Edgewise Therapeutics (NASDAQ:EWTX) Shares Climb 3.8% - What's Next?

Key Points

• Edgewise Therapeutics shares rose 3.8% to approximately $37.67, though trading volume was 58% below the average session level.
• Analysts remain broadly optimistic, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $51.33, implying substantial upside.
• The company reported a quarterly EPS loss of $0.53, missing expectations, while insiders sold shares primarily to cover tax obligations tied to vested equity awards.

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) shot up 3.8% during trading on Wednesday. The company traded as high as $37.57 and last traded at $37.6650. 519,573 shares traded hands during trading, a decline of 58% from the average session volume of 1,239,886 shares. The stock had previously closed at $36.28.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Wall Street Zen raised shares of Edgewise Therapeutics from a "sell" rating to a "hold" rating in a research report on Sunday, October 4th. Oppenheimer began coverage on shares of Edgewise Therapeutics in a report on Thursday, July 9th. They set an "outperform" rating and a $51.00 price objective on the stock. Royal Bank Of Canada lifted their price objective on shares of Edgewise Therapeutics from $48.00 to $59.00 and gave the company an "outperform" rating in a report on Wednesday, June 17th. Leerink Partners set a $52.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday, June 16th. Finally, Guggenheim boosted their price objective on shares of Edgewise Therapeutics from $41.00 to $51.00 and gave the stock a "buy" rating in a research note on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $51.33.

Edgewise Therapeutics Price Performance

The company's fifty day simple moving average is $42.70 and its 200-day simple moving average is $38.45. The firm has a market capitalization of $4.05 billion, a PE ratio of -20.14 and a beta of 0.35.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.53) EPS for the quarter, missing the consensus estimate of ($0.47) by ($0.06). As a group, equities research analysts anticipate that Edgewise Therapeutics, Inc. will post -2.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Edgewise Therapeutics news, insider Alan Russell sold 5,901 shares of the stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $43.73, for a total value of $258,050.73. Following the completion of the sale, the insider directly owned 31,466 shares in the company, valued at approximately $1,376,008.18. This trade represents a 15.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 the stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $43.68, for a total transaction of $784,973.28. Following the completion of the transaction, the chief executive officer directly owned 52,488 shares of the company's stock, valued at $2,292,675.84. The trade was 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. Over the last quarter, insiders sold 38,329 shares of company stock valued at $1,675,529. 21.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its position in Edgewise Therapeutics by 26.5% in the third quarter. GAMMA Investing LLC now owns 2,666 shares of the company's stock valued at $108,000 after buying an additional 559 shares during the last quarter. First Light Asset Management LLC raised its position in Edgewise Therapeutics by 9.3% during the 2nd quarter. First Light Asset Management LLC now owns 1,095,171 shares of the company's stock worth $44,497,000 after buying an additional 93,325 shares during the last quarter. Engineers Gate Manager LP acquired a new stake in Edgewise Therapeutics during the 2nd quarter valued at approximately $271,000. Squarepoint Ops LLC acquired a new stake in Edgewise Therapeutics during the 2nd quarter valued at approximately $230,000. Finally, Allianz Asset Management GmbH acquired a new stake in Edgewise Therapeutics during the 2nd quarter valued at approximately $370,000.

About Edgewise Therapeutics

Edgewise Therapeutics, Inc is a biopharmaceutical company focused on developing small-molecule therapies for severe neuromuscular and cardiovascular diseases. The company's research is centered on muscle biology, with the goal of developing treatments that address the underlying mechanisms of muscle damage and dysfunction.

Edgewise's lead investigational product is sevasemten, formerly known as EDG-5506, a selective fast skeletal muscle myosin inhibitor being developed for dystrophinopathies, including Duchenne muscular dystrophy and Becker muscular dystrophy.

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