Edgewise Therapeutics (NASDAQ:EWTX) Stock Price Up 7.9% - Time to Buy?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) was up 7.9% on Wednesday . The stock traded as high as $13.93 and last traded at $14.06. Approximately 291,989 shares changed hands during trading, a decline of 75% from the average daily volume of 1,186,787 shares. The stock had previously closed at $13.02.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on EWTX shares. Royal Bank Of Canada reissued an "outperform" rating and set a $48.00 price objective on shares of Edgewise Therapeutics in a report on Thursday, June 5th. Piper Sandler reissued an "overweight" rating and set a $51.00 price objective on shares of Edgewise Therapeutics in a report on Wednesday, April 2nd. Scotiabank lowered Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and reduced their price objective for the company from $50.00 to $14.00 in a report on Wednesday, April 2nd. HC Wainwright began coverage on Edgewise Therapeutics in a report on Monday, June 30th. They set a "buy" rating and a $42.00 price objective for the company. Finally, Guggenheim began coverage on Edgewise Therapeutics in a report on Wednesday, April 30th. They issued a "buy" rating and a $41.00 price target for the company. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Edgewise Therapeutics has an average rating of "Moderate Buy" and a consensus target price of $40.00.

Edgewise Therapeutics Price Performance

The stock has a fifty day moving average price of $14.35 and a 200 day moving average price of $19.93. The stock has a market capitalization of $1.46 billion, a P/E ratio of -8.93 and a beta of 0.25.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.43) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.45) by $0.02. Research analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Alan J. Russell sold 1,551 shares of Edgewise Therapeutics stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $16.45, for a total transaction of $25,513.95. Following the completion of the sale, the insider owned 18,521 shares of the company's stock, valued at approximately $304,670.45. This trade represents a 7.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CMO Joanne M. Donovan sold 5,187 shares of Edgewise Therapeutics stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $16.45, for a total value of $85,326.15. Following the sale, the chief marketing officer directly owned 21,588 shares of the company's stock, valued at $355,122.60. This represents a 19.37% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 14,258 shares of company stock worth $234,544 over the last three months. Corporate insiders own 23.20% of the company's stock.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of large investors have recently added to or reduced their stakes in EWTX. Paradigm Biocapital Advisors LP raised its position in Edgewise Therapeutics by 61.1% during the fourth quarter. Paradigm Biocapital Advisors LP now owns 4,493,929 shares of the company's stock valued at $119,988,000 after purchasing an additional 1,704,757 shares in the last quarter. First Light Asset Management LLC raised its position in Edgewise Therapeutics by 137.3% during the first 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 in the last quarter. Siren L.L.C. raised its position in Edgewise Therapeutics by 131.0% during the first 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 in the last quarter. Cormorant Asset Management LP raised its position in Edgewise Therapeutics by 20.4% during the first quarter. Cormorant Asset Management LP now owns 4,101,992 shares of the company's stock valued at $90,244,000 after purchasing an additional 695,458 shares in the last quarter. Finally, Foresite Capital Management VI LLC purchased a new stake in Edgewise Therapeutics during the fourth quarter valued at about $15,620,000.

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.