Edgewise Therapeutics (NASDAQ:EWTX) Stock Price Up 7.1% – What’s Next?

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shot up 7.1% during mid-day trading on Tuesday . The company traded as high as $42.82 and last traded at $42.9390. 329,940 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 1,175,619 shares. The stock had previously closed at $40.10.

Analysts Set New Price Targets

EWTX has been the topic of several research reports. JPMorgan Chase & Co. boosted their price objective 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. Wedbush increased their target price on Edgewise Therapeutics from $46.00 to $52.00 and gave the stock an “outperform” rating in a research note on Monday, June 1st. Weiss Ratings restated a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Monday, April 20th. Royal Bank Of Canada lifted their price target on shares of Edgewise Therapeutics from $48.00 to $59.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 17th. Finally, Guggenheim upped their price objective on Edgewise Therapeutics from $41.00 to $51.00 and gave the company a “buy” rating in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $47.64.

Edgewise Therapeutics Stock Performance

The firm’s fifty day moving average is $35.48 and its two-hundred day moving average is $31.30. The company has a market cap of $4.64 billion, a P/E ratio of -25.99 and a beta of 0.27.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly 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 Transactions at Edgewise Therapeutics

In related news, CMO Joanne M. Donovan sold 50,000 shares of the stock in a transaction that occurred 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 transaction, the chief marketing officer directly owned 4,367 shares of the company’s stock, valued at approximately $168,435.19. This represents a 91.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Alan J. Russell sold 200,000 shares of the company’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $39.41, for a total transaction of $7,882,000.00. Following the sale, the insider directly owned 24,555 shares in the company, valued at approximately $967,712.55. The trade was a 89.07% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 255,230 shares of company stock worth $9,974,147 over the last quarter. 21.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC grew its position in Edgewise Therapeutics by 797.9% in the 4th quarter. SG Americas Securities LLC now owns 88,723 shares of the company’s stock valued at $2,202,000 after acquiring an additional 78,842 shares during the last quarter. HighVista Strategies LLC lifted its position in shares of Edgewise Therapeutics by 198.5% in the 3rd quarter. HighVista Strategies LLC now owns 208,101 shares of the company’s stock worth $3,375,000 after purchasing an additional 138,378 shares during the period. Integral Health Asset Management LLC boosted its position in Edgewise Therapeutics by 50.0% during 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 acquiring an additional 500,000 shares in the last quarter. UBS Group AG boosted its position in Edgewise Therapeutics by 1,755.0% during the fourth quarter. UBS Group AG now owns 2,117,073 shares of the company’s stock valued at $52,535,000 after purchasing an additional 2,002,945 shares in the last quarter. Finally, 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 worth $20,396,000 after buying an additional 202,062 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.