Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Sees Significant Increase in Short Interest

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) was the target of a large increase in short interest during the month of February. As of February 29th, there was short interest totalling 5,460,000 shares, an increase of 6.4% from the February 14th total of 5,130,000 shares. Approximately 9.1% of the shares of the company are sold short. Based on an average daily volume of 967,100 shares, the days-to-cover ratio is presently 5.6 days.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler began coverage on Edgewise Therapeutics in a research report on Thursday, March 7th. They issued an “overweight” rating and a $48.00 price target for the company.

Edgewise Therapeutics Stock Performance

Shares of EWTX stock traded down $1.39 during trading hours on Monday, reaching $15.53. The company had a trading volume of 1,147,003 shares, compared to its average volume of 1,109,277. The stock has a fifty day moving average of $16.09 and a 200-day moving average of $10.23. The company has a market capitalization of $1.45 billion, a price-to-earnings ratio of -9.83 and a beta of 0.12. Edgewise Therapeutics has a 12-month low of $5.12 and a 12-month high of $20.69.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings data on Thursday, February 22nd. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.44) by ($0.03). On average, analysts forecast that Edgewise Therapeutics will post -1.76 EPS for the current year.

Insider Buying and Selling at Edgewise Therapeutics

In other news, CFO R Michael Carruthers sold 90,000 shares of the business’s stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $15.78, for a total value of $1,420,200.00. Following the completion of the transaction, the chief financial officer now owns 29,024 shares of the company’s stock, valued at approximately $457,998.72. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CFO R Michael Carruthers sold 90,000 shares of the company’s stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $15.78, for a total value of $1,420,200.00. Following the completion of the transaction, the chief financial officer now owns 29,024 shares of the company’s stock, valued at approximately $457,998.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jonathan C. Fox purchased 10,857 shares of Edgewise Therapeutics stock in a transaction that occurred on Tuesday, December 26th. The stock was acquired at an average cost of $9.30 per share, with a total value of $100,970.10. Following the acquisition, the director now directly owns 10,857 shares in the company, valued at approximately $100,970.10. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 301,704 shares of company stock worth $3,732,203. 31.95% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Legal & General Group Plc raised its stake in shares of Edgewise Therapeutics by 41.2% in the fourth quarter. Legal & General Group Plc now owns 3,634 shares of the company’s stock valued at $32,000 after acquiring an additional 1,060 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in Edgewise Therapeutics by 395.2% in the third quarter. Tower Research Capital LLC TRC now owns 6,056 shares of the company’s stock valued at $35,000 after buying an additional 4,833 shares in the last quarter. Royal Bank of Canada raised its stake in Edgewise Therapeutics by 82.8% in the second quarter. Royal Bank of Canada now owns 5,164 shares of the company’s stock valued at $40,000 after buying an additional 2,339 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its stake in Edgewise Therapeutics by 349.1% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 7,338 shares of the company’s stock valued at $80,000 after buying an additional 5,704 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in Edgewise Therapeutics by 11.2% in the first quarter. Principal Financial Group Inc. now owns 12,178 shares of the company’s stock valued at $81,000 after buying an additional 1,230 shares in the last quarter.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics, Inc, a biopharmaceutical company, discovers, develops, and commercializes therapies for the treatment of muscle disorders. Its lead product candidate, EDG-5506, an orally administered small molecule that is in Phase II clinical trials, designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy and Becker muscular dystrophy.