Edgewise Therapeutics (NASDAQ:EWTX) Shares Up 7% – Should You Buy?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shot up 7% on Wednesday . The stock traded as high as $26.57 and last traded at $26.7020. 265,646 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 797,258 shares. The stock had previously closed at $24.95.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on EWTX shares. Weiss Ratings restated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research report on Wednesday, October 8th. Wedbush cut their price objective on Edgewise Therapeutics from $35.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, November 7th. Royal Bank Of Canada boosted their target price on Edgewise Therapeutics from $49.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday, November 7th. The Goldman Sachs Group began coverage on Edgewise Therapeutics in a research note on Thursday, September 25th. They issued a “neutral” rating and a $20.00 target price for the company. Finally, Wall Street Zen lowered shares of Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, December 27th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $36.00.

Edgewise Therapeutics Stock Performance

The business has a 50-day simple moving average of $23.21 and a 200-day simple moving average of $17.64. The company has a market cap of $2.89 billion, a price-to-earnings ratio of -17.21 and a beta of 0.27.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.39) EPS for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.01. Research analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Insider Activity

In other Edgewise Therapeutics news, Director Jonathan C. Fox acquired 10,700 shares of the stock in a transaction that occurred on Tuesday, November 11th. The shares were purchased at an average cost of $18.64 per share, with a total value of $199,448.00. Following the purchase, the director owned 23,702 shares in the company, valued at approximately $441,805.28. The trade was a 82.30% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Alan J. Russell sold 100,000 shares of Edgewise Therapeutics stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $21.12, for a total transaction of $2,112,000.00. Following the transaction, the insider owned 23,400 shares of the company’s stock, valued at approximately $494,208. The trade was a 81.04% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 23.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. California State Teachers Retirement System increased its holdings in Edgewise Therapeutics by 2.4% in the 2nd quarter. California State Teachers Retirement System now owns 36,878 shares of the company’s stock valued at $483,000 after purchasing an additional 850 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Edgewise Therapeutics by 28.2% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,062 shares of the company’s stock worth $53,000 after acquiring an additional 894 shares in the last quarter. HighMark Wealth Management LLC grew its position in Edgewise Therapeutics by 2.1% in the third quarter. HighMark Wealth Management LLC now owns 53,179 shares of the company’s stock valued at $863,000 after acquiring an additional 1,114 shares in the last quarter. Creative Planning raised its stake in shares of Edgewise Therapeutics by 6.7% during the third quarter. Creative Planning now owns 18,036 shares of the company’s stock valued at $293,000 after purchasing an additional 1,126 shares during the period. Finally, Tower Research Capital LLC TRC raised its stake in shares of Edgewise Therapeutics by 14.9% during the second quarter. Tower Research Capital LLC TRC now owns 9,148 shares of the company’s stock valued at $120,000 after purchasing an additional 1,188 shares during the period.

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.