Edgewise Therapeutics (NASDAQ:EWTX) Shares Gap Up - Here's What Happened

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) shares 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 traded.

Wall Street Analysts Forecast Growth

EWTX has been the topic of a number of research analyst reports. Wedbush reaffirmed an "outperform" rating and issued a $43.00 target price on shares of Edgewise Therapeutics in a report on Monday, April 21st. Guggenheim began coverage on Edgewise Therapeutics in a research note on Wednesday, April 30th. They issued a "buy" rating and a $41.00 price objective on the stock. Royal Bank Of Canada reiterated an "outperform" rating and set a $48.00 target price on shares of Edgewise Therapeutics in a research report on Thursday, June 5th. Scotiabank cut shares of Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and decreased their price objective for the stock from $50.00 to $14.00 in a research note on Wednesday, April 2nd. Finally, HC Wainwright assumed coverage on shares of Edgewise Therapeutics in a research note on Monday. They issued a "buy" rating and a $42.00 target price for the company. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Edgewise Therapeutics has a consensus rating of "Moderate Buy" and an average price target of $40.00.

Edgewise Therapeutics Stock Down 0.4%

The firm has a 50 day simple moving average of $14.71 and a 200-day simple moving average of $20.82. The stock has a market cap of $1.36 billion, a P/E ratio of -8.36 and a beta of 0.25.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.43) EPS for the quarter, beating analysts' consensus estimates of ($0.45) by $0.02. On average, equities analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.

Insider Transactions at Edgewise Therapeutics

In other news, insider Alan J. Russell sold 1,551 shares of the business'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 $25,513.95. Following the sale, the insider owned 18,521 shares of the company's stock, valued at $304,670.45. The trade was a 7.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, General Counsel John R. Moore sold 1,930 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $16.45, for a total value of $31,748.50. Following the completion of the sale, the general counsel directly owned 6,531 shares of the company's stock, valued at approximately $107,434.95. This represents a 22.81% decrease in their position. The disclosure for this sale can be found here. Over the last ninety 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

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EWTX. Baker BROS. Advisors LP lifted its position in shares of Edgewise Therapeutics by 5.4% in the 4th quarter. Baker BROS. Advisors LP now owns 6,155,940 shares of the company's stock worth $164,364,000 after purchasing an additional 315,881 shares during the period. Janus Henderson Group PLC grew its holdings in shares of Edgewise Therapeutics by 9.3% during the 4th quarter. Janus Henderson Group PLC now owns 4,983,940 shares of the company's stock worth $133,044,000 after acquiring an additional 425,421 shares during the period. Paradigm Biocapital Advisors LP raised its position in shares of 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 acquiring an additional 1,704,757 shares in the last quarter. Cormorant Asset Management LP raised its position in shares of Edgewise Therapeutics by 20.4% in the 1st quarter. Cormorant Asset Management LP now owns 4,101,992 shares of the company's stock worth $90,244,000 after acquiring an additional 695,458 shares in the last quarter. Finally, Braidwell LP lifted its stake in shares of Edgewise Therapeutics by 5.4% in the 1st quarter. Braidwell LP now owns 2,458,808 shares of the company's stock valued at $54,094,000 after purchasing an additional 126,612 shares during the period.

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.