Edgewise Therapeutics (NASDAQ:EWTX) Shares Up 14% – Time to Buy?

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) were up 14% during trading on Friday. The stock traded as high as $44.18 and last traded at $44.3260. 1,450,164 shares were traded during mid-day trading, an increase of 14% from the average daily volume of 1,271,218 shares. The stock had previously closed at $38.87.

Analysts Set New Price Targets

A number of research firms have weighed in on EWTX. Raymond James Financial reiterated an “underperform” rating and issued a $85.00 target price on shares of Edgewise Therapeutics in a research note on Thursday. Evercore restated an “outperform” rating and set a $55.00 price target on shares of Edgewise Therapeutics in a research note on Monday, July 20th. Wall Street Zen upgraded shares of Edgewise Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, October 4th. HC Wainwright reaffirmed a “buy” rating on shares of Edgewise Therapeutics in a report on Wednesday, October 14th. Finally, Oppenheimer started coverage on Edgewise Therapeutics in a research note on Thursday, July 9th. They issued an “outperform” rating and a $51.00 price objective on the stock. Nine equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $52.83.

Edgewise Therapeutics Stock Performance

The stock has a 50 day moving average of $40.84 and a 200-day moving average of $36.46. The firm has a market capitalization of $4.87 billion, a P/E ratio of 5.46 and a beta of 0.39.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings data on Wednesday, November 4th. The company reported $9.65 EPS for the quarter, beating the consensus estimate of ($0.53) by $10.18. As a group, sell-side analysts expect that Edgewise Therapeutics, Inc. will post -2.09 EPS for the current year.

Insider Buying and Selling

In other Edgewise Therapeutics news, insider Alan J. Russell sold 5,901 shares of the firm’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $43.73, for a total value of $258,050.73. Following the completion of the transaction, the insider directly owned 31,466 shares of the company’s stock, valued at $1,376,008.18. This trade represents a 15.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel John Moore sold 5,016 shares of Edgewise Therapeutics stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $43.82, for a total value of $219,801.12. Following the sale, the general counsel directly owned 17,697 shares of the company’s stock, valued at $775,482.54. This represents a 22.08% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 38,329 shares of company stock worth $1,675,529. Company insiders own 21.30% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of large investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC lifted its holdings in shares of Edgewise Therapeutics by 64.9% in the 1st quarter. Parallel Advisors LLC now owns 1,032 shares of the company’s stock worth $33,000 after acquiring an additional 406 shares during the last quarter. KBC Group NV bought a new position in shares of Edgewise Therapeutics during the first quarter valued at about $49,000. Sterling Capital Management LLC boosted its holdings in shares of Edgewise Therapeutics by 840.2% during the third quarter. Sterling Capital Management LLC now owns 2,360 shares of the company’s stock worth $96,000 after purchasing an additional 2,109 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Edgewise Therapeutics by 26.5% during the third quarter. GAMMA Investing LLC now owns 2,666 shares of the company’s stock worth $108,000 after purchasing an additional 559 shares during the period. Finally, Strs Ohio bought a new stake in shares of Edgewise Therapeutics in the first quarter worth about $217,000.

About Edgewise Therapeutics

Edgewise Therapeutics, Inc is a clinical-stage biotechnology company focused on developing small-molecule therapies for severe muscle disorders. The company’s research programs target the biology of skeletal and cardiac muscle, with the goal of addressing diseases for which treatment options remain limited.

Edgewise’s lead product candidate is sevasemten (formerly EDG-5506), an oral therapy designed to reduce contraction-induced muscle damage associated with dystrophinopathies, including Duchenne and Becker muscular dystrophy.