Edgewise Therapeutics (NASDAQ:EWTX) Reaches New 12-Month High – Here’s What Happened

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s stock price hit a new 52-week high on Wednesday . The stock traded as high as $44.83 and last traded at $45.0510, with a volume of 35111 shares. The stock had previously closed at $43.13.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on EWTX shares. Leerink Partners set a $52.00 target price on shares of Edgewise Therapeutics in a research report on Tuesday, June 16th. The Goldman Sachs Group boosted their price objective on shares of Edgewise Therapeutics from $20.00 to $32.00 and gave the company a “neutral” rating in a research report on Wednesday, June 17th. HC Wainwright reaffirmed a “buy” rating and issued a $45.00 target price on shares of Edgewise Therapeutics in a report on Tuesday, June 16th. JPMorgan Chase & Co. lifted their target price on Edgewise Therapeutics from $34.00 to $45.00 and gave the company an “overweight” rating in a research report on Tuesday, March 17th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $47.64.

Edgewise Therapeutics Stock Performance

The company’s 50-day moving average price is $35.71 and its 200 day moving average price is $31.45. The stock has a market capitalization of $4.83 billion, a P/E ratio of -27.15 and a beta of 0.27.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its earnings results on Thursday, May 7th. The company reported ($0.46) earnings per share for the quarter, topping the consensus estimate of ($0.50) by $0.04. Analysts predict that Edgewise Therapeutics, Inc. will post -2.01 earnings per share for the current year.

Insider Buying and Selling

In other Edgewise Therapeutics news, insider Alan J. Russell sold 200,000 shares of Edgewise Therapeutics stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $39.41, for a total value of $7,882,000.00. Following the sale, the insider directly owned 24,555 shares in the company, valued at approximately $967,712.55. The trade was a 89.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CMO Joanne M. Donovan sold 50,000 shares of the business’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $38.57, for a total transaction of $1,928,500.00. Following the completion of the sale, the chief marketing officer owned 4,367 shares in the company, valued at approximately $168,435.19. The trade was a 91.97% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 255,230 shares of company stock worth $9,974,147. 21.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

Several large investors have recently made changes to their positions in the company. Parallel Advisors LLC boosted its stake in Edgewise Therapeutics by 64.9% during the first quarter. Parallel Advisors LLC now owns 1,032 shares of the company’s stock valued at $33,000 after buying an additional 406 shares during the last quarter. KBC Group NV bought a new position in shares of Edgewise Therapeutics during the 1st quarter valued at approximately $49,000. Seven Fleet Capital Management LP bought a new position in shares of Edgewise Therapeutics during the 4th quarter valued at approximately $50,000. Jones Financial Companies Lllp purchased a new position in shares of Edgewise Therapeutics in the first quarter valued at $47,000. Finally, Steward Partners Investment Advisory LLC increased its position in Edgewise Therapeutics by 23.9% in 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.

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.