Edgewise Therapeutics (NASDAQ:EWTX) Shares Gap Down to $20.89

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares gapped down prior to trading on Thursday . The stock had previously closed at $20.89, but opened at $19.65. Edgewise Therapeutics shares last traded at $20.35, with a volume of 157,175 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on EWTX shares. Piper Sandler began coverage on Edgewise Therapeutics in a report on Thursday, March 7th. They set an “overweight” rating and a $48.00 target price for the company. Wedbush reiterated an “outperform” rating and issued a $26.00 price target on shares of Edgewise Therapeutics in a research report on Tuesday, April 16th. Royal Bank of Canada upped their target price on Edgewise Therapeutics from $28.00 to $32.00 and gave the company an “outperform” rating in a research report on Monday, April 22nd. Finally, Truist Financial reiterated a “buy” rating and issued a $25.00 target price on shares of Edgewise Therapeutics in a report on Wednesday, April 17th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Edgewise Therapeutics presently has an average rating of “Buy” and an average target price of $31.20.

Edgewise Therapeutics Stock Performance

The business has a 50 day simple moving average of $17.14 and a 200-day simple moving average of $13.05. The firm has a market cap of $1.89 billion, a price-to-earnings ratio of -13.22 and a beta of 0.15.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Thursday, February 22nd. The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.03). As a group, research analysts anticipate that Edgewise Therapeutics, Inc. will post -1.76 earnings per share for the current year.

Insider Activity

In other Edgewise Therapeutics news, General Counsel John R. Moore sold 8,029 shares of the stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $20.01, for a total transaction of $160,660.29. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CMO Joanne M. Donovan sold 3,682 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $18.91, for a total value of $69,626.62. Following the transaction, the chief marketing officer now directly owns 19,897 shares in the company, valued at $376,252.27. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, General Counsel John R. Moore sold 8,029 shares of Edgewise Therapeutics stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $20.01, for a total transaction of $160,660.29. The disclosure for this sale can be found here. Insiders sold 20,694 shares of company stock valued at $400,155 in the last three months. Company insiders own 31.95% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in EWTX. Entropy Technologies LP purchased a new position in shares of Edgewise Therapeutics in the 1st quarter worth about $231,000. ProShare Advisors LLC lifted its position in Edgewise Therapeutics by 51.6% in the 1st quarter. ProShare Advisors LLC now owns 16,885 shares of the company’s stock worth $308,000 after buying an additional 5,748 shares during the last quarter. Quantum Private Wealth LLC boosted its stake in Edgewise Therapeutics by 5.5% in the first quarter. Quantum Private Wealth LLC now owns 66,674 shares of the company’s stock worth $1,216,000 after buying an additional 3,455 shares in the last quarter. Swiss National Bank grew its position in Edgewise Therapeutics by 34.3% during the first quarter. Swiss National Bank now owns 67,300 shares of the company’s stock valued at $1,228,000 after acquiring an additional 17,200 shares during the last quarter. Finally, GSA Capital Partners LLP grew its position in Edgewise Therapeutics by 41.5% during the first quarter. GSA Capital Partners LLP now owns 74,511 shares of the company’s stock valued at $1,359,000 after acquiring an additional 21,851 shares during the last quarter.

About Edgewise Therapeutics

Edgewise Therapeutics, Inc, a biopharmaceutical company, discovers, develops, and commercializes therapies for the treatment of muscle disorders. Its lead product candidate, EDG-5506, an orally administered small molecule that is in Phase II clinical trials, designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy and Becker muscular dystrophy.