Edgewise Therapeutics (NASDAQ:EWTX) Trading 7.1% Higher – Here’s What Happened

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s share price shot up 7.1% during trading on Tuesday . The company traded as high as $39.17 and last traded at $39.0950. Approximately 356,357 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 1,168,165 shares. The stock had previously closed at $36.50.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on EWTX shares. The Goldman Sachs Group raised their target price on shares of Edgewise Therapeutics from $20.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, June 17th. Royal Bank Of Canada increased their price target on shares of Edgewise Therapeutics from $48.00 to $59.00 and gave the company an “outperform” rating in a research report on Wednesday, June 17th. Stifel Nicolaus set a $25.00 price target on shares of Edgewise Therapeutics in a report on Thursday, February 26th. Wall Street Zen cut shares of Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, February 28th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Edgewise Therapeutics from $34.00 to $45.00 and gave the company an “overweight” rating in a research note on Tuesday, March 17th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Edgewise Therapeutics currently has an average rating of “Moderate Buy” and an average price target of $47.30.

Edgewise Therapeutics Stock Up 0.5%

The firm has a market cap of $4.57 billion, a P/E ratio of -25.17 and a beta of 0.27. The firm’s fifty day moving average is $34.31 and its two-hundred day moving average is $30.35.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.46) EPS for the quarter, topping the consensus estimate of ($0.50) by $0.04. As a group, sell-side analysts forecast that Edgewise Therapeutics, Inc. will post -2.01 EPS for the current year.

Insider Buying and Selling

In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 50,000 shares of Edgewise Therapeutics stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $38.57, for a total transaction of $1,928,500.00. Following the sale, the chief marketing officer directly owned 4,367 shares of the company’s stock, valued at approximately $168,435.19. The trade was a 91.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold 83,892 shares of company stock valued at $3,018,216 in the last ninety days. Company insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in EWTX. Parallel Advisors LLC raised its holdings in Edgewise Therapeutics by 64.9% in the first quarter. Parallel Advisors LLC now owns 1,032 shares of the company’s stock worth $33,000 after purchasing an additional 406 shares in the last quarter. KBC Group NV bought a new stake in Edgewise Therapeutics in the 1st quarter worth approximately $49,000. Seven Fleet Capital Management LP purchased a new stake in Edgewise Therapeutics during the 4th quarter valued at $50,000. Jones Financial Companies Lllp purchased a new position in shares of Edgewise Therapeutics in the 1st quarter worth $47,000. Finally, Steward Partners Investment Advisory LLC grew its holdings in shares of Edgewise Therapeutics by 23.9% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,854 shares of the company’s stock worth $71,000 after acquiring an additional 550 shares during the period.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics, Inc (NASDAQ: EWTX) is a clinical-stage biopharmaceutical company headquartered in Cambridge, Massachusetts, focused on the discovery and development of precision medicines for the treatment of rare diseases. The company leverages its expertise in small-molecule chemistry and ion channel biology to address severe, unmet medical needs, particularly in the areas of kidney disorders and neuromuscular diseases.

At the core of Edgewise’s pipeline is EWTX-101, a novel, orally available inhibitor of TRPC5, a calcium channel implicated in nephrotic syndromes such as focal segmental glomerulosclerosis (FSGS) and other proteinuric kidney diseases.