Edgewise Therapeutics (NASDAQ:EWTX) Shares Gap Down – Time to Sell?

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) gapped down before the market opened on Monday . The stock had previously closed at $25.67, but opened at $25.00. Edgewise Therapeutics shares last traded at $25.54, with a volume of 36,831 shares traded.

Analyst Ratings Changes

EWTX has been the topic of several research analyst reports. Stifel Nicolaus initiated coverage on shares of Edgewise Therapeutics in a research report on Wednesday, January 22nd. They set a “hold” rating and a $30.00 price target on the stock. Truist Financial increased their price target on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $56.00 price target on shares of Edgewise Therapeutics in a research report on Tuesday, March 4th. Scotiabank initiated coverage on shares of Edgewise Therapeutics in a research note on Friday, March 7th. They set a “sector outperform” rating and a $50.00 price objective on the stock. Finally, Evercore ISI increased their price objective on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 17th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Edgewise Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $45.38.

Edgewise Therapeutics Stock Up 0.4 %

The firm’s 50 day moving average is $26.71 and its two-hundred day moving average is $28.27. The stock has a market cap of $2.53 billion, a price-to-earnings ratio of -17.69 and a beta of 0.22.

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

Insider Buying and Selling at Edgewise Therapeutics

In other Edgewise Therapeutics news, insider Alan J. Russell sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $27.37, for a total value of $2,737,000.00. Following the sale, the insider now owns 14,863 shares in the company, valued at approximately $406,800.31. This trade represents a 87.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Marc Semigran sold 29,709 shares of the firm’s stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $29.69, for a total transaction of $882,060.21. Following the completion of the sale, the insider now owns 6,716 shares in the company, valued at $199,398.04. The trade was a 81.56 % 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 worth $4,605,305. 24.11% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Diadema Partners LP acquired a new position in shares of Edgewise Therapeutics during the fourth quarter valued at approximately $36,000. GF Fund Management CO. LTD. acquired a new position in shares of Edgewise Therapeutics during the fourth quarter valued at approximately $53,000. Aquatic Capital Management LLC acquired a new position in shares of Edgewise Therapeutics during the fourth quarter valued at approximately $77,000. Meeder Asset Management Inc. increased its stake in shares of Edgewise Therapeutics by 69.9% during 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 during the period. Finally, Tower Research Capital LLC TRC increased its stake in shares of Edgewise Therapeutics by 1,097.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,676 shares of the company’s stock valued at $98,000 after acquiring an additional 3,369 shares during the period.

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.