Edgewise Therapeutics (NASDAQ:EWTX) Reaches New 12-Month High – Here’s What Happened

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $44.83 and last traded at $45.0510, with a volume of 35111 shares. The stock had previously closed at $43.13.

Wall Street Analysts Forecast Growth

EWTX has been the topic of several recent research reports. Leerink Partners set a $52.00 target price on shares of Edgewise Therapeutics in a research report on Tuesday, June 16th. Truist Financial set a $52.00 price target on Edgewise Therapeutics in a research report on Wednesday, May 6th. JPMorgan Chase & Co. upped their price objective on Edgewise Therapeutics from $34.00 to $45.00 and gave the company an “overweight” rating in a research report on Tuesday, March 17th. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $66.00 price objective on shares of Edgewise Therapeutics in a research note on Monday, June 1st. Finally, Wedbush boosted their target price on Edgewise Therapeutics from $46.00 to $52.00 and gave the company an “outperform” rating in a research report on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $47.64.

Edgewise Therapeutics Price Performance

The stock has a market capitalization of $4.83 billion, a PE ratio of -27.15 and a beta of 0.27. The firm has a fifty day moving average price of $35.71 and a two-hundred day moving average price of $31.45.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.46) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.50) by $0.04. On average, research analysts expect that Edgewise Therapeutics, Inc. will post -2.01 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Alan J. Russell sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $39.41, for a total value 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. The trade was a 89.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CMO Joanne M. Donovan sold 50,000 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $38.57, for a total value of $1,928,500.00. Following the completion of the transaction, the chief marketing officer directly owned 4,367 shares in the company, valued at approximately $168,435.19. This trade represents a 91.97% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 255,230 shares of company stock valued at $9,974,147. 21.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Orbimed Advisors LLC increased its stake in shares of Edgewise Therapeutics by 3.3% during the second quarter. Orbimed Advisors LLC now owns 15,518,492 shares of the company’s stock valued at $203,447,000 after buying an additional 496,771 shares during the period. RA Capital Management L.P. grew its holdings in Edgewise Therapeutics by 5.3% during the 3rd quarter. RA Capital Management L.P. now owns 10,428,437 shares of the company’s stock worth $169,149,000 after acquiring an additional 525,804 shares in the last quarter. Paradigm Biocapital Advisors LP grew its holdings in Edgewise Therapeutics by 6.0% during the 4th quarter. Paradigm Biocapital Advisors LP now owns 6,541,210 shares of the company’s stock worth $162,320,000 after acquiring an additional 371,079 shares in the last quarter. Janus Henderson Group PLC increased its position in Edgewise Therapeutics by 29.5% during the 1st quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company’s stock valued at $186,289,000 after purchasing an additional 1,348,706 shares during the period. Finally, Vanguard Group Inc. increased its position in Edgewise Therapeutics by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 4,871,624 shares of the company’s stock valued at $120,889,000 after purchasing an additional 67,683 shares during the period.

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.