Edgewise Therapeutics (NASDAQ:EWTX) Stock Price Down 3.4%

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) were down 3.4% during mid-day trading on Wednesday . The company traded as low as $15.78 and last traded at $16.06. Approximately 166,662 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 942,962 shares. The stock had previously closed at $16.63.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on EWTX shares. Wedbush reaffirmed an “outperform” rating and issued a $26.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday. Piper Sandler began coverage on Edgewise Therapeutics in a report on Thursday, March 7th. They issued an “overweight” rating and a $48.00 price target for the company.

Edgewise Therapeutics Stock Performance

The company has a fifty day simple moving average of $17.30 and a two-hundred day simple moving average of $11.88. The company has a market capitalization of $1.49 billion, a price-to-earnings ratio of -10.16 and a beta of 0.14.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings results 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). As a group, analysts expect that Edgewise Therapeutics, Inc. will post -1.76 EPS for the current year.

Insider Transactions at Edgewise Therapeutics

In other news, Director Peter A. Thompson acquired 454,545 shares of the company’s stock in a transaction dated Tuesday, January 23rd. The stock was acquired at an average cost of $11.00 per share, for a total transaction of $4,999,995.00. Following the acquisition, the director now directly owns 14,436,497 shares in the company, valued at approximately $158,801,467. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Behrad Derakhshan sold 4,600 shares of the company’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $20.01, for a total transaction of $92,046.00. Following the completion of the sale, the insider now directly owns 7,020 shares in the company, valued at approximately $140,470.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Peter A. Thompson acquired 454,545 shares of the company’s stock in a transaction dated Tuesday, January 23rd. The shares were purchased at an average price of $11.00 per share, with a total value of $4,999,995.00. Following the completion of the acquisition, the director now owns 14,436,497 shares in the company, valued at $158,801,467. The disclosure for this purchase can be found here. Insiders sold a total of 120,622 shares of company stock worth $2,032,766 in the last ninety days. Insiders own 31.95% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

A number of institutional investors have recently added to or reduced their stakes in EWTX. JPMorgan Chase & Co. boosted its position in Edgewise Therapeutics by 23.4% during the 1st quarter. JPMorgan Chase & Co. now owns 27,166 shares of the company’s stock worth $263,000 after purchasing an additional 5,156 shares during the period. MetLife Investment Management LLC boosted its position in Edgewise Therapeutics by 55.4% during the 1st quarter. MetLife Investment Management LLC now owns 23,355 shares of the company’s stock worth $227,000 after purchasing an additional 8,328 shares during the period. Rhumbline Advisers boosted its position in Edgewise Therapeutics by 20.8% during the 1st quarter. Rhumbline Advisers now owns 36,861 shares of the company’s stock worth $358,000 after purchasing an additional 6,350 shares during the period. BlackRock Inc. boosted its position in Edgewise Therapeutics by 0.4% during the 1st quarter. BlackRock Inc. now owns 2,055,160 shares of the company’s stock worth $19,934,000 after purchasing an additional 7,557 shares during the period. Finally, Vanguard Group Inc. boosted its position in Edgewise Therapeutics by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 1,211,093 shares of the company’s stock worth $11,748,000 after purchasing an additional 11,693 shares during the period.

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.