Edgewise Therapeutics, Inc. (NASDAQ:EWTX – Get Free Report) fell 7.2% during mid-day trading on Wednesday . The stock traded as low as $41.48 and last traded at $41.2850. 205,746 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 1,201,318 shares. The stock had previously closed at $44.51.
Analyst Upgrades and Downgrades
A number of brokerages have recently weighed in on EWTX. JPMorgan Chase & Co. lifted their price objective on Edgewise Therapeutics from $53.00 to $60.00 and gave the stock an “overweight” rating in a research report on Thursday, August 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Friday, July 17th. The Goldman Sachs Group upped their price objective on shares of Edgewise Therapeutics from $32.00 to $36.00 and gave the stock a “neutral” rating in a report on Tuesday, August 11th. Wedbush lifted their target price on shares of Edgewise Therapeutics from $46.00 to $52.00 and gave the company an “outperform” rating in a research note on Monday, June 1st. Finally, Oppenheimer assumed coverage on shares of Edgewise Therapeutics in a research note on Thursday, July 9th. They issued an “outperform” rating and a $51.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Edgewise Therapeutics has an average rating of “Moderate Buy” and an average price target of $51.33.
View Our Latest Research Report on Edgewise Therapeutics
Edgewise Therapeutics Stock Down 9.4%
Edgewise Therapeutics (NASDAQ:EWTX – Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.53) EPS for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.06). On average, equities research analysts anticipate that Edgewise Therapeutics, Inc. will post -2.09 earnings per share for the current fiscal year.
Insider Activity
In related news, General Counsel John Moore sold 5,016 shares of the company’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $43.82, for a total value of $219,801.12. Following the transaction, the general counsel directly owned 17,697 shares of the company’s stock, valued at approximately $775,482.54. This represents a 22.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Kevin Koch sold 17,971 shares of the stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $43.68, for a total value of $784,973.28. Following the sale, the chief executive officer owned 52,488 shares in the company, valued at approximately $2,292,675.84. This represents a 25.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 238,329 shares of company stock valued at $9,557,529 over the last ninety days. 21.30% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Edgewise Therapeutics
Several institutional investors have recently modified their holdings of the business. Parallel Advisors LLC lifted its holdings in shares of Edgewise Therapeutics by 64.9% during the 1st quarter. Parallel Advisors LLC now owns 1,032 shares of the company’s stock valued at $33,000 after buying an additional 406 shares during the period. KBC Group NV bought a new position in Edgewise Therapeutics in the first quarter valued at about $49,000. Seven Fleet Capital Management LP purchased a new position in Edgewise Therapeutics in the fourth quarter worth about $50,000. Squarepoint Ops LLC purchased a new position in Edgewise Therapeutics in the second quarter worth about $230,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Edgewise Therapeutics during the 2nd quarter valued at about $240,000.
About Edgewise Therapeutics
Edgewise Therapeutics, Inc is a clinical-stage biotechnology company focused on developing small-molecule medicines for severe muscle disorders. The company’s research is centered on therapies intended to address the biological mechanisms that contribute to muscle damage and impaired function in diseases affecting skeletal and cardiac muscle.
Edgewise’s lead program is sevasemten (also known as EDG-5506), an orally administered investigational therapy designed to reduce contraction-related muscle injury by selectively modulating fast skeletal muscle contractility.
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