Edgewise Therapeutics (NASDAQ:EWTX) Trading Up 11.3% - What's Next?

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)'s share price shot up 11.3% during mid-day trading on Thursday . The company traded as high as $15.68 and last traded at $15.47. 1,039,936 shares changed hands during trading, a decline of 12% from the average session volume of 1,180,293 shares. The stock had previously closed at $13.89.

Analysts Set New Price Targets

EWTX has been the topic of a number of research analyst reports. 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. Royal Bank Of Canada upped their target price on shares of Edgewise Therapeutics from $48.00 to $49.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Raymond James Financial assumed coverage on shares of Edgewise Therapeutics in a report on Wednesday, July 30th. They set a "strong-buy" rating and a $46.00 price objective on the stock. Finally, HC Wainwright initiated coverage on shares of Edgewise Therapeutics in a research report on Monday, June 30th. They issued a "buy" rating and a $42.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $40.55.

Edgewise Therapeutics Price Performance

The stock's 50-day moving average price is $14.12 and its two-hundred day moving average price is $15.43.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.34) EPS for the quarter, topping analysts' consensus estimates of ($0.42) by $0.08. As a group, research analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 2,862 shares of Edgewise Therapeutics stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $13.39, for a total value of $38,322.18. Following the transaction, the chief marketing officer owned 25,361 shares in the company, valued at $339,583.79. This trade represents a 10.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel John R. Moore sold 2,098 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $13.39, for a total value of $28,092.22. Following the transaction, the general counsel owned 10,214 shares of the company's stock, valued at $136,765.46. This represents a 17.04% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 116,267 shares of company stock valued at $1,677,815. 23.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of large investors have recently made changes to their positions in the company. Braidwell LP increased its stake in shares of Edgewise Therapeutics by 111.9% during the 2nd quarter. Braidwell LP now owns 5,210,831 shares of the company's stock worth $68,314,000 after purchasing an additional 2,752,023 shares during the last quarter. Bellevue Group AG lifted its holdings in shares of Edgewise Therapeutics by 94.3% during the 2nd quarter. Bellevue Group AG now owns 2,775,997 shares of the company's stock worth $36,393,000 after acquiring an additional 1,347,068 shares during the period. First Light Asset Management LLC lifted its holdings in Edgewise Therapeutics by 137.3% during the 1st quarter. First Light Asset Management LLC now owns 1,852,290 shares of the company's stock valued at $40,750,000 after purchasing an additional 1,071,651 shares during the last quarter. Siren L.L.C. lifted its holdings in Edgewise Therapeutics by 131.0% during the 1st quarter. Siren L.L.C. now owns 1,696,444 shares of the company's stock valued at $37,322,000 after purchasing an additional 962,101 shares during the last quarter. Finally, Cormorant Asset Management LP increased its position in Edgewise Therapeutics by 20.4% in the 1st quarter. Cormorant Asset Management LP now owns 4,101,992 shares of the company's stock valued at $90,244,000 after acquiring an additional 695,458 shares in the last quarter.

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.