Edgewise Therapeutics (NASDAQ:EWTX) Stock Price Up 7.1% – Here’s Why

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) rose 7.1% during mid-day trading on Tuesday . The company traded as high as $42.82 and last traded at $42.9390. 329,940 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 1,175,619 shares. The stock had previously closed at $40.10.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Raymond James Financial reaffirmed a “strong-buy” rating and set a $66.00 target price on shares of Edgewise Therapeutics in a research note on Monday, June 1st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Monday, April 20th. Royal Bank Of Canada increased their price objective on Edgewise Therapeutics from $48.00 to $59.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 17th. Wedbush increased their target price on shares of Edgewise Therapeutics from $46.00 to $52.00 and gave the company an “outperform” rating in a report on Monday, June 1st. Finally, JPMorgan Chase & Co. lifted their price target on Edgewise Therapeutics from $34.00 to $45.00 and gave the stock an “overweight” rating in a report on Tuesday, March 17th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Edgewise Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $47.64.

Edgewise Therapeutics Stock Up 7.6%

The company has a 50-day moving average price of $35.48 and a two-hundred day moving average price of $31.30. The company has a market capitalization of $4.64 billion, a PE ratio of -25.99 and a beta of 0.27.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.46) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.04. As a group, equities analysts anticipate that Edgewise Therapeutics, Inc. will post -2.01 EPS for the current fiscal year.

Insider Activity

In other news, insider Alan J. Russell sold 200,000 shares of Edgewise Therapeutics stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $39.41, for a total transaction of $7,882,000.00. Following the completion of the sale, the insider owned 24,555 shares in the company, valued at approximately $967,712.55. This trade represents a 89.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CMO Joanne M. Donovan sold 50,000 shares of Edgewise Therapeutics stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $38.57, for a total transaction of $1,928,500.00. Following the sale, the chief marketing officer owned 4,367 shares of the company’s stock, valued at approximately $168,435.19. The trade was a 91.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 255,230 shares of company stock worth $9,974,147. Insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On Edgewise Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in EWTX. Seven Fleet Capital Management LP grew its stake in shares of Edgewise Therapeutics by 485.1% during the first quarter. Seven Fleet Capital Management LP now owns 11,701 shares of the company’s stock valued at $369,000 after buying an additional 9,701 shares during the last quarter. Parallel Advisors LLC lifted its position in Edgewise Therapeutics by 64.9% in the first quarter. Parallel Advisors LLC now owns 1,032 shares of the company’s stock valued at $33,000 after purchasing an additional 406 shares during the last quarter. Glenmede Trust Co. NA purchased a new stake in shares of Edgewise Therapeutics during the first quarter valued at approximately $606,000. Janus Henderson Group PLC grew its holdings in Edgewise Therapeutics by 29.5% in the 1st quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company’s stock worth $186,289,000 after acquiring an additional 1,348,706 shares during the last quarter. Finally, Ally Bridge Group NY LLC grew its stake in shares of Edgewise Therapeutics by 392.7% in the first quarter. Ally Bridge Group NY LLC now owns 161,000 shares of the company’s stock worth $5,072,000 after purchasing an additional 216,000 shares during the last quarter.

About Edgewise Therapeutics

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.