Edgewise Therapeutics (NASDAQ:EWTX) Stock Price Down 6.1%

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report)'s stock price fell 6.1% during trading on Friday . The company traded as low as $18.75 and last traded at $18.78. 154,750 shares were traded during trading, a decline of 83% from the average session volume of 892,545 shares. The stock had previously closed at $20.00.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on EWTX. Truist Financial reaffirmed a "buy" rating and issued a $25.00 price objective on shares of Edgewise Therapeutics in a research note on Wednesday, April 17th. Royal Bank of Canada raised their price objective on shares of Edgewise Therapeutics from $28.00 to $32.00 and gave the company an "outperform" rating in a research note on Monday, April 22nd. Wedbush reiterated an "outperform" rating and issued a $26.00 target price on shares of Edgewise Therapeutics in a report on Tuesday, April 16th. Finally, Piper Sandler started coverage on shares of Edgewise Therapeutics in a report on Thursday, March 7th. They issued an "overweight" rating and a $48.00 target price on the stock. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $31.20.

Edgewise Therapeutics Trading Down 8.4 %

The firm's 50 day simple moving average is $17.22 and its 200-day simple moving average is $13.10. The stock has a market capitalization of $1.71 billion, a price-to-earnings ratio of -12.66 and a beta of 0.15.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last announced its quarterly earnings data on Thursday, February 22nd. The company reported ($0.47) EPS for the quarter, missing analysts' consensus estimates of ($0.44) by ($0.03). As a group, equities research analysts predict that Edgewise Therapeutics, Inc. will post -1.76 earnings per share for the current year.

Insider Activity

In other news, CEO Kevin Koch sold 3,152 shares of the business's stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $18.91, for a total value of $59,604.32. Following the completion of the transaction, the chief executive officer now directly owns 14,478 shares in the company, valued at approximately $273,778.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Kevin Koch sold 3,152 shares of the company's stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $18.91, for a total transaction of $59,604.32. Following the completion of the transaction, the chief executive officer now directly owns 14,478 shares in the company, valued at approximately $273,778.98. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CMO Joanne M. Donovan sold 3,682 shares of the company's stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total transaction of $69,626.62. Following the transaction, the chief marketing officer now owns 19,897 shares of the company's stock, valued at $376,252.27. The disclosure for this sale can be found here. Insiders sold a total of 12,665 shares of company stock valued at $239,495 in the last quarter. Company insiders own 31.95% of the company's stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Institutional investors have recently added to or reduced their stakes in the business. New York State Common Retirement Fund grew its holdings in Edgewise Therapeutics by 228.6% during the 3rd quarter. New York State Common Retirement Fund now owns 43,871 shares of the company's stock worth $251,000 after acquiring an additional 30,522 shares during the last quarter. Schonfeld Strategic Advisors LLC boosted its stake in shares of Edgewise Therapeutics by 3.5% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 116,900 shares of the company's stock valued at $670,000 after purchasing an additional 3,900 shares during the last quarter. abrdn plc bought a new stake in shares of Edgewise Therapeutics in the 4th quarter valued at $1,646,000. SG Americas Securities LLC bought a new stake in shares of Edgewise Therapeutics in the 3rd quarter valued at $107,000. Finally, China Universal Asset Management Co. Ltd. boosted its stake in shares of Edgewise Therapeutics by 349.1% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 7,338 shares of the company's stock valued at $80,000 after purchasing an additional 5,704 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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