Edgewise Therapeutics (NASDAQ:EWTX) Reaches New 1-Year High – Should You Buy?

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) hit a new 52-week high on Monday . The company traded as high as $30.28 and last traded at $30.44, with a volume of 483690 shares trading hands. The stock had previously closed at $29.10.

Wall Street Analyst Weigh In

EWTX has been the topic of several research analyst reports. JPMorgan Chase & Co. lifted their target price on Edgewise Therapeutics from $33.00 to $34.00 and gave the company an “overweight” rating in a research note on Friday, November 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Wednesday, January 21st. Piper Sandler reaffirmed an “overweight” rating on shares of Edgewise Therapeutics in a research note on Monday. Wall Street Zen lowered Edgewise Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday. Finally, Royal Bank Of Canada boosted their target price on Edgewise Therapeutics from $49.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, November 7th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $36.67.

Edgewise Therapeutics Price Performance

The business has a 50-day simple moving average of $25.62 and a two-hundred day simple moving average of $19.54.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.39) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.01. Sell-side analysts expect that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Alan J. Russell sold 100,000 shares of the company’s stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $21.12, for a total transaction of $2,112,000.00. Following the completion of the transaction, the insider directly owned 23,400 shares in the company, valued at $494,208. This represents a 81.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Jonathan C. Fox purchased 10,700 shares of Edgewise Therapeutics stock in a transaction on Tuesday, November 11th. The stock was bought at an average cost of $18.64 per share, with a total value of $199,448.00. Following the completion of the acquisition, the director owned 23,702 shares in the company, valued at approximately $441,805.28. This trade represents a 82.30% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 23.20% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the business. Braidwell LP boosted its stake in Edgewise Therapeutics by 111.9% in the 2nd quarter. Braidwell LP now owns 5,210,831 shares of the company’s stock valued at $68,314,000 after buying an additional 2,752,023 shares in the last quarter. UBS Group AG grew its holdings in Edgewise Therapeutics by 1,755.0% during the 4th quarter. UBS Group AG now owns 2,117,073 shares of the company’s stock worth $52,535,000 after acquiring an additional 2,002,945 shares during the period. Bellevue Group AG increased its stake in Edgewise Therapeutics by 94.3% in the second quarter. Bellevue Group AG now owns 2,775,997 shares of the company’s stock valued at $36,393,000 after purchasing an additional 1,347,068 shares in the last quarter. Sofinnova Investments Inc. raised its holdings in Edgewise Therapeutics by 3,185.7% during the 2nd quarter. Sofinnova Investments Inc. now owns 716,873 shares of the company’s stock worth $9,398,000 after buying an additional 695,055 shares during the period. Finally, MPM Bioimpact LLC grew its holdings in shares of Edgewise Therapeutics by 55.7% during the second quarter. MPM Bioimpact LLC now owns 1,720,741 shares of the company’s stock worth $22,559,000 after buying an additional 615,297 shares in 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.