Edgewise Therapeutics (NASDAQ:EWTX) Trading Up 7.9% - Still a Buy?

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

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on EWTX shares. Scotiabank cut Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and cut their price target for the company from $50.00 to $14.00 in a research note on Wednesday, April 2nd. HC Wainwright began coverage on Edgewise Therapeutics in a research note on Monday, June 30th. They set a "buy" rating and a $42.00 target price for the company. Piper Sandler restated an "overweight" rating and set a $51.00 target price on shares of Edgewise Therapeutics in a research note on Wednesday, April 2nd. Guggenheim began coverage on Edgewise Therapeutics in a research note on Wednesday, April 30th. They set a "buy" rating and a $41.00 target price for the company. Finally, Wedbush restated an "outperform" rating and set a $43.00 target price on shares of Edgewise Therapeutics in a research note on Monday, April 21st. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, Edgewise Therapeutics has an average rating of "Moderate Buy" and a consensus price target of $40.00.

Edgewise Therapeutics Trading Up 8.2%

The company has a market capitalization of $1.48 billion, a P/E ratio of -9.09 and a beta of 0.25. The stock has a 50 day moving average price of $14.51 and a 200 day moving average price of $20.25.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.43) EPS for the quarter, beating analysts' consensus estimates of ($0.45) by $0.02. On average, research analysts predict that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Insider Buying and Selling

In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 5,187 shares of Edgewise Therapeutics stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $16.45, for a total transaction of $85,326.15. Following the transaction, the chief marketing officer directly owned 21,588 shares of the company's stock, valued at approximately $355,122.60. The trade was a 19.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel John R. Moore sold 1,930 shares of Edgewise Therapeutics stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $16.45, for a total value of $31,748.50. Following the transaction, the general counsel directly owned 6,531 shares in the company, valued at $107,434.95. The trade was a 22.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 14,258 shares of company stock valued at $234,544 over the last 90 days. 23.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Baker BROS. Advisors LP grew its holdings in shares of Edgewise Therapeutics by 5.4% in the fourth quarter. Baker BROS. Advisors LP now owns 6,155,940 shares of the company's stock valued at $164,364,000 after acquiring an additional 315,881 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of Edgewise Therapeutics by 9.3% in the fourth quarter. Janus Henderson Group PLC now owns 4,983,940 shares of the company's stock valued at $133,044,000 after acquiring an additional 425,421 shares in the last quarter. Paradigm Biocapital Advisors LP grew its holdings in shares of Edgewise Therapeutics by 61.1% in the fourth quarter. Paradigm Biocapital Advisors LP now owns 4,493,929 shares of the company's stock valued at $119,988,000 after acquiring an additional 1,704,757 shares in the last quarter. Cormorant Asset Management LP grew its holdings in shares of Edgewise Therapeutics by 20.4% in the first 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. Finally, Braidwell LP grew its holdings in shares of Edgewise Therapeutics by 5.4% in the first quarter. Braidwell LP now owns 2,458,808 shares of the company's stock valued at $54,094,000 after acquiring an additional 126,612 shares in 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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