Edgewise Therapeutics (NASDAQ:EWTX) Trading Up 5.7% – What’s Next?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s stock price was up 5.7% during trading on Friday . The stock traded as high as $39.99 and last traded at $40.3720. 95,717 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 1,181,905 shares. The stock had previously closed at $38.19.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on EWTX. Raymond James Financial reiterated a “strong-buy” rating and set a $66.00 price target on shares of Edgewise Therapeutics in a report on Monday, June 1st. Weiss Ratings reissued a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Monday, April 20th. Truist Financial set a $52.00 price objective on Edgewise Therapeutics in a research report on Wednesday, May 6th. Oppenheimer began coverage on Edgewise Therapeutics in a report on Thursday, July 9th. They issued an “outperform” rating and a $51.00 target price for the company. Finally, The Goldman Sachs Group increased their target price on Edgewise Therapeutics from $20.00 to $32.00 and gave the company a “neutral” rating in a research report on Wednesday, June 17th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $47.92.

Edgewise Therapeutics Stock Performance

The stock’s fifty day simple moving average is $37.04 and its two-hundred day simple moving average is $32.36. The stock has a market capitalization of $4.30 billion, a P/E ratio of -24.07 and a beta of 0.27.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.46) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.50) by $0.04. As a group, analysts expect that Edgewise Therapeutics, Inc. will post -2.01 earnings per share for the current fiscal year.

Insider Buying and Selling at Edgewise Therapeutics

In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 50,000 shares of Edgewise Therapeutics stock in a transaction dated 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 transaction, the chief marketing officer directly owned 4,367 shares of the company’s stock, valued at approximately $168,435.19. The trade was a 91.97% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Alan J. Russell sold 200,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the insider owned 24,555 shares in the company, valued at $967,712.55. This trade represents a 89.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 255,230 shares of company stock valued at $9,974,147. 21.30% of the stock is owned by corporate insiders.

Institutional Trading of Edgewise Therapeutics

Several institutional investors have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Edgewise Therapeutics by 6.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 43,776 shares of the company’s stock worth $963,000 after purchasing an additional 2,463 shares during the last quarter. Jones Financial Companies Lllp bought a new stake in shares of Edgewise Therapeutics in the 1st quarter valued at $47,000. Goldman Sachs Group Inc. increased its position in shares of Edgewise Therapeutics by 5.7% during the first quarter. Goldman Sachs Group Inc. now owns 366,644 shares of the company’s stock worth $8,066,000 after buying an additional 19,753 shares during the period. Strs Ohio acquired a new stake in shares of Edgewise Therapeutics during the first quarter worth $84,000. Finally, Creative Planning raised its stake in Edgewise Therapeutics by 29.4% during the second quarter. Creative Planning now owns 16,910 shares of the company’s stock worth $222,000 after buying an additional 3,837 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.