Edgewise Therapeutics (NASDAQ:EWTX) Sets New 12-Month High – Time to Buy?

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) hit a new 52-week high during trading on Monday . The company traded as high as $30.28 and last traded at $30.44, with a volume of 483690 shares traded. The stock had previously closed at $29.10.

Analysts Set New Price Targets

Several equities analysts have issued reports on EWTX shares. JPMorgan Chase & Co. lifted their target price on Edgewise Therapeutics from $33.00 to $34.00 and gave the company an “overweight” rating in a research note on Friday, November 14th. Wall Street Zen lowered Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday. Piper Sandler reaffirmed an “overweight” rating on shares of Edgewise Therapeutics in a research report on Monday. Wedbush cut their target price on shares of Edgewise Therapeutics from $35.00 to $32.00 and set an “outperform” rating for the company in a report on Friday, November 7th. Finally, Royal Bank Of Canada upped their price target on Edgewise Therapeutics from $49.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday, November 7th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $36.67.

Edgewise Therapeutics Price Performance

The company’s 50-day simple moving average is $25.62 and its 200 day simple moving average is $19.54.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.39) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.01. As a group, equities research analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current fiscal year.

Insider Buying and Selling at Edgewise Therapeutics

In other Edgewise Therapeutics news, Director Jonathan C. Fox acquired 10,700 shares of the company’s stock in a transaction dated Tuesday, November 11th. The stock was bought at an average price of $18.64 per share, with a total value of $199,448.00. Following the completion of the transaction, the director directly owned 23,702 shares of the company’s stock, valued at approximately $441,805.28. The trade was a 82.30% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Alan J. Russell sold 100,000 shares of Edgewise Therapeutics stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of $21.12, for a total transaction of $2,112,000.00. Following the sale, the insider directly owned 23,400 shares in the company, valued at $494,208. This trade represents a 81.04% decrease in their position. The SEC filing for this sale provides additional information. 23.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Large investors have recently bought and sold shares of the stock. Bessemer Group Inc. grew its position in Edgewise Therapeutics by 1,170.3% in the third quarter. Bessemer Group Inc. now owns 2,350 shares of the company’s stock worth $38,000 after buying an additional 2,165 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of Edgewise Therapeutics in the second quarter worth about $45,000. Jones Financial Companies Lllp purchased a new position in shares of Edgewise Therapeutics in the first quarter worth approximately $47,000. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Edgewise Therapeutics by 28.2% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,062 shares of the company’s stock worth $53,000 after acquiring an additional 894 shares in the last quarter. Finally, Strs Ohio acquired a new stake in shares of Edgewise Therapeutics during the first quarter valued at approximately $84,000.

About Edgewise Therapeutics

Edgewise Therapeutics, Inc (NASDAQ: EWTX) is a clinical-stage biopharmaceutical company headquartered in Cambridge, Massachusetts, focused on the discovery and development of precision medicines for the treatment of rare diseases. The company leverages its expertise in small-molecule chemistry and ion channel biology to address severe, unmet medical needs, particularly in the areas of kidney disorders and neuromuscular diseases.

At the core of Edgewise’s pipeline is EWTX-101, a novel, orally available inhibitor of TRPC5, a calcium channel implicated in nephrotic syndromes such as focal segmental glomerulosclerosis (FSGS) and other proteinuric kidney diseases.