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

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) rose 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 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.

Analyst Upgrades and Downgrades

EWTX has been the topic of several research reports. HC Wainwright started coverage on shares of Edgewise Therapeutics in a report on Monday, June 30th. They set a "buy" rating and a $42.00 price objective on the stock. Scotiabank downgraded shares of Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and lowered their target price for the company from $50.00 to $14.00 in a research note on Wednesday, April 2nd. Guggenheim started coverage on shares of Edgewise Therapeutics in a research note on Wednesday, April 30th. They issued a "buy" rating and a $41.00 target price for the company. Royal Bank Of Canada restated an "outperform" rating and issued a $48.00 target price on shares of Edgewise Therapeutics in a research note on Thursday, June 5th. Finally, Piper Sandler restated an "overweight" rating and issued a $51.00 target price on shares of Edgewise Therapeutics in a research note on Wednesday, April 2nd. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $40.00.

Edgewise Therapeutics Stock Down 1.6%

The company's 50 day moving average price is $14.41 and its 200 day moving average price is $20.10. The firm has a market capitalization of $1.46 billion, a price-to-earnings ratio of -8.95 and a beta of 0.25.

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

Insider Buying and Selling at Edgewise Therapeutics

In other news, insider Alan J. Russell sold 1,551 shares of the business's stock in a transaction dated Friday, May 2nd. The shares were 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 $304,670.45. The trade was a 7.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Kevin Koch sold 4,276 shares of the business's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $16.45, for a total transaction of $70,340.20. Following the sale, the chief executive officer directly owned 20,619 shares of the company's stock, valued at $339,182.55. This represents a 17.18% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 14,258 shares of company stock worth $234,544. 23.20% of the stock is currently owned by company insiders.

Institutional Trading of Edgewise Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Baker BROS. Advisors LP increased its stake in shares of Edgewise Therapeutics by 5.4% during the fourth quarter. Baker BROS. Advisors LP now owns 6,155,940 shares of the company's stock worth $164,364,000 after purchasing an additional 315,881 shares in the last quarter. Janus Henderson Group PLC increased its stake in shares of Edgewise Therapeutics by 9.3% during the fourth quarter. Janus Henderson Group PLC now owns 4,983,940 shares of the company's stock worth $133,044,000 after purchasing an additional 425,421 shares in the last quarter. Paradigm Biocapital Advisors LP increased its stake in shares of Edgewise Therapeutics by 61.1% during the fourth quarter. Paradigm Biocapital Advisors LP now owns 4,493,929 shares of the company's stock worth $119,988,000 after purchasing an additional 1,704,757 shares in the last quarter. Cormorant Asset Management LP increased its stake in shares of Edgewise Therapeutics by 20.4% during the first quarter. Cormorant Asset Management LP now owns 4,101,992 shares of the company's stock worth $90,244,000 after purchasing an additional 695,458 shares in the last quarter. Finally, Braidwell LP increased its stake in shares of Edgewise Therapeutics by 5.4% during the first quarter. Braidwell LP now owns 2,458,808 shares of the company's stock worth $54,094,000 after purchasing an additional 126,612 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.