Edgewise Therapeutics (NASDAQ:EWTX) Trading Down 3.4%

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) was down 3.4% during trading on Wednesday . The stock traded as low as $15.78 and last traded at $16.06. Approximately 166,662 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 942,962 shares. The stock had previously closed at $16.63.

Wall Street Analysts Forecast Growth

EWTX has been the topic of a number of recent analyst reports. Truist Financial reissued a "buy" rating and set a $25.00 price target on shares of Edgewise Therapeutics in a research report on Wednesday. Wedbush reiterated an "outperform" rating and set a $26.00 price objective on shares of Edgewise Therapeutics in a report on Tuesday. Finally, Piper Sandler initiated coverage on Edgewise Therapeutics in a research note on Thursday, March 7th. They issued an "overweight" rating and a $48.00 target price on the stock.

Edgewise Therapeutics Price Performance

The stock has a 50-day moving average of $17.21 and a 200-day moving average of $11.91. The firm has a market cap of $1.46 billion, a price-to-earnings ratio of -9.91 and a beta of 0.14.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last released its earnings results on Thursday, February 22nd. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($0.03). On average, equities analysts expect that Edgewise Therapeutics, Inc. will post -1.76 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Behrad Derakhshan sold 4,600 shares of the business's stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $20.01, for a total value of $92,046.00. Following the completion of the transaction, the insider now directly owns 7,020 shares in the company, valued at approximately $140,470.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Behrad Derakhshan sold 4,600 shares of the company's stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $20.01, for a total transaction of $92,046.00. Following the completion of the sale, the insider now directly owns 7,020 shares in the company, valued at approximately $140,470.20. The sale was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel John R. Moore sold 8,029 shares of the firm's stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $20.01, for a total value of $160,660.29. The disclosure for this sale can be found here. Insiders have sold 120,622 shares of company stock worth $2,032,766 over the last ninety days. Corporate insiders own 31.95% of the company's stock.

Institutional Trading of Edgewise Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of EWTX. Legal & General Group Plc increased its position in Edgewise Therapeutics by 41.2% in the 4th quarter. Legal & General Group Plc now owns 3,634 shares of the company's stock valued at $32,000 after acquiring an additional 1,060 shares during the period. Tower Research Capital LLC TRC grew its position in shares of Edgewise Therapeutics by 395.2% in the 3rd quarter. Tower Research Capital LLC TRC now owns 6,056 shares of the company's stock valued at $35,000 after buying an additional 4,833 shares during the last quarter. Royal Bank of Canada grew its position in shares of Edgewise Therapeutics by 82.8% in the 2nd quarter. Royal Bank of Canada now owns 5,164 shares of the company's stock valued at $40,000 after buying an additional 2,339 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its stake in shares of Edgewise Therapeutics by 349.1% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 7,338 shares of the company's stock valued at $80,000 after buying an additional 5,704 shares during the period. Finally, Principal Financial Group Inc. raised its position in shares of Edgewise Therapeutics by 11.2% during the first quarter. Principal Financial Group Inc. now owns 12,178 shares of the company's stock worth $81,000 after acquiring an additional 1,230 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.