Edgewise Therapeutics (NASDAQ:EWTX) Reaches New 52-Week High – Here’s Why

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $35.00 and last traded at $34.0290, with a volume of 823227 shares traded. The stock had previously closed at $34.43.

Analyst Ratings Changes

Several research analysts recently issued reports on EWTX shares. Wedbush reiterated an “outperform” rating and issued a $32.00 price target on shares of Edgewise Therapeutics in a research note on Tuesday, March 17th. JPMorgan Chase & Co. increased their price target on shares of Edgewise Therapeutics from $34.00 to $45.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 17th. Wall Street Zen lowered shares of Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Monday. Finally, Evercore reiterated an “outperform” rating and issued a $45.00 price target on shares of Edgewise Therapeutics in a research note on Thursday, February 26th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $38.44.

Edgewise Therapeutics Stock Performance

The company’s 50-day moving average is $30.97 and its 200 day moving average is $25.58. The company has a market capitalization of $3.48 billion, a PE ratio of -19.91 and a beta of 0.24.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($0.47) EPS for the quarter, missing the consensus estimate of ($0.43) by ($0.04). On average, analysts forecast that Edgewise Therapeutics, Inc. will post -2.16 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CMO Joanne M. Donovan sold 28,662 shares of the stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $32.31, for a total transaction of $926,069.22. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 23.20% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

Several institutional investors have recently bought and sold shares of EWTX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Edgewise Therapeutics by 6.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 43,776 shares of the company’s stock valued at $963,000 after purchasing an additional 2,463 shares during the last quarter. Jones Financial Companies Lllp purchased a new stake in shares of Edgewise Therapeutics during the 1st quarter valued at about $47,000. Goldman Sachs Group Inc. boosted its holdings in shares of Edgewise Therapeutics by 5.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 366,644 shares of the company’s stock valued at $8,066,000 after acquiring an additional 19,753 shares during the last quarter. Strs Ohio purchased a new stake in shares of Edgewise Therapeutics during the 1st quarter valued at about $84,000. Finally, Creative Planning boosted its holdings in shares of Edgewise Therapeutics by 29.4% during the 2nd quarter. Creative Planning now owns 16,910 shares of the company’s stock valued at $222,000 after acquiring an additional 3,837 shares during the last quarter.

About Edgewise Therapeutics

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.