Edgewise Therapeutics (NASDAQ:EWTX) Reaches New 1-Year High – Here’s Why

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $30.29 and last traded at $29.98, with a volume of 446638 shares changing hands. The stock had previously closed at $28.49.

Wall Street Analyst Weigh In

Several analysts have recently commented on EWTX shares. Piper Sandler restated an “overweight” rating and issued a $48.00 target price on shares of Edgewise Therapeutics in a research note on Monday, July 1st. Truist Financial raised their price objective on shares of Edgewise Therapeutics from $25.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Royal Bank of Canada reiterated an “outperform” rating and set a $32.00 target price on shares of Edgewise Therapeutics in a research report on Tuesday, September 17th. JPMorgan Chase & Co. increased their target price on Edgewise Therapeutics from $30.00 to $31.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. Finally, Wedbush restated an “outperform” rating and issued a $31.00 price target on shares of Edgewise Therapeutics in a research note on Friday, August 16th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $35.00.

Edgewise Therapeutics Price Performance

The firm’s 50-day simple moving average is $20.51 and its two-hundred day simple moving average is $18.98. The company has a market capitalization of $2.77 billion, a price-to-earnings ratio of -19.03 and a beta of 0.20.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.34) earnings per share for the quarter, beating the consensus estimate of ($0.36) by $0.02. On average, analysts expect that Edgewise Therapeutics, Inc. will post -1.47 EPS for the current fiscal year.

Insider Transactions at Edgewise Therapeutics

In related news, General Counsel John R. Moore sold 20,922 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $27.63, for a total value of $578,074.86. Following the sale, the general counsel now directly owns 3,252 shares of the company’s stock, valued at approximately $89,852.76. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, General Counsel John R. Moore sold 20,922 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $27.63, for a total value of $578,074.86. Following the sale, the general counsel now owns 3,252 shares of the company’s stock, valued at approximately $89,852.76. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Alan J. Russell sold 75,000 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $28.27, for a total value of $2,120,250.00. Following the sale, the insider now owns 12,719 shares in the company, valued at approximately $359,566.13. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 278,176 shares of company stock valued at $7,893,316 in the last 90 days. 24.11% of the stock is currently owned by insiders.

Institutional Trading of Edgewise Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EWTX. Quest Partners LLC boosted its stake in shares of Edgewise Therapeutics by 156.9% during the 2nd quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock worth $31,000 after purchasing an additional 1,064 shares during the last quarter. Ameritas Investment Partners Inc. boosted its position in Edgewise Therapeutics by 37.3% during the first quarter. Ameritas Investment Partners Inc. now owns 5,751 shares of the company’s stock worth $105,000 after acquiring an additional 1,561 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in Edgewise Therapeutics in the 2nd quarter worth approximately $35,000. Quantum Private Wealth LLC raised its holdings in Edgewise Therapeutics by 5.5% in the 1st quarter. Quantum Private Wealth LLC now owns 66,674 shares of the company’s stock valued at $1,216,000 after acquiring an additional 3,455 shares during the last quarter. Finally, ProShare Advisors LLC raised its holdings in Edgewise Therapeutics by 51.6% in the 1st quarter. ProShare Advisors LLC now owns 16,885 shares of the company’s stock valued at $308,000 after acquiring an additional 5,748 shares during 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.