Edgewise Therapeutics (NASDAQ:EWTX) Sees Strong Trading Volume – What’s Next?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares saw unusually-high trading volume on Thursday . Approximately 1,615,517 shares traded hands during mid-day trading, an increase of 56% from the previous session’s volume of 1,036,301 shares.The stock last traded at $13.05 and had previously closed at $15.52.

Analyst Ratings Changes

Several brokerages recently issued reports on EWTX. Scotiabank downgraded Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and decreased their price target for the company from $50.00 to $14.00 in a report on Wednesday. Stifel Nicolaus initiated coverage on shares of Edgewise Therapeutics in a report on Wednesday, January 22nd. They set a “hold” rating and a $30.00 price objective on the stock. Evercore ISI lifted their price objective on Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an “outperform” rating in a report on Tuesday, December 17th. Piper Sandler restated an “overweight” rating and issued a $51.00 price objective on shares of Edgewise Therapeutics in a report on Wednesday. Finally, Royal Bank of Canada lowered their price target on shares of Edgewise Therapeutics from $56.00 to $52.00 and set an “outperform” rating on the stock in a research report on Thursday. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $40.38.

Edgewise Therapeutics Price Performance

The firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of -7.67 and a beta of 0.22. The stock has a 50 day moving average price of $25.20 and a two-hundred day moving average price of $28.41.

Edgewise Therapeutics (NASDAQ:EWTX) last posted 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). As a group, research analysts expect that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Orbimed Advisors Llc purchased 496,771 shares of the business’s stock in a transaction that occurred on Thursday, April 3rd. The shares were purchased at an average cost of $20.13 per share, for a total transaction of $10,000,000.23. Following the purchase, the director now directly owns 14,809,075 shares of the company’s stock, valued at $298,106,679.75. The trade was a 3.47 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Kevin Koch sold 8,636 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $30.03, for a total value of $259,339.08. Following the transaction, the chief executive officer now directly owns 14,478 shares in the company, valued at approximately $434,774.34. The trade was a 37.36 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 34,836 shares of company stock worth $986,245. Corporate insiders own 24.11% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Franklin Resources Inc. raised its position in Edgewise Therapeutics by 84.2% during the 3rd quarter. Franklin Resources Inc. now owns 45,223 shares of the company’s stock worth $1,207,000 after buying an additional 20,674 shares during the last quarter. Amundi raised its holdings in Edgewise Therapeutics by 127.2% during the fourth quarter. Amundi now owns 341,687 shares of the company’s stock worth $8,686,000 after purchasing an additional 191,267 shares in the last quarter. Victory Capital Management Inc. acquired a new stake in Edgewise Therapeutics in the fourth quarter valued at about $576,000. XTX Topco Ltd purchased a new stake in Edgewise Therapeutics in the 3rd quarter valued at approximately $755,000. Finally, Moody Aldrich Partners LLC increased its position in Edgewise Therapeutics by 24.3% during the 4th quarter. Moody Aldrich Partners LLC now owns 187,932 shares of the company’s stock worth $5,018,000 after purchasing an additional 36,775 shares during the period.

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.