Edgewise Therapeutics (NASDAQ:EWTX) Trading 11.9% Higher – Time to Buy?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares shot up 11.9% on Friday . The company traded as high as $23.55 and last traded at $23.6650. 566,092 shares traded hands during trading, a decline of 52% from the average session volume of 1,189,013 shares. The stock had previously closed at $21.15.

Wall Street Analyst Weigh In

EWTX has been the subject of several recent research reports. Wall Street Zen raised Edgewise Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, November 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research report on Wednesday, October 8th. JPMorgan Chase & Co. upped their target price on shares of Edgewise Therapeutics from $33.00 to $34.00 and gave the company an “overweight” rating in a report on Friday, November 14th. The Goldman Sachs Group assumed coverage on shares of Edgewise Therapeutics in a report on Thursday, September 25th. They set a “neutral” rating and a $20.00 price target for the company. Finally, Royal Bank Of Canada boosted their price objective on shares of Edgewise Therapeutics from $49.00 to $50.00 and gave the company an “outperform” rating in a research report on Friday, November 7th. One 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. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $36.00.

Edgewise Therapeutics Stock Up 13.5%

The business has a 50 day moving average price of $20.12 and a 200-day moving average price of $16.36. The firm has a market cap of $2.54 billion, a price-to-earnings ratio of -15.22 and a beta of 0.26.

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

Insider Activity

In related news, insider Alan J. Russell sold 100,000 shares of the stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $21.12, for a total value of $2,112,000.00. Following the completion of the transaction, the insider owned 23,400 shares of the company’s stock, valued at approximately $494,208. This represents a 81.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Jonathan C. Fox acquired 10,700 shares of the stock in a transaction on Tuesday, November 11th. The shares were acquired at an average price 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 $441,805.28. This represents a 82.30% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 23.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

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