Edgewise Therapeutics (NASDAQ:EWTX) Sets New 52-Week High – Here’s Why

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares hit a new 52-week high on Thursday . The company traded as high as $48.51 and last traded at $47.6410, with a volume of 616969 shares. The stock had previously closed at $45.44.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on EWTX. The Goldman Sachs Group lifted their target price on shares of Edgewise Therapeutics from $32.00 to $36.00 and gave the company a “neutral” rating in a report on Tuesday, August 11th. Raymond James Financial restated a “strong-buy” rating and issued a $66.00 price target on shares of Edgewise Therapeutics in a research note on Monday, June 1st. Oppenheimer began coverage on Edgewise Therapeutics in a research report on Thursday, July 9th. They set an “outperform” rating and a $51.00 price objective for the company. Wall Street Zen upgraded Edgewise Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, September 5th. Finally, Leerink Partners set a $52.00 target price on Edgewise Therapeutics in a report on Tuesday, June 16th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $50.33.

Edgewise Therapeutics Stock Down 3.5%

The firm’s fifty day simple moving average is $42.61 and its 200-day simple moving average is $37.12. The firm has a market capitalization of $4.92 billion, a PE ratio of -24.50 and a beta of 0.32.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.53) EPS for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.06). As a group, analysts predict that Edgewise Therapeutics, Inc. will post -2.09 earnings per share for the current year.

Insiders Place Their Bets

In other news, General Counsel John R. Moore sold 5,016 shares of the business’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $43.82, for a total value of $219,801.12. Following the completion of the transaction, the general counsel owned 17,697 shares in the company, valued at $775,482.54. The trade was a 22.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Alan Russell sold 5,901 shares of the company’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 transaction, the insider directly owned 31,466 shares in the company, valued at approximately $1,376,008.18. The trade was a 15.79% 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. Insiders sold a total of 238,329 shares of company stock worth $9,557,529 in the last 90 days. 21.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. First Light Asset Management LLC raised its holdings in shares of Edgewise Therapeutics by 9.3% during the second quarter. First Light Asset Management LLC now owns 1,095,171 shares of the company’s stock valued at $44,497,000 after purchasing an additional 93,325 shares during the last quarter. Engineers Gate Manager LP purchased a new stake in Edgewise Therapeutics in the second quarter worth approximately $271,000. Squarepoint Ops LLC bought a new stake in Edgewise Therapeutics in the 2nd quarter worth approximately $230,000. Allianz Asset Management GmbH bought a new stake in Edgewise Therapeutics in the 2nd quarter worth approximately $370,000. Finally, Corient Private Wealth LP purchased a new stake in Edgewise Therapeutics during the 2nd quarter valued at $502,000.

Edgewise Therapeutics Company Profile

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.