Edgewise Therapeutics (NASDAQ:EWTX) Sees Unusually-High Trading Volume – Here’s What Happened

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares saw an uptick in trading volume on Tuesday . 1,841,302 shares changed hands during mid-day trading, an increase of 67% from the previous session’s volume of 1,105,020 shares.The stock last traded at $31.5510 and had previously closed at $35.21.

Analysts Set New Price Targets

Several brokerages have recently issued reports on EWTX. Raymond James Financial reissued a “strong-buy” rating and issued a $66.00 price objective on shares of Edgewise Therapeutics in a report on Monday, June 1st. HC Wainwright lifted their price target on Edgewise Therapeutics from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. JPMorgan Chase & Co. lifted their price target on Edgewise Therapeutics from $34.00 to $45.00 and gave the company an “overweight” rating in a research note on Tuesday, March 17th. Wall Street Zen lowered Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Finally, Wedbush lifted their price target on Edgewise Therapeutics from $46.00 to $52.00 and gave the company an “outperform” rating in a research note on Monday, June 1st. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $44.22.

Edgewise Therapeutics Stock Performance

The company has a 50 day simple moving average of $33.74 and a 200 day simple moving average of $29.73. The company has a market capitalization of $3.56 billion, a PE ratio of -19.91 and a beta of 0.27.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.46) EPS for the quarter, topping the consensus estimate of ($0.50) by $0.04. As a group, equities research analysts anticipate that Edgewise Therapeutics, Inc. will post -2.01 EPS for the current year.

Insider Buying and Selling

In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $38.57, for a total transaction of $1,928,500.00. Following the completion of the sale, the chief marketing officer directly owned 4,367 shares in the company, valued at approximately $168,435.19. The trade was a 91.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last ninety days, insiders sold 83,892 shares of company stock worth $3,018,216. 21.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

Several large investors have recently bought and sold shares of EWTX. Morgan Stanley increased its stake in Edgewise Therapeutics by 234.7% during the 4th quarter. Morgan Stanley now owns 2,910,881 shares of the company’s stock worth $72,234,000 after buying an additional 2,041,203 shares in the last quarter. UBS Group AG grew its position in shares of Edgewise Therapeutics by 1,755.0% in the fourth quarter. UBS Group AG now owns 2,117,073 shares of the company’s stock valued at $52,535,000 after purchasing an additional 2,002,945 shares in the last quarter. Janus Henderson Group PLC grew its position 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 purchasing an additional 1,348,706 shares in the last quarter. Norges Bank purchased a new stake in shares of Edgewise Therapeutics in the fourth quarter valued at approximately $18,645,000. Finally, Sofinnova Investments Inc. grew its position in shares of Edgewise Therapeutics by 3,185.7% in the second quarter. Sofinnova Investments Inc. now owns 716,873 shares of the company’s stock valued at $9,398,000 after purchasing an additional 695,055 shares in the last quarter.

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.