Edgewise Therapeutics (NASDAQ:EWTX) Shares Gap Up on Strong Earnings

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $37.53, but opened at $43.00. Edgewise Therapeutics shares last traded at $39.54, with a volume of 886,503 shares trading hands.

The company reported $9.65 EPS for the quarter, beating the consensus estimate of ($0.52) by $10.17.

Analyst Upgrades and Downgrades

EWTX has been the subject of a number of research reports. Oppenheimer started coverage on Edgewise Therapeutics in a research note on Thursday, July 9th. They set an “outperform” rating and a $51.00 price target for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Thursday, October 15th. Wall Street Zen raised Edgewise Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, October 4th. JPMorgan Chase & Co. upped their price objective on Edgewise Therapeutics from $53.00 to $60.00 and gave the stock an “overweight” rating in a report on Thursday, August 20th. Finally, The Goldman Sachs Group increased their target price on Edgewise Therapeutics from $32.00 to $36.00 and gave the company a “neutral” rating in a research report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Edgewise Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $51.25.

Insider Buying and Selling at Edgewise Therapeutics

In related news, General Counsel John R. Moore sold 5,016 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $43.82, for a total value of $219,801.12. Following the completion of the transaction, the general counsel owned 17,697 shares of the company’s stock, valued at approximately $775,482.54. This trade represents a 22.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Kevin Koch sold 17,971 shares of Edgewise Therapeutics stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $43.68, for a total value of $784,973.28. Following the completion of the transaction, the chief executive officer owned 52,488 shares of the company’s stock, valued at approximately $2,292,675.84. This represents a 25.51% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 38,329 shares of company stock valued at $1,675,529 over the last quarter. 21.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. bought a new position in shares of Edgewise Therapeutics during the 2nd quarter valued at approximately $268,415,000. Jupiter Topco LLC bought a new stake in Edgewise Therapeutics in the second quarter worth $246,945,000. Janus Henderson Group PLC boosted its stake in Edgewise Therapeutics by 29.5% during the first quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company’s stock worth $186,289,000 after buying an additional 1,348,706 shares during the period. Bank of America Corp DE purchased a new position in Edgewise Therapeutics during the second quarter worth $63,312,000. Finally, First Light Asset Management LLC boosted its stake in Edgewise Therapeutics by 9.3% during the second quarter. First Light Asset Management LLC now owns 1,095,171 shares of the company’s stock worth $44,497,000 after buying an additional 93,325 shares during the period.

Edgewise Therapeutics Price Performance

The firm has a market cap of $4.25 billion, a P/E ratio of -21.19 and a beta of 0.39. The stock’s 50-day simple moving average is $40.95 and its two-hundred day simple moving average is $36.40.

About Edgewise Therapeutics

Edgewise Therapeutics, Inc is a clinical-stage biotechnology company focused on developing small-molecule therapies for severe muscle disorders. The company’s research programs target the biology of skeletal and cardiac muscle, with the goal of addressing diseases for which treatment options remain limited.

Edgewise’s lead product candidate is sevasemten (formerly EDG-5506), an oral therapy designed to reduce contraction-induced muscle damage associated with dystrophinopathies, including Duchenne and Becker muscular dystrophy.