Edgewise Therapeutics (NASDAQ:EWTX) Shares Down 3.5% – Should You Sell?

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) were down 3.5% on Wednesday . The stock traded as low as $25.57 and last traded at $25.61. Approximately 528,562 shares traded hands during trading, a decline of 43% from the average daily volume of 922,370 shares. The stock had previously closed at $26.53.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on EWTX shares. Truist Financial boosted their target price on Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Stifel Nicolaus began coverage on Edgewise Therapeutics in a research note on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 price objective for the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $56.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday, March 4th. Scotiabank began coverage on Edgewise Therapeutics in a research note on Friday, March 7th. They issued a “sector outperform” rating and a $50.00 price objective for the company. Finally, Evercore ISI boosted their target price on Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, December 17th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Edgewise Therapeutics currently has an average rating of “Moderate Buy” and an average price target of $45.38.

Edgewise Therapeutics Stock Down 10.9 %

The stock has a fifty day moving average of $26.71 and a two-hundred day moving average of $28.27. The stock has a market cap of $2.25 billion, a price-to-earnings ratio of -15.68 and a beta of 0.22.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its earnings results on Monday, March 3rd. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.03). On average, research analysts expect that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Insider Buying and Selling at Edgewise Therapeutics

In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 25,000 shares of the company’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $27.63, for a total value of $690,750.00. Following the sale, the chief marketing officer now owns 16,358 shares of the company’s stock, valued at approximately $451,971.54. This represents a 60.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kevin Koch sold 8,636 shares of the company’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $30.03, for a total value of $259,339.08. Following the completion of the sale, the chief executive officer now directly owns 14,478 shares in the company, valued at $434,774.34. This trade represents a 37.36 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 164,545 shares of company stock valued at $4,605,305. Insiders own 24.11% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in EWTX. Quest Partners LLC lifted its position in shares of Edgewise Therapeutics by 418.7% in the third quarter. Quest Partners LLC now owns 9,035 shares of the company’s stock valued at $241,000 after acquiring an additional 7,293 shares in the last quarter. Meeder Asset Management Inc. lifted its position in shares of Edgewise Therapeutics by 69.9% in the third quarter. Meeder Asset Management Inc. now owns 3,307 shares of the company’s stock valued at $88,000 after acquiring an additional 1,361 shares in the last quarter. Intech Investment Management LLC purchased a new stake in shares of Edgewise Therapeutics in the third quarter valued at $531,000. Glenmede Trust Co. NA purchased a new stake in shares of Edgewise Therapeutics in the third quarter valued at $483,000. Finally, Acuta Capital Partners LLC purchased a new stake in shares of Edgewise Therapeutics in the third quarter valued at $1,681,000.

Edgewise Therapeutics Company Profile

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.