Edgewise Therapeutics (NASDAQ:EWTX) Trading 11.3% Higher - Time to Buy?

Key Points

• Edgewise Therapeutics' stock rose by 11.3% during mid-day trading, reaching a high of $15.68, with nearly 1 million shares traded.
• Analysts have mixed views on the stock, with price targets ranging from $30.00 to $49.00 and an overall consensus rating of "Moderate Buy."
• The company’s quarterly earnings exceeded expectations, reporting ($0.34) EPS against a consensus estimate of ($0.42).

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) shares were up 11.3% during mid-day trading on Thursday . The stock traded as high as $15.68 and last traded at $15.47. Approximately 1,039,936 shares changed hands during trading, a decline of 12% from the average daily volume of 1,180,293 shares. The stock had previously closed at $13.89.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on EWTX shares. JPMorgan Chase & Co. reduced their price objective on shares of Edgewise Therapeutics from $40.00 to $30.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 19th. Raymond James Financial started coverage on shares of Edgewise Therapeutics in a research note on Wednesday, July 30th. They set a "strong-buy" rating and a $46.00 price objective on the stock. Royal Bank Of Canada upped their price objective on shares of Edgewise Therapeutics from $48.00 to $49.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Finally, HC Wainwright started coverage on shares of Edgewise Therapeutics in a research note on Monday, June 30th. They set a "buy" rating and a $42.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $40.55.

Edgewise Therapeutics Price Performance

The firm's 50-day moving average price is $14.08 and its 200-day moving average price is $15.74. The company has a market cap of $1.64 billion, a price-to-earnings ratio of -10.02 and a beta of 0.26.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.42) by $0.08. On average, sell-side analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.

Insider Buying and Selling at Edgewise Therapeutics

In related news, CEO Kevin Koch sold 7,972 shares of the firm's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $13.39, for a total transaction 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 trade represents a 20.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Alan J. Russell sold 100,000 shares of the firm's stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $14.60, for a total transaction of $1,460,000.00. Following the sale, the insider directly owned 23,400 shares of the company's stock, valued at approximately $341,640. The trade was a 81.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 116,267 shares of company stock worth $1,677,815 over the last three months. 23.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of large investors have recently added to or reduced their stakes in EWTX. Canada Pension Plan Investment Board acquired a new stake in Edgewise Therapeutics during the 2nd quarter valued at $45,000. Jones Financial Companies Lllp acquired a new stake in Edgewise Therapeutics during the 1st quarter valued at $47,000. GF Fund Management CO. LTD. acquired a new stake in Edgewise Therapeutics during the 4th quarter valued at $53,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in Edgewise Therapeutics by 28.2% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,062 shares of the company's stock valued at $53,000 after purchasing an additional 894 shares in the last quarter. Finally, Allostery Investments LP acquired a new stake in Edgewise Therapeutics during the 1st quarter valued at $66,000.

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.

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