Edgewise Therapeutics (NASDAQ:EWTX) Trading Down 3.8% – Time to Sell?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares dropped 3.8% during mid-day trading on Monday . The stock traded as low as $14.85 and last traded at $14.72. Approximately 30,715 shares were traded during mid-day trading, a decline of 97% from the average daily volume of 1,206,789 shares. The stock had previously closed at $15.29.

Analysts Set New Price Targets

A number of brokerages recently issued reports on EWTX. Wedbush reissued an “outperform” rating and set a $43.00 price objective on shares of Edgewise Therapeutics in a report on Monday, April 21st. Royal Bank Of Canada restated an “outperform” rating and issued a $48.00 target price on shares of Edgewise Therapeutics in a research note on Thursday, June 5th. Piper Sandler restated an “overweight” rating and issued a $51.00 target price on shares of Edgewise Therapeutics in a research note on Wednesday, April 2nd. Scotiabank lowered Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and decreased their target price for the stock from $50.00 to $14.00 in a research note on Wednesday, April 2nd. Finally, Guggenheim initiated coverage on Edgewise Therapeutics in a research note on Wednesday, April 30th. They issued a “buy” rating and a $41.00 target price on the stock. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $39.78.

Edgewise Therapeutics Trading Down 1.3%

The firm has a fifty day simple moving average of $14.52 and a two-hundred day simple moving average of $22.03. The firm has a market cap of $1.52 billion, a PE ratio of -9.35 and a beta of 0.28.

Edgewise Therapeutics (NASDAQ:EWTX) last released its earnings results on Thursday, May 8th. The company reported ($0.43) EPS for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.02. Equities analysts expect that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current fiscal year.

Insider Activity

In other Edgewise Therapeutics news, Director Orbimed Advisors Llc bought 496,771 shares of Edgewise Therapeutics stock in a transaction on Thursday, April 3rd. The stock was acquired at an average price of $20.13 per share, with a total value of $10,000,000.23. Following the acquisition, the director now owns 14,809,075 shares in the company, valued at approximately $298,106,679.75. This trade represents a 3.47% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CMO Joanne M. Donovan sold 5,187 shares of the firm’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $16.45, for a total value of $85,326.15. Following the completion of the transaction, the chief marketing officer now owns 21,588 shares in the company, valued at approximately $355,122.60. This trade represents a 19.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 14,258 shares of company stock worth $234,544 in the last quarter. 23.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of EWTX. Diadema Partners LP purchased a new position in Edgewise Therapeutics during the fourth quarter valued at $36,000. Jones Financial Companies Lllp purchased a new position in Edgewise Therapeutics during the first quarter valued at $47,000. GF Fund Management CO. LTD. purchased a new position in Edgewise Therapeutics during the fourth quarter valued at $53,000. Allostery Investments LP purchased a new position in Edgewise Therapeutics during the first quarter valued at $66,000. Finally, Caitong International Asset Management Co. Ltd lifted its position in Edgewise Therapeutics by 55.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 3,194 shares of the company’s stock valued at $70,000 after purchasing an additional 1,141 shares in the last quarter.

About Edgewise Therapeutics

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.