Edgewise Therapeutics (NASDAQ:EWTX) Shares Gap Down – What’s Next?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) gapped down prior to trading on Monday . The stock had previously closed at $27.72, but opened at $27.16. Edgewise Therapeutics shares last traded at $26.58, with a volume of 28,746 shares.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on EWTX. Evercore ISI upped their price target on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an “outperform” rating in a report on Tuesday, December 17th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $32.00 price target on shares of Edgewise Therapeutics in a report on Tuesday, September 17th. Piper Sandler boosted their price objective on Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Wedbush raised their target price on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Finally, Truist Financial lifted their target price on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $43.17.

Edgewise Therapeutics Stock Up 0.1 %

The company has a fifty day moving average price of $31.24 and a 200 day moving average price of $25.57. The stock has a market cap of $2.41 billion, a PE ratio of -16.95 and a beta of 0.12.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its earnings results on Thursday, November 7th. The company reported ($0.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. As a group, research analysts predict that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.

Insider Activity

In other Edgewise Therapeutics news, insider Marc Semigran sold 29,709 shares of the firm’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $29.69, for a total value of $882,060.21. Following the completion of the sale, the insider now directly owns 6,716 shares in the company, valued at $199,398.04. This trade represents a 81.56 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Alan J. Russell sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $27.37, for a total value of $2,737,000.00. Following the transaction, the insider now owns 14,863 shares in the company, valued at $406,800.31. This trade represents a 87.06 % decrease in their position. The disclosure for this sale can be found here. Insiders own 24.11% of the company’s stock.

Hedge Funds Weigh In On Edgewise Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the company. Quest Partners LLC grew its position in shares of Edgewise Therapeutics by 156.9% in the 2nd quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock worth $31,000 after buying an additional 1,064 shares during the period. Meeder Asset Management Inc. purchased a new stake in Edgewise Therapeutics in the second quarter worth about $35,000. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Edgewise Therapeutics by 21.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock valued at $88,000 after purchasing an additional 604 shares in the last quarter. Chicago Partners Investment Group LLC purchased a new position in shares of Edgewise Therapeutics during the third quarter valued at approximately $161,000. Finally, US Bancorp DE boosted its position in shares of Edgewise Therapeutics by 12,452.9% in the 3rd quarter. US Bancorp DE now owns 8,536 shares of the company’s stock worth $228,000 after purchasing an additional 8,468 shares in the last quarter.

About Edgewise Therapeutics

Edgewise Therapeutics, Inc, a biopharmaceutical company, discovers, develops, and commercializes therapies for the treatment of muscle disorders. Its lead product candidate, EDG-5506, an orally administered small molecule that is in Phase II clinical trials, designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy and Becker muscular dystrophy.