Edgewise Therapeutics (NASDAQ:EWTX) Reaches New 52-Week High – Time to Buy?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) hit a new 52-week high on Wednesday . The stock traded as high as $33.14 and last traded at $32.22, with a volume of 494784 shares. The stock had previously closed at $31.50.

Analyst Upgrades and Downgrades

EWTX has been the topic of several recent analyst reports. Evercore restated an “outperform” rating and set a $45.00 price objective on shares of Edgewise Therapeutics in a report on Thursday, February 26th. Wall Street Zen downgraded shares of Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, February 28th. Wedbush restated an “outperform” rating and set a $32.00 price target on shares of Edgewise Therapeutics in a research note on Tuesday, March 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Wednesday, January 21st. Finally, Raymond James Financial set a $46.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday, March 10th. Two analysts have 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. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $38.44.

Edgewise Therapeutics Price Performance

The stock has a fifty day moving average of $29.83 and a 200 day moving average of $23.79. The stock has a market cap of $3.58 billion, a price-to-earnings ratio of -20.45 and a beta of 0.24.

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

Insiders Place Their Bets

In related news, CMO Joanne M. Donovan sold 28,662 shares of the firm’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $32.31, for a total transaction of $926,069.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Badreddin Edris sold 115,471 shares of the company’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $29.44, for a total transaction of $3,399,466.24. Following the completion of the sale, the director directly owned 19,820 shares in the company, valued at approximately $583,500.80. The trade was a 85.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 23.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Braidwell LP boosted its position in Edgewise Therapeutics by 111.9% in the 2nd quarter. Braidwell LP now owns 5,210,831 shares of the company’s stock worth $68,314,000 after purchasing an additional 2,752,023 shares in the last quarter. Morgan Stanley boosted its holdings in Edgewise Therapeutics by 234.7% during the fourth 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 Edgewise Therapeutics by 1,755.0% during the fourth quarter. UBS Group AG now owns 2,117,073 shares of the company’s stock valued at $52,535,000 after buying an additional 2,002,945 shares during the period. Bellevue Group AG increased its holdings in Edgewise Therapeutics by 94.3% in the second quarter. Bellevue Group AG now owns 2,775,997 shares of the company’s stock valued at $36,393,000 after buying an additional 1,347,068 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Edgewise Therapeutics in the fourth quarter worth about $18,645,000.

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.