Edgewise Therapeutics (NASDAQ:EWTX) Shares Gap Up to $17.39

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $17.39, but opened at $17.77. Edgewise Therapeutics shares last traded at $17.35, with a volume of 201,658 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on EWTX shares. Royal Bank of Canada lifted their price target on shares of Edgewise Therapeutics from $28.00 to $32.00 and gave the company an “outperform” rating in a report on Monday, April 22nd. Piper Sandler assumed coverage on shares of Edgewise Therapeutics in a research note on Thursday, March 7th. They issued an “overweight” rating and a $48.00 price target for the company. Truist Financial reaffirmed a “buy” rating and set a $25.00 price objective on shares of Edgewise Therapeutics in a research report on Wednesday, April 17th. Finally, Wedbush reissued an “outperform” rating and issued a $31.00 target price on shares of Edgewise Therapeutics in a research report on Wednesday. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Edgewise Therapeutics currently has an average rating of “Buy” and a consensus target price of $32.20.

Edgewise Therapeutics Trading Up 0.1 %

The company has a market cap of $1.63 billion, a PE ratio of -11.29 and a beta of 0.13. The firm has a 50 day moving average of $17.61 and a two-hundred day moving average of $15.78.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its earnings results on Thursday, May 9th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.39) by $0.06. On average, research analysts forecast that Edgewise Therapeutics, Inc. will post -1.59 EPS for the current year.

Insider Activity at Edgewise Therapeutics

In related news, CMO Joanne M. Donovan sold 3,682 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $18.91, for a total transaction of $69,626.62. Following the transaction, the chief marketing officer now owns 19,897 shares in the company, valued at $376,252.27. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 3,682 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total value of $69,626.62. Following the transaction, the chief marketing officer now directly owns 19,897 shares of the company’s stock, valued at $376,252.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel John R. Moore sold 1,956 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total transaction of $36,987.96. Following the completion of the transaction, the general counsel now owns 3,252 shares in the company, valued at approximately $61,495.32. The disclosure for this sale can be found here. Insiders have sold 12,665 shares of company stock valued at $239,495 over the last ninety days. Insiders own 24.11% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in EWTX. China Universal Asset Management Co. Ltd. raised its position in shares of Edgewise Therapeutics by 349.1% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 7,338 shares of the company’s stock valued at $80,000 after purchasing an additional 5,704 shares during the period. AJOVista LLC bought a new stake in Edgewise Therapeutics during the 4th quarter valued at approximately $84,000. Corton Capital Inc. bought a new position in Edgewise Therapeutics in the 3rd quarter worth approximately $98,000. Ameritas Investment Partners Inc. raised its position in shares of Edgewise Therapeutics by 37.3% during the first quarter. Ameritas Investment Partners Inc. now owns 5,751 shares of the company’s stock valued at $105,000 after buying an additional 1,561 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Edgewise Therapeutics by 29.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 20,833 shares of the company’s stock worth $228,000 after buying an additional 4,785 shares in the last quarter.

About Edgewise Therapeutics

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.