Edgewise Therapeutics (NASDAQ:EWTX) Sets New 52-Week High – Still a Buy?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s share price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $31.82 and last traded at $30.53, with a volume of 140960 shares trading hands. The stock had previously closed at $30.91.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Wedbush reduced their price target on shares of Edgewise Therapeutics from $35.00 to $32.00 and set an “outperform” rating on the stock in a research note on Friday, November 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Wednesday, January 21st. Piper Sandler restated an “overweight” rating on shares of Edgewise Therapeutics in a research report on Monday, February 9th. Stifel Nicolaus set a $25.00 price target on shares of Edgewise Therapeutics in a report on Thursday. Finally, Wall Street Zen upgraded Edgewise Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, February 15th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.36.

Edgewise Therapeutics Stock Performance

The stock’s fifty day simple moving average is $27.53 and its two-hundred day simple moving average is $21.05. The stock has a market capitalization of $3.18 billion, a P/E ratio of -19.06 and a beta of 0.27.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings results on Thursday, February 26th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.43) by ($0.04). As a group, analysts expect that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current fiscal year.

Insider Transactions at Edgewise Therapeutics

In other Edgewise Therapeutics news, Director Badreddin Edris sold 115,471 shares of Edgewise Therapeutics stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $29.44, for a total transaction of $3,399,466.24. Following the transaction, the director directly owned 19,820 shares of the company’s stock, valued at approximately $583,500.80. The trade was a 85.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 23.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Bessemer Group Inc. increased its position in Edgewise Therapeutics by 1,170.3% during the 3rd quarter. Bessemer Group Inc. now owns 2,350 shares of the company’s stock valued at $38,000 after purchasing an additional 2,165 shares during the period. Canada Pension Plan Investment Board bought a new stake in shares of Edgewise Therapeutics in the 2nd quarter valued at $45,000. Jones Financial Companies Lllp acquired a new stake in shares of Edgewise Therapeutics during the first quarter worth $47,000. Seven Fleet Capital Management LP bought a new position in Edgewise Therapeutics during the fourth quarter worth $50,000. Finally, Steward Partners Investment Advisory LLC raised its stake in Edgewise Therapeutics by 23.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,854 shares of the company’s stock worth $71,000 after buying an additional 550 shares during the last quarter.

Edgewise Therapeutics Company Profile

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.