Edgewise Therapeutics (NASDAQ:EWTX) Reaches New 1-Year High – Should You Buy?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s share price reached a new 52-week high on Wednesday . The company traded as high as $37.29 and last traded at $36.12, with a volume of 9569 shares trading hands. The stock had previously closed at $35.94.

Analyst Ratings Changes

A number of research firms recently commented on EWTX. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $32.00 price target on shares of Edgewise Therapeutics in a report on Tuesday, September 17th. Piper Sandler boosted their target price on Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Truist Financial increased their price target on Edgewise Therapeutics from $25.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. JPMorgan Chase & Co. boosted their price objective on Edgewise Therapeutics from $30.00 to $31.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Finally, Wedbush reaffirmed an “outperform” rating and set a $31.00 price objective on shares of Edgewise Therapeutics in a report on Friday, August 16th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Edgewise Therapeutics currently has an average rating of “Buy” and an average target price of $35.60.

Edgewise Therapeutics Trading Down 3.2 %

The firm has a market cap of $3.32 billion, a PE ratio of -22.95 and a beta of 0.14. The business has a fifty day moving average of $27.25 and a 200-day moving average of $21.48.

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

Insider Transactions at Edgewise Therapeutics

In related news, General Counsel John R. Moore sold 20,922 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $27.63, for a total transaction of $578,074.86. Following the completion of the transaction, the general counsel now directly owns 3,252 shares in the company, valued at $89,852.76. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CMO Joanne M. Donovan sold 7,162 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $28.29, for a total transaction of $202,612.98. Following the sale, the chief marketing officer now owns 14,538 shares in the company, valued at approximately $411,280.02. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel John R. Moore sold 20,922 shares of Edgewise Therapeutics stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $27.63, for a total transaction of $578,074.86. Following the sale, the general counsel now directly owns 3,252 shares of the company’s stock, valued at $89,852.76. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 278,176 shares of company stock valued at $7,893,316. 24.11% of the stock is currently owned by company insiders.

Institutional Trading of Edgewise Therapeutics

A number of hedge funds have recently bought and sold shares of EWTX. RA Capital Management L.P. purchased a new position in shares of Edgewise Therapeutics during the first quarter worth approximately $162,502,000. Novo Holdings A S purchased a new position in Edgewise Therapeutics in the 2nd quarter worth $114,263,000. Baker BROS. Advisors LP raised its position in Edgewise Therapeutics by 87.6% in the 1st quarter. Baker BROS. Advisors LP now owns 5,840,059 shares of the company’s stock worth $106,523,000 after purchasing an additional 2,727,273 shares during the period. Vanguard Group Inc. lifted its stake in Edgewise Therapeutics by 89.0% in the first quarter. Vanguard Group Inc. now owns 4,017,433 shares of the company’s stock worth $73,278,000 after purchasing an additional 1,892,053 shares during the last quarter. Finally, Frazier Life Sciences Management L.P. boosted its position in Edgewise Therapeutics by 12.9% during the second quarter. Frazier Life Sciences Management L.P. now owns 3,731,067 shares of the company’s stock valued at $67,197,000 after buying an additional 427,500 shares during the period.

Edgewise Therapeutics Company Profile

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.