Edgewise Therapeutics (NASDAQ:EWTX) Stock Price Down 3.8% - What's Next?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report)'s stock price fell 3.8% during trading on Monday . The company traded as low as $14.85 and last traded at $14.72. 30,715 shares were traded during mid-day trading, a decline of 97% from the average session volume of 1,206,789 shares. The stock had previously closed at $15.29.

Analysts Set New Price Targets

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

Edgewise Therapeutics Trading Down 0.1%

The business's 50 day moving average is $14.62 and its 200 day moving average is $21.86. The stock has a market capitalization of $1.52 billion, a PE ratio of -9.34 and a beta of 0.28.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.43) EPS for the quarter, topping analysts' consensus estimates of ($0.45) by $0.02. As a group, analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Insider Buying and Selling at Edgewise Therapeutics

In other Edgewise Therapeutics news, General Counsel John R. Moore sold 1,930 shares of the business's stock in a transaction dated Friday, May 2nd. The shares were 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 now directly owns 6,531 shares of the company's stock, valued at $107,434.95. The trade was a 22.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Orbimed Advisors Llc purchased 496,771 shares of Edgewise Therapeutics stock in a transaction dated 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 acquisition, the director now owns 14,809,075 shares in the company, valued at approximately $298,106,679.75. This represents a 3.47% increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 14,258 shares of company stock valued at $234,544 in the last three months. Company insiders own 23.20% of the company's stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Large investors have recently modified their holdings of the business. Point72 Asset Management L.P. bought a new stake in shares of Edgewise Therapeutics in the 4th quarter valued at about $2,845,000. First Light Asset Management LLC bought a new stake in shares of Edgewise Therapeutics in the 4th quarter valued at about $20,843,000. Amundi raised its holdings in shares of Edgewise Therapeutics by 127.2% in the 4th quarter. Amundi now owns 341,687 shares of the company's stock valued at $8,686,000 after purchasing an additional 191,267 shares in the last quarter. Victory Capital Management Inc. bought a new stake in shares of Edgewise Therapeutics in the 4th quarter valued at about $576,000. Finally, Russell Investments Group Ltd. bought a new stake in shares of Edgewise Therapeutics in the 4th quarter valued at about $883,000.

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.