Edgewise Therapeutics Target of Unusually High Options Trading (NASDAQ:EWTX)

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) was the recipient of unusually large options trading activity on Tuesday. Traders acquired 6,019 call options on the company. This is an increase of 322% compared to the typical daily volume of 1,426 call options.

Insiders Place Their Bets

In related news, insider Alan J. Russell sold 75,000 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $28.27, for a total value of $2,120,250.00. Following the sale, the insider now directly owns 12,719 shares in the company, valued at $359,566.13. This represents a 85.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO R Michael Carruthers sold 125,092 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $28.57, for a total transaction of $3,573,878.44. Following the transaction, the chief financial officer now owns 6,904 shares of the company’s stock, valued at approximately $197,247.28. The trade was a 94.77 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 278,176 shares of company stock valued at $7,893,316 in the last ninety days. 24.11% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of EWTX. Quest Partners LLC increased its position in shares of Edgewise Therapeutics by 156.9% during the second quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock worth $31,000 after acquiring an additional 1,064 shares in the last quarter. Meeder Asset Management Inc. bought a new stake in Edgewise Therapeutics during the 2nd quarter worth approximately $35,000. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Edgewise Therapeutics by 21.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock worth $88,000 after purchasing an additional 604 shares during the last quarter. Chicago Partners Investment Group LLC purchased a new stake in shares of Edgewise Therapeutics in the third quarter worth approximately $161,000. Finally, Arizona State Retirement System bought a new position in shares of Edgewise Therapeutics in the second quarter valued at approximately $188,000.

Edgewise Therapeutics Stock Performance

EWTX stock opened at $29.46 on Wednesday. The stock’s 50 day simple moving average is $32.58 and its 200 day simple moving average is $23.86. The company has a market cap of $2.79 billion, a P/E ratio of -20.24 and a beta of 0.12. Edgewise Therapeutics has a fifty-two week low of $6.44 and a fifty-two week high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its earnings results on Thursday, November 7th. The company reported ($0.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. Equities analysts predict that Edgewise Therapeutics will post -1.45 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Piper Sandler lifted their target price on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a research note on Friday, October 11th. Royal Bank of Canada reiterated an “outperform” rating and set a $32.00 price target on shares of Edgewise Therapeutics in a report on Tuesday, September 17th. Evercore ISI started coverage on Edgewise Therapeutics in a research report on Friday, November 22nd. They set an “outperform” rating and a $45.00 target price on the stock. Truist Financial lifted their target price on Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Finally, Wedbush increased their price target on Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $42.33.

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.