Edgewise Therapeutics (NASDAQ:EWTX) Sees Unusually-High Trading Volume – Here’s What Happened

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) saw unusually-strong trading volume on Tuesday . Approximately 1,841,302 shares traded hands during mid-day trading, an increase of 67% from the previous session’s volume of 1,105,020 shares.The stock last traded at $31.5510 and had previously closed at $35.21.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on EWTX shares. HC Wainwright upped their price target on Edgewise Therapeutics from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Evercore restated an “outperform” rating and issued a $45.00 price target on shares of Edgewise Therapeutics in a research report on Thursday, February 26th. Wedbush upped their price target on Edgewise Therapeutics from $46.00 to $52.00 and gave the company an “outperform” rating in a research report on Monday, June 1st. Raymond James Financial restated a “strong-buy” rating and issued a $66.00 price target on shares of Edgewise Therapeutics in a research report on Monday, June 1st. Finally, 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 report on Tuesday, March 17th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Edgewise Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $44.22.

Edgewise Therapeutics Price Performance

The company has a market cap of $3.56 billion, a PE ratio of -19.91 and a beta of 0.27. The company’s 50 day simple moving average is $33.74 and its two-hundred day simple moving average is $29.73.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.46) EPS for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.04. Sell-side analysts expect that Edgewise Therapeutics, Inc. will post -2.01 EPS for the current fiscal year.

Insider Buying and Selling

In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 50,000 shares of the company’s stock in a transaction 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 transaction, the chief marketing officer directly owned 4,367 shares in the company, valued at $168,435.19. This represents a 91.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 83,892 shares of company stock worth $3,018,216 in the last 90 days. 21.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in EWTX. Parallel Advisors LLC lifted its stake in Edgewise Therapeutics by 64.9% during 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. Bessemer Group Inc. lifted its stake in Edgewise Therapeutics by 1,170.3% during the third quarter. Bessemer Group Inc. now owns 2,350 shares of the company’s stock worth $38,000 after purchasing an additional 2,165 shares in the last quarter. Canada Pension Plan Investment Board acquired a new position in Edgewise Therapeutics during the second quarter worth $45,000. Jones Financial Companies Lllp acquired a new position in Edgewise Therapeutics during the first quarter worth $47,000. Finally, KBC Group NV acquired a new position in Edgewise Therapeutics during the first quarter worth $49,000.

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.