Edgewise Therapeutics (NASDAQ:EWTX) Trading Down 8.5% - Here's Why

Key Points

• Edgewise Therapeutics shares fell 8.5% to $15.19 after trading at a low of $15.06, with a volume decline of 31% from its average.
• Analysts have mixed views on EWTX, with target prices ranging from $20.00 to $49.00, and an overall rating of "Moderate Buy" with an average consensus target of $38.83.
• Insider trading indicates CEO Kevin Koch sold over 7,900 shares, reducing his ownership by 20.66%, while overall insiders sold 116,267 shares in the last three months.

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report)'s share price was down 8.5% on Thursday . The stock traded as low as $15.06 and last traded at $15.19. Approximately 821,264 shares were traded during trading, a decline of 31% from the average daily volume of 1,185,257 shares. The stock had previously closed at $16.59.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on EWTX shares. 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. Royal Bank Of Canada increased their price target on shares of Edgewise Therapeutics from $48.00 to $49.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. The Goldman Sachs Group started coverage on shares of Edgewise Therapeutics in a research report on Thursday. They set a "neutral" rating and a $20.00 price target on the stock. HC Wainwright started coverage on shares of Edgewise Therapeutics in a research report on Monday, June 30th. They set a "buy" rating and a $42.00 price target on the stock. Finally, JPMorgan Chase & Co. reduced their price target on shares of Edgewise Therapeutics from $40.00 to $30.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $38.83.

Edgewise Therapeutics Price Performance

The stock has a fifty day moving average price of $14.24 and a two-hundred day moving average price of $15.35. The company has a market cap of $1.60 billion, a P/E ratio of -9.79 and a beta of 0.26.

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, beating analysts' consensus estimates of ($0.42) by $0.08. As a group, analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Kevin Koch sold 7,972 shares of the firm'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 transaction of $106,745.08. Following the transaction, the chief executive officer owned 30,615 shares in the company, valued at $409,934.85. This trade represents a 20.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel John R. Moore sold 2,098 shares of the firm'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 transaction of $28,092.22. Following the transaction, the general counsel owned 10,214 shares in the company, 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 three months, insiders sold 116,267 shares of company stock worth $1,677,815. 23.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. China Universal Asset Management Co. Ltd. increased its stake in shares of Edgewise Therapeutics by 11.2% during the second quarter. China Universal Asset Management Co. Ltd. now owns 21,120 shares of the company's stock valued at $277,000 after acquiring an additional 2,127 shares during the period. Tower Research Capital LLC TRC grew its position in Edgewise Therapeutics by 14.9% in the second quarter. Tower Research Capital LLC TRC now owns 9,148 shares of the company's stock worth $120,000 after buying an additional 1,188 shares during the last quarter. Exome Asset Management LLC grew its position in Edgewise Therapeutics by 74.2% in the second quarter. Exome Asset Management LLC now owns 124,470 shares of the company's stock worth $1,632,000 after buying an additional 53,032 shares during the last quarter. Soleus Capital Management L.P. grew its position in Edgewise Therapeutics by 5.8% in the second quarter. Soleus Capital Management L.P. now owns 76,493 shares of the company's stock worth $1,003,000 after buying an additional 4,193 shares during the last quarter. Finally, Sofinnova Investments Inc. grew its position in Edgewise Therapeutics by 3,185.7% in the second quarter. Sofinnova Investments Inc. now owns 716,873 shares of the company's stock worth $9,398,000 after buying an additional 695,055 shares during the last quarter.

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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