Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) shares dropped 3.8% during trading on Monday . The company traded as low as $14.85 and last traded at $14.72. Approximately 30,715 shares changed hands during trading, a decline of 97% from the average daily volume of 1,206,789 shares. The stock had previously closed at $15.29.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently weighed in on EWTX shares. Wedbush reissued an "outperform" rating and set a $43.00 price target on shares of Edgewise Therapeutics in a research report on Monday, April 21st. Guggenheim initiated coverage on shares of Edgewise Therapeutics in a research note on Wednesday, April 30th. They issued a "buy" rating and a $41.00 price target on the stock. Piper Sandler reiterated an "overweight" rating and issued a $51.00 price target on shares of Edgewise Therapeutics in a research note on Wednesday, April 2nd. Scotiabank lowered shares of Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and lowered their price target for the company from $50.00 to $14.00 in a research note on Wednesday, April 2nd. Finally, Royal Bank of Canada reiterated an "outperform" rating and issued a $48.00 price target on shares of Edgewise Therapeutics in a research note on Thursday, June 5th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $39.78.
Read Our Latest Stock Report on Edgewise Therapeutics
Edgewise Therapeutics Stock Performance
The stock's fifty day simple moving average is $14.42 and its 200-day simple moving average is $22.21. The stock has a market cap of $1.57 billion, a P/E ratio of -9.97 and a beta of 0.28.
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 for the quarter, topping analysts' consensus estimates of ($0.45) by $0.02. As a group, equities research analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.
Insider Transactions at Edgewise Therapeutics
In related news, Director Orbimed Advisors Llc purchased 496,771 shares of Edgewise Therapeutics stock in a transaction on Thursday, April 3rd. The stock was acquired at an average cost of $20.13 per share, for a total transaction of $10,000,000.23. Following the completion of the acquisition, the director now owns 14,809,075 shares of the company's stock, valued at $298,106,679.75. This trade represents a 3.47% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Alan J. Russell sold 1,551 shares of the firm's stock in a transaction on Friday, May 2nd. The stock was 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 owns 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 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 three months. 23.20% of the stock is owned by company insiders.
Institutional Investors Weigh In On Edgewise Therapeutics
A number of large investors have recently bought and sold shares of EWTX. Diadema Partners LP bought a new position in shares of Edgewise Therapeutics in the fourth quarter valued at $36,000. GF Fund Management CO. LTD. bought a new position in shares of Edgewise Therapeutics during the fourth quarter valued at about $53,000. Jones Financial Companies Lllp bought a new position in shares of Edgewise Therapeutics during the first quarter valued at about $47,000. Aquatic Capital Management LLC bought a new position in shares of Edgewise Therapeutics during the fourth quarter valued at about $77,000. Finally, Allostery Investments LP bought a new position in shares of Edgewise Therapeutics during the first quarter valued at about $66,000.
About Edgewise Therapeutics
(
Get Free Report)
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.
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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
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