Edgewise Therapeutics (NASDAQ:EWTX) Sets New 1-Year High – What’s Next?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares reached a new 52-week high on Wednesday . The stock traded as high as $41.00 and last traded at $41.0780, with a volume of 133646 shares trading hands. The stock had previously closed at $38.83.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on EWTX shares. Wall Street Zen lowered shares of Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, February 28th. Wedbush increased their price objective on Edgewise Therapeutics from $46.00 to $52.00 and gave the company an “outperform” rating in a research report on Monday, June 1st. Raymond James Financial reissued a “strong-buy” rating and issued a $66.00 target price on shares of Edgewise Therapeutics in a research note on Monday, June 1st. Royal Bank Of Canada boosted their target price on Edgewise Therapeutics from $48.00 to $59.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 17th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $45.00 price target on shares of Edgewise Therapeutics in a research note on Tuesday, June 16th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Edgewise Therapeutics currently has an average rating of “Moderate Buy” and an average price target of $47.30.

Edgewise Therapeutics Stock Down 1.4%

The company’s fifty day moving average is $34.48 and its two-hundred day moving average is $30.48. The firm has a market capitalization of $4.49 billion, a price-to-earnings ratio of -25.11 and a beta of 0.27.

Edgewise Therapeutics (NASDAQ:EWTX) last released its earnings results on Thursday, May 7th. The company reported ($0.46) EPS for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.04. On average, equities research analysts expect that Edgewise Therapeutics, Inc. will post -2.01 EPS for the current year.

Insider Activity at Edgewise Therapeutics

In related news, CMO Joanne M. Donovan sold 50,000 shares of Edgewise Therapeutics stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $38.57, for a total transaction of $1,928,500.00. Following the completion of the sale, the chief marketing officer directly owned 4,367 shares of the company’s stock, valued at $168,435.19. The trade was a 91.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 83,892 shares of company stock worth $3,018,216 over the last ninety days. 21.30% of the stock is owned by insiders.

Institutional Trading of Edgewise Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC raised its position in shares of Edgewise Therapeutics by 797.9% during the fourth quarter. SG Americas Securities LLC now owns 88,723 shares of the company’s stock worth $2,202,000 after purchasing an additional 78,842 shares during the period. HighVista Strategies LLC lifted its holdings in shares of Edgewise Therapeutics by 198.5% during the 3rd quarter. HighVista Strategies LLC now owns 208,101 shares of the company’s stock valued at $3,375,000 after purchasing an additional 138,378 shares in the last quarter. Integral Health Asset Management LLC grew its position in shares of Edgewise Therapeutics by 50.0% in the 3rd quarter. Integral Health Asset Management LLC now owns 1,500,000 shares of the company’s stock valued at $24,330,000 after purchasing an additional 500,000 shares during the period. Aberdeen Group plc grew its position in shares of Edgewise Therapeutics by 32.6% in the 4th quarter. Aberdeen Group plc now owns 821,940 shares of the company’s stock valued at $20,396,000 after purchasing an additional 202,062 shares during the period. Finally, UBS Group AG increased its stake in Edgewise Therapeutics by 1,755.0% during the 4th quarter. UBS Group AG now owns 2,117,073 shares of the company’s stock worth $52,535,000 after purchasing an additional 2,002,945 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.