Edgewise Therapeutics (NASDAQ:EWTX) Shares Gap Up – Here’s What Happened

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $21.75, but opened at $22.46. Edgewise Therapeutics shares last traded at $25.7550, with a volume of 891,342 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages have weighed in on EWTX. Wedbush dropped their price objective on Edgewise Therapeutics from $35.00 to $32.00 and set an “outperform” rating on the stock in a research note on Friday, November 7th. The Goldman Sachs Group initiated coverage on shares of Edgewise Therapeutics in a report on Thursday, September 25th. They set a “neutral” rating and a $20.00 price target on the stock. Wall Street Zen upgraded shares of Edgewise Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, November 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Wednesday, October 8th. Finally, Royal Bank Of Canada upped their target price on Edgewise Therapeutics from $49.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, November 7th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Edgewise Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $36.00.

Edgewise Therapeutics Trading Up 23.3%

The business’s fifty day moving average is $20.60 and its 200 day moving average is $16.55. The company has a market cap of $2.84 billion, a P/E ratio of -16.83 and a beta of 0.26.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.39) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.01. As a group, research analysts expect that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Jonathan C. Fox bought 10,700 shares of the business’s stock in a transaction on Tuesday, November 11th. The stock was acquired at an average price of $18.64 per share, for a total transaction of $199,448.00. Following the purchase, the director directly owned 23,702 shares in the company, valued at $441,805.28. This trade represents a 82.30% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, 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 shares were sold at an average price of $21.12, for a total value of $2,112,000.00. Following the transaction, the insider directly owned 23,400 shares of the company’s stock, valued at $494,208. The trade was a 81.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 23.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Several hedge funds have recently bought and sold shares of EWTX. Invesco Ltd. boosted its holdings in Edgewise Therapeutics by 10.8% in the 1st quarter. Invesco Ltd. now owns 48,130 shares of the company’s stock valued at $1,059,000 after purchasing an additional 4,695 shares during the period. Nuveen LLC bought a new stake in Edgewise Therapeutics during the first quarter valued at $4,457,000. AlphaQuest LLC boosted its stake in Edgewise Therapeutics by 324.8% during the first quarter. AlphaQuest LLC now owns 9,358 shares of the company’s stock valued at $206,000 after buying an additional 7,155 shares during the period. Siren L.L.C. increased its stake in Edgewise Therapeutics by 131.0% in the 1st quarter. Siren L.L.C. now owns 1,696,444 shares of the company’s stock worth $37,322,000 after acquiring an additional 962,101 shares during the last quarter. Finally, Braidwell LP increased its stake in Edgewise Therapeutics by 5.4% in the 1st quarter. Braidwell LP now owns 2,458,808 shares of the company’s stock worth $54,094,000 after acquiring an additional 126,612 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.