Edgewise Therapeutics Sees Unusually High Options Volume (NASDAQ:EWTX)

Key Points

• Investors traded 2,813 put options on Edgewise Therapeutics, about 279% above its typical put-option volume.
• The stock rose 4.3% to $39.14. Analysts’ consensus rating was Moderate Buy, with an average price target of $51.25.
• Edgewise reported quarterly EPS of $9.65, beating the consensus estimate of a $0.52 loss by $10.17; analysts forecast a loss of $2.09 per share for the current year.

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) was the recipient of unusually large options trading on Thursday. Investors purchased 2,813 put options on the stock. This is an increase of approximately 279% compared to the typical volume of 742 put options.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. upped their target price on shares of Edgewise Therapeutics from $53.00 to $60.00 and gave the stock an "overweight" rating in a research report on Thursday, August 20th. William Blair assumed coverage on shares of Edgewise Therapeutics in a research note on Friday, October 16th. They set an "outperform" rating on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Edgewise Therapeutics in a research note on Thursday, October 15th. Oppenheimer assumed coverage on shares of Edgewise Therapeutics in a report on Thursday, July 9th. They set an "outperform" rating and a $51.00 target price for the company. Finally, Wall Street Zen upgraded shares of Edgewise Therapeutics from a "sell" rating to a "hold" rating in a report on Sunday, October 4th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $51.25.

Edgewise Therapeutics Stock Up 4.3%

Shares of NASDAQ:EWTX traded up $1.61 on Thursday, hitting $39.14. 1,131,028 shares of the company traded hands, compared to its average volume of 1,249,203. The stock has a 50 day simple moving average of $40.95 and a 200-day simple moving average of $36.40. The company has a market cap of $4.25 billion, a PE ratio of -21.19 and a beta of 0.39. Edgewise Therapeutics has a 52 week low of $16.70 and a 52 week high of $48.51.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last announced its quarterly earnings data on Wednesday, November 4th. The company reported $9.65 EPS for the quarter, beating the consensus estimate of ($0.52) by $10.17. As a group, sell-side analysts anticipate that Edgewise Therapeutics will post -2.09 earnings per share for the current year.

Insider Transactions at Edgewise Therapeutics

In other news, General Counsel John R. Moore sold 5,016 shares of the firm's stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $43.82, for a total value of $219,801.12. Following the completion of the transaction, the general counsel owned 17,697 shares in the company, valued at $775,482.54. This trade represents a 22.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Kevin Koch sold 17,971 shares of Edgewise Therapeutics stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $43.68, for a total value of $784,973.28. Following the sale, the chief executive officer owned 52,488 shares in the company, valued at $2,292,675.84. This represents a 25.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 38,329 shares of company stock worth $1,675,529 over the last 90 days. 21.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

Institutional investors have recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of Edgewise Therapeutics in the second quarter worth approximately $268,415,000. Jupiter Topco LLC purchased a new position in shares of Edgewise Therapeutics during the second quarter valued at approximately $246,945,000. Janus Henderson Group PLC lifted its position in Edgewise Therapeutics by 29.5% during the first quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company's stock valued at $186,289,000 after purchasing an additional 1,348,706 shares during the period. Bank of America Corp DE bought a new position in Edgewise Therapeutics during the second quarter valued at approximately $63,312,000. Finally, First Light Asset Management LLC boosted its holdings in Edgewise Therapeutics by 9.3% in the second quarter. First Light Asset Management LLC now owns 1,095,171 shares of the company's stock worth $44,497,000 after purchasing an additional 93,325 shares during the last quarter.

About Edgewise Therapeutics

Edgewise Therapeutics, Inc is a clinical-stage biotechnology company focused on developing small-molecule therapies for severe muscle disorders. The company's research programs target the biology of skeletal and cardiac muscle, with the goal of addressing diseases for which treatment options remain limited.

Edgewise's lead product candidate is sevasemten (formerly EDG-5506), an oral therapy designed to reduce contraction-induced muscle damage associated with dystrophinopathies, including Duchenne and Becker muscular dystrophy.

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