Edgewise Therapeutics (NASDAQ:EWTX) Sets New 1-Year High – Still a Buy?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $41.00 and last traded at $41.0780, with a volume of 133646 shares. The stock had previously closed at $38.83.

Wall Street Analyst Weigh In

Several analysts recently commented on EWTX shares. The Goldman Sachs Group upped their price target on shares of Edgewise Therapeutics from $20.00 to $32.00 and gave the company a “neutral” rating in a research report on Wednesday, June 17th. HC Wainwright reissued a “buy” rating and set a $45.00 price objective on shares of Edgewise Therapeutics in a research report on Tuesday, June 16th. Weiss Ratings restated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Monday, April 20th. Evercore reaffirmed an “outperform” rating and issued a $45.00 target price on shares of Edgewise Therapeutics in a report on Thursday, February 26th. Finally, JPMorgan Chase & Co. increased their target price on shares of Edgewise Therapeutics from $34.00 to $45.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 17th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Edgewise Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.30.

Edgewise Therapeutics Stock Up 8.2%

The stock has a fifty day moving average price of $34.14 and a 200-day moving average price of $30.22. The firm has a market cap of $4.52 billion, a price-to-earnings ratio of -25.31 and a beta of 0.27.

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

Insider Activity at Edgewise Therapeutics

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

Institutional Investors Weigh In On Edgewise Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the business. Parallel Advisors LLC increased its position in Edgewise Therapeutics by 64.9% during the 1st quarter. Parallel Advisors LLC now owns 1,032 shares of the company’s stock worth $33,000 after purchasing an additional 406 shares during the period. Canada Pension Plan Investment Board acquired a new stake in shares of Edgewise Therapeutics in the 2nd quarter valued at approximately $45,000. Jones Financial Companies Lllp acquired a new stake in shares of Edgewise Therapeutics in the 1st quarter valued at approximately $47,000. KBC Group NV purchased a new stake in shares of Edgewise Therapeutics in the first quarter valued at approximately $49,000. Finally, Seven Fleet Capital Management LP acquired a new position in Edgewise Therapeutics during the fourth quarter worth $50,000.

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.