Edgewise Therapeutics Sees Unusually High Options Volume (NASDAQ:EWTX)

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) was the recipient of some unusual options trading on Thursday. Stock traders acquired 2,813 put options on the stock. This is an increase of 279% compared to the average volume of 742 put options.

Insider Transactions at Edgewise Therapeutics

In other news, CEO Kevin Koch sold 17,971 shares of the firm’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $43.68, for a total value of $784,973.28. Following the transaction, the chief executive officer directly owned 52,488 shares in the company, valued at $2,292,675.84. This trade represents a 25.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CMO Joanne Donovan sold 6,522 shares of Edgewise Therapeutics stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $43.85, for a total value of $285,989.70. Following the completion of the sale, the chief marketing officer directly owned 11,544 shares of the company’s stock, valued at $506,204.40. The trade was a 36.10% 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. In the last quarter, insiders have sold 38,329 shares of company stock valued at $1,675,529. Corporate insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On Edgewise Therapeutics

Several large investors have recently made changes to their positions in EWTX. Hsbc Holdings PLC bought a new position in shares of Edgewise Therapeutics in the second quarter worth about $3,723,000. Janus Henderson Group PLC boosted its stake in Edgewise Therapeutics by 29.5% in the 1st quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company’s stock worth $186,289,000 after purchasing an additional 1,348,706 shares during the period. Persistent Asset Partners Ltd bought a new position in Edgewise Therapeutics in the 2nd quarter worth approximately $2,821,000. The Manufacturers Life Insurance Company purchased a new stake in Edgewise Therapeutics during the 2nd quarter valued at approximately $1,656,000. Finally, California State Teachers Retirement System grew its holdings in Edgewise Therapeutics by 45.7% during the 1st quarter. California State Teachers Retirement System now owns 73,419 shares of the company’s stock valued at $2,313,000 after buying an additional 23,027 shares in the last quarter.

Edgewise Therapeutics Stock Performance

Shares of NASDAQ EWTX traded up $1.61 during midday trading on Thursday, reaching $39.14. The stock had a trading volume of 1,131,028 shares, compared to its average volume of 1,249,203. The stock has a 50-day moving average of $40.95 and a 200-day moving average of $36.40. The company has a market capitalization of $4.25 billion, a price-to-earnings ratio of -21.19 and a beta of 0.39. Edgewise Therapeutics has a 12-month low of $16.70 and a 12-month high of $48.51.

Edgewise Therapeutics (NASDAQ:EWTX) last released its earnings results on Wednesday, November 4th. The company reported $9.65 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.52) by $10.17. As a group, analysts forecast that Edgewise Therapeutics will post -2.09 EPS for the current fiscal year.

Wall Street Analyst Weigh In

EWTX has been the subject of a number of recent research reports. Wall Street Zen upgraded Edgewise Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, October 4th. Wedbush reduced their price target on shares of Edgewise Therapeutics from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Thursday. The Goldman Sachs Group increased their price objective on shares of Edgewise Therapeutics from $32.00 to $36.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 11th. Oppenheimer started coverage on Edgewise Therapeutics in a report on Thursday, July 9th. They set an “outperform” rating and a $51.00 price target for the company. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Edgewise Therapeutics in a research report on Thursday, October 15th. 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 given a Sell rating to the company’s stock. According to data from MarketBeat, Edgewise Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $51.25.

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.