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

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $35.00 and last traded at $34.0290, with a volume of 823227 shares traded. The stock had previously closed at $34.43.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on EWTX. HC Wainwright upgraded shares of Edgewise Therapeutics to a “strong-buy” rating in a research note on Thursday, February 26th. Wall Street Zen cut Edgewise Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, February 28th. Wedbush reaffirmed an “outperform” rating and issued a $32.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday, March 17th. Evercore reiterated an “outperform” rating and set a $45.00 target price on shares of Edgewise Therapeutics in a research report on Thursday, February 26th. Finally, Piper Sandler reissued an “overweight” rating on shares of Edgewise Therapeutics in a research note on Monday, February 9th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $38.44.

Edgewise Therapeutics Stock Performance

The firm has a market cap of $3.70 billion, a P/E ratio of -21.13 and a beta of 0.24. The firm’s fifty day simple moving average is $30.86 and its 200 day simple moving average is $25.32.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its 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). On average, equities research analysts predict that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.

Insider Activity at Edgewise Therapeutics

In related news, CMO Joanne M. Donovan sold 28,662 shares of the business’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $32.31, for a total value of $926,069.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Badreddin Edris sold 115,471 shares of Edgewise Therapeutics stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $29.44, for a total value of $3,399,466.24. Following the completion of the transaction, the director owned 19,820 shares in the company, valued at $583,500.80. This represents a 85.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 23.20% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Several institutional investors have recently added to or reduced their stakes in the business. Optimize Financial Inc increased its stake in Edgewise Therapeutics by 1.5% during the 4th quarter. Optimize Financial Inc now owns 27,679 shares of the company’s stock valued at $687,000 after purchasing an additional 396 shares in the last quarter. Steward Partners Investment Advisory LLC raised its holdings in shares of 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 purchasing an additional 550 shares during the last quarter. California State Teachers Retirement System lifted its holdings in Edgewise Therapeutics by 2.4% in the second quarter. California State Teachers Retirement System now owns 36,878 shares of the company’s stock valued at $483,000 after acquiring an additional 850 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in Edgewise Therapeutics by 26.3% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,145 shares of the company’s stock worth $128,000 after purchasing an additional 1,072 shares in the last quarter. Finally, HighMark Wealth Management LLC grew its stake in shares of Edgewise Therapeutics by 2.1% during the 3rd quarter. HighMark Wealth Management LLC now owns 53,179 shares of the company’s stock worth $863,000 after purchasing an additional 1,114 shares during the period.

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.