000. Allostery Investments LP purchased a new stake in Edgewise Therapeutics during the 1st quarter worth approximately $66,000. Finally, Caitong International Asset Management Co. Ltd grew its stake in Edgewise Therapeutics by 55.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 3,194 shares of the company's stock valued at $70,000 after acquiring an additional 1,141 shares in the last quarter.

Edgewise Therapeutics Company Profile

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.