Edgewise Therapeutics (NASDAQ:EWTX) Trading 5.7% Higher - Time to Buy?

Key Points

• Edgewise Therapeutics shares rose 5.7% on Friday, trading as high as $39.99 before closing around $40.37, though volume was far below average.
• Analyst sentiment remains generally positive, with an average Moderate Buy rating and a consensus price target of $47.92; several firms recently raised or reaffirmed bullish targets, including Raymond James at $66 and RBC at $59.
• The company recently reported a smaller-than-expected quarterly loss of $0.46 per share versus a $0.50 estimate, but insider selling has been notable, including a recent 200,000-share sale by insider Alan J. Russell.

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) rose 5.7% on Friday . The stock traded as high as $39.99 and last traded at $40.3720. Approximately 95,717 shares changed hands during trading, a decline of 92% from the average session volume of 1,181,905 shares. The stock had previously closed at $38.19.

Wall Street Analyst Weigh In

EWTX has been the subject of a number of recent research reports. Leerink Partners set a $52.00 target price on shares of Edgewise Therapeutics in a research report on Tuesday, June 16th. Raymond James Financial reiterated a "strong-buy" rating and issued a $66.00 price objective on shares of Edgewise Therapeutics in a research note on Monday, June 1st. The Goldman Sachs Group boosted their price objective on shares of Edgewise Therapeutics from $20.00 to $32.00 and gave the company a "neutral" rating in a report on Wednesday, June 17th. Royal Bank Of Canada increased their target price on shares of Edgewise Therapeutics from $48.00 to $59.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 17th. Finally, Truist Financial set a $52.00 price target on shares of Edgewise Therapeutics in a research report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $47.92.

Edgewise Therapeutics Stock Performance

The company has a market capitalization of $4.30 billion, a price-to-earnings ratio of -24.07 and a beta of 0.27. The firm has a fifty day moving average price of $37.04 and a 200-day moving average price of $32.36.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.46) EPS for the quarter, beating analysts' consensus estimates of ($0.50) by $0.04. On average, sell-side analysts forecast that Edgewise Therapeutics, Inc. will post -2.01 EPS for the current fiscal year.

Insider Buying and Selling

In other Edgewise Therapeutics news, insider Alan J. Russell sold 200,000 shares of the firm's stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $39.41, for a total value of $7,882,000.00. Following the sale, the insider owned 24,555 shares of the company's stock, valued at approximately $967,712.55. This trade represents a 89.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CMO Joanne M. Donovan sold 50,000 shares of Edgewise Therapeutics stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $38.57, for a total value of $1,928,500.00. Following the completion of the transaction, the chief marketing officer owned 4,367 shares in the company, valued at approximately $168,435.19. The trade was a 91.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 255,230 shares of company stock worth $9,974,147 over the last three months. 21.30% of the stock is currently owned by insiders.

Institutional Trading of Edgewise Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the business. Parallel Advisors LLC boosted its stake in Edgewise Therapeutics by 64.9% in the first quarter. Parallel Advisors LLC now owns 1,032 shares of the company's stock valued at $33,000 after buying an additional 406 shares in the last quarter. KBC Group NV acquired a new position in Edgewise Therapeutics during the first quarter worth about $49,000. Seven Fleet Capital Management LP bought a new position in shares of Edgewise Therapeutics in the fourth quarter worth about $50,000. Jones Financial Companies Lllp acquired a new stake in shares of Edgewise Therapeutics in the 1st quarter valued at approximately $47,000. Finally, Steward Partners Investment Advisory LLC boosted its stake in shares of Edgewise Therapeutics by 23.9% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,854 shares of the company's stock valued at $71,000 after purchasing an additional 550 shares in the last quarter.

About Edgewise Therapeutics

Edgewise Therapeutics, Inc NASDAQ: EWTX is a clinical-stage biopharmaceutical company headquartered in Cambridge, Massachusetts, focused on the discovery and development of precision medicines for the treatment of rare diseases. The company leverages its expertise in small-molecule chemistry and ion channel biology to address severe, unmet medical needs, particularly in the areas of kidney disorders and neuromuscular diseases.

At the core of Edgewise's pipeline is EWTX-101, a novel, orally available inhibitor of TRPC5, a calcium channel implicated in nephrotic syndromes such as focal segmental glomerulosclerosis (FSGS) and other proteinuric kidney diseases.

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