Short Interest in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Increases By 8.9%

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) saw a significant increase in short interest during the month of December. As of December 31st, there was short interest totalling 6,140,000 shares, an increase of 8.9% from the December 15th total of 5,640,000 shares. Based on an average daily trading volume, of 837,700 shares, the days-to-cover ratio is presently 7.3 days. Approximately 9.8% of the shares of the company are sold short.

Insider Transactions at Edgewise Therapeutics

In related news, insider Alan J. Russell sold 100,000 shares of the business’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $27.37, for a total transaction of $2,737,000.00. Following the transaction, the insider now directly owns 14,863 shares in the company, valued at $406,800.31. The trade was a 87.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Marc Semigran sold 29,709 shares of the firm’s stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $29.69, for a total value of $882,060.21. Following the completion of the sale, the insider now owns 6,716 shares of the company’s stock, valued at $199,398.04. This represents a 81.56 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 24.11% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. increased its position in Edgewise Therapeutics by 21.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock valued at $88,000 after acquiring an additional 604 shares in the last quarter. Meeder Asset Management Inc. increased its holdings in shares of Edgewise Therapeutics by 69.9% in the third quarter. Meeder Asset Management Inc. now owns 3,307 shares of the company’s stock valued at $88,000 after purchasing an additional 1,361 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Edgewise Therapeutics by 5.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 84,294 shares of the company’s stock worth $2,250,000 after purchasing an additional 4,426 shares during the last quarter. Chicago Partners Investment Group LLC acquired a new position in Edgewise Therapeutics during the 3rd quarter worth $161,000. Finally, Quantum Private Wealth LLC boosted its position in Edgewise Therapeutics by 10.0% in the 3rd quarter. Quantum Private Wealth LLC now owns 73,424 shares of the company’s stock valued at $1,960,000 after buying an additional 6,650 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Truist Financial raised their target price on Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Evercore ISI lifted their target price on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, December 17th. Wedbush increased their price target on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Finally, Piper Sandler lifted their price objective on Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Edgewise Therapeutics has a consensus rating of “Buy” and a consensus price target of $43.17.

Edgewise Therapeutics Stock Down 1.7 %

NASDAQ:EWTX opened at $26.26 on Tuesday. The firm has a market cap of $2.49 billion, a PE ratio of -17.51 and a beta of 0.20. The company’s 50-day moving average price is $29.65 and its two-hundred day moving average price is $26.09. Edgewise Therapeutics has a 12 month low of $9.61 and a 12 month high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.36) EPS for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. On average, research analysts expect that Edgewise Therapeutics will post -1.45 EPS for the current fiscal year.

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.