Edgewise Therapeutics (NASDAQ:EWTX) Shares Up 5.9% - What's Next?

Key Points

• Edgewise Therapeutics shares rose 5.9% to $41.5050, although trading volume was 77% below the average daily level. The company has a market capitalization of approximately $4.46 billion.
• Analyst sentiment is largely positive, with a consensus rating of “Moderate Buy” and an average price target of $51.33. Several firms recently raised targets into the $55–$59 range.
• Edgewise reported a quarterly loss of $0.53 per share, missing the $0.47 consensus estimate, and analysts expect a full-year loss of $2.09 per share. Institutional investors—including BlackRock and Jupiter Topco—established significant positions during the second quarter.

Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report)'s share price traded up 5.9% on Wednesday. The stock traded as high as $40.84 and last traded at $41.5050. Approximately 287,362 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 1,230,315 shares. The stock had previously closed at $39.19.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on EWTX shares. Royal Bank Of Canada upped their price target on Edgewise Therapeutics from $48.00 to $59.00 and gave the company an "outperform" rating in a research report on Wednesday, June 17th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Edgewise Therapeutics in a report on Friday, July 17th. Leerink Partners set a $52.00 target price on Edgewise Therapeutics in a report on Tuesday, June 16th. Evercore reiterated an "outperform" rating and issued a $55.00 price target on shares of Edgewise Therapeutics in a research note on Monday, July 20th. Finally, HC Wainwright increased their price target on Edgewise Therapeutics from $45.00 to $57.00 and gave the company a "buy" rating in a report on Monday, September 21st. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Edgewise Therapeutics presently has an average rating of "Moderate Buy" and a consensus price target of $51.33.

Edgewise Therapeutics Trading Up 4.7%

The business's fifty day moving average price is $42.84 and its two-hundred day moving average price is $37.78. The firm has a market cap of $4.46 billion, a P/E ratio of -22.18 and a beta of 0.32.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.53) earnings per share for the quarter, missing analysts' consensus estimates of ($0.47) by ($0.06). Research analysts predict that Edgewise Therapeutics, Inc. will post -2.09 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Alan J. Russell sold 5,901 shares of the business's stock in a transaction 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 sale, the insider owned 31,466 shares of the company's stock, valued at $1,376,008.18. The trade was a 15.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CMO Joanne M. Donovan sold 6,522 shares of the company's stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $43.85, for a total transaction of $285,989.70. Following the completion of the sale, the chief marketing officer directly owned 11,544 shares in the company, valued at approximately $506,204.40. This represents a 36.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 38,329 shares of company stock valued at $1,675,529 in the last ninety days. 21.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of EWTX. BlackRock Inc. bought a new stake in shares of Edgewise Therapeutics in the 2nd quarter worth $268,415,000. Jupiter Topco LLC purchased a new stake in shares of Edgewise Therapeutics in the second quarter worth $246,945,000. Janus Henderson Group PLC grew its holdings in shares of Edgewise Therapeutics by 29.5% during the first quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company's stock worth $186,289,000 after purchasing an additional 1,348,706 shares in the last quarter. Perceptive Advisors LLC lifted its position in Edgewise Therapeutics by 17.4% during the fourth quarter. Perceptive Advisors LLC now owns 4,457,974 shares of the company's stock valued at $110,625,000 after purchasing an additional 662,080 shares during the last quarter. Finally, Bank of America Corp DE bought a new position in shares of Edgewise Therapeutics in the 2nd quarter worth $63,312,000.

About Edgewise Therapeutics

Edgewise Therapeutics, Inc is a clinical-stage biotechnology company focused on developing small-molecule medicines for severe muscle disorders. The company's research is centered on therapies intended to address the biological mechanisms that contribute to muscle damage and impaired function in diseases affecting skeletal and cardiac muscle.

Edgewise's lead program is sevasemten (also known as EDG-5506), an orally administered investigational therapy designed to reduce contraction-related muscle injury by selectively modulating fast skeletal muscle contractility.

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