Edgewise Therapeutics (NASDAQ:EWTX) Stock Price Down 5.1% - Here's What Happened

Key Points

• Edgewise Therapeutics' stock price fell by 5.1% to $15.24 on Friday, with trading volume declining significantly to 69,653 shares.
• Analysts have mixed ratings for the stock, with a range of target prices from $20.00 from Goldman Sachs to $49.00 from Royal Bank of Canada, reflecting a general consensus of a Moderate Buy.
• Recent insider transactions indicate a significant sell-off, with the CEO selling 7,972 shares and reducing his ownership by 20.66%.

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report)'s stock price traded down 5.1% during trading on Friday . The stock traded as low as $15.28 and last traded at $15.24. 69,653 shares traded hands during mid-day trading, a decline of 94% from the average session volume of 1,171,587 shares. The stock had previously closed at $16.05.

Wall Street Analyst Weigh In

EWTX has been the topic of several research reports. The Goldman Sachs Group started coverage on shares of Edgewise Therapeutics in a research report on Thursday, September 25th. They set a "neutral" rating and a $20.00 price target on the stock. HC Wainwright began coverage on shares of Edgewise Therapeutics in a research report on Monday, June 30th. They issued a "buy" rating and a $42.00 price target on the stock. Raymond James Financial started coverage on Edgewise Therapeutics in a research note on Wednesday, July 30th. They set a "strong-buy" rating and a $46.00 target price for the company. JPMorgan Chase & Co. decreased their price target on shares of Edgewise Therapeutics from $40.00 to $30.00 and set an "overweight" rating for the company in a research note on Tuesday, August 19th. Finally, Royal Bank Of Canada raised their price target on shares of Edgewise Therapeutics from $48.00 to $49.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $38.83.

Edgewise Therapeutics Price Performance

The stock has a market cap of $1.58 billion, a P/E ratio of -9.70 and a beta of 0.28. The stock has a 50-day simple moving average of $14.58 and a 200-day simple moving average of $14.60.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.34) earnings per share for the quarter, topping the consensus estimate of ($0.42) by $0.08. As a group, sell-side 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, CEO Kevin Koch sold 7,972 shares of the stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $13.39, for a total value of $106,745.08. Following the completion of the sale, the chief executive officer directly owned 30,615 shares of the company's stock, valued at approximately $409,934.85. This represents a 20.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel John R. Moore sold 2,098 shares of the stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $13.39, for a total value of $28,092.22. Following the sale, the general counsel directly owned 10,214 shares in the company, valued at $136,765.46. This trade represents a 17.04% decrease in their position. The disclosure for this sale can be found here. Insiders sold 116,267 shares of company stock valued at $1,677,815 over the last ninety days. Company insiders own 23.20% of the company's stock.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of large investors have recently made changes to their positions in EWTX. Canada Pension Plan Investment Board bought a new stake in shares of Edgewise Therapeutics during the second quarter valued at approximately $45,000. Jones Financial Companies Lllp bought a new stake in shares of Edgewise Therapeutics in the first quarter worth $47,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Edgewise Therapeutics by 28.2% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,062 shares of the company's stock worth $53,000 after acquiring an additional 894 shares during the period. Allostery Investments LP bought a new stake in shares of Edgewise Therapeutics in the first quarter worth $66,000. Finally, Caitong International Asset Management Co. Ltd grew its holdings in Edgewise Therapeutics by 55.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 3,194 shares of the company's stock valued at $70,000 after purchasing an additional 1,141 shares during the period.

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.

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