Edgewise Therapeutics (NASDAQ:EWTX) Sets New 12-Month High - Still a Buy?

Key Points

• Edgewise Therapeutics hit a new 52-week high, trading as high as $48.78 and up 8.2% on the day.
• Analysts give the stock a consensus “Moderate Buy” rating, with an average price target of $52.83; recommendations range from Buy to Sell.
• The company reported quarterly earnings of $9.65 per share, topping the consensus estimate of a $0.53 loss per share by $10.18.

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report)'s stock price hit a new 52-week high on Monday. The stock traded as high as $48.78 and last traded at $48.74, with a volume of 2,463,752 shares changing hands. The stock had previously closed at $45.04.

Wall Street Analyst Weigh In

EWTX has been the subject of several recent analyst reports. The Goldman Sachs Group upped their target price on shares of Edgewise Therapeutics from $32.00 to $36.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 11th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Edgewise Therapeutics in a report on Thursday, October 15th. Wedbush cut their price target on Edgewise Therapeutics from $53.00 to $51.00 and set an "outperform" rating on the stock in a report on Thursday. Wall Street Zen upgraded Edgewise Therapeutics from a "sell" rating to a "hold" rating in a research report on Sunday, October 4th. Finally, William Blair began coverage on Edgewise Therapeutics in a report on Friday, October 16th. They issued an "outperform" rating for the company. Nine investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $52.83.

Edgewise Therapeutics Stock Up 8.2%

The business's 50 day moving average is $40.86 and its two-hundred day moving average is $36.54. The firm has a market capitalization of $5.34 billion, a P/E ratio of 5.95 and a beta of 0.39.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last posted its quarterly earnings data on Wednesday, November 4th. The company reported $9.65 earnings per share for the quarter, topping the consensus estimate of ($0.53) by $10.18. As a group, equities analysts anticipate that Edgewise Therapeutics, Inc. will post 5.43 earnings per share for the current fiscal year.

Insider Activity at Edgewise Therapeutics

In other news, insider Alan J. Russell sold 5,901 shares of the stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $43.73, for a total value of $258,050.73. Following the completion of the transaction, the insider directly owned 31,466 shares in the company, valued at $1,376,008.18. This trade represents a 15.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel John Moore sold 5,016 shares of the firm's stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $43.82, for a total transaction of $219,801.12. Following the transaction, the general counsel owned 17,697 shares in the company, valued at $775,482.54. This represents a 22.08% decrease in their position. 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. In the last 90 days, insiders sold 38,329 shares of company stock valued at $1,675,529. 21.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of Edgewise Therapeutics in the 2nd quarter worth approximately $268,415,000. Jupiter Topco LLC bought a new position in shares of Edgewise Therapeutics in the second quarter valued at $246,945,000. Janus Henderson Group PLC increased its holdings in shares of Edgewise Therapeutics by 29.5% in the first quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company's stock valued at $186,289,000 after buying an additional 1,348,706 shares in the last quarter. Bank of America Corp DE bought a new position in shares of Edgewise Therapeutics in the second quarter valued at $63,312,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of Edgewise Therapeutics by 0.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,219,717 shares of the company's stock valued at $38,413,000 after acquiring an additional 6,060 shares during the last quarter.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics is a clinical-stage biopharmaceutical company focused on developing therapies for serious muscle disorders. Founded in 2017 and based in Boulder, Colorado, the company researches small-molecule treatments designed to address the underlying biology of muscle and cardiac conditions.

Its programs include sevasemten, an investigational therapy for Duchenne and Becker muscular dystrophies, and EDG-7500, an investigational treatment being developed for hypertrophic cardiomyopathy.

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