Edgewise Therapeutics (NASDAQ:EWTX) Shares Gap Down – Time to Sell?

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) gapped down before the market opened on Wednesday . The stock had previously closed at $27.39, but opened at $26.06. Edgewise Therapeutics shares last traded at $26.52, with a volume of 158,987 shares trading hands.

Wall Street Analyst Weigh In

Several research firms recently issued reports on EWTX. Stifel Nicolaus began coverage on shares of Edgewise Therapeutics in a report on Wednesday. They issued a “hold” rating and a $30.00 target price for the company. Truist Financial raised their price objective on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Wedbush increased their price target on Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Piper Sandler raised their price target on Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Finally, Evercore ISI upped their price objective on Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 17th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $41.29.

Edgewise Therapeutics Trading Down 0.5 %

The stock has a 50-day moving average price of $29.25 and a two-hundred day moving average price of $26.16.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. As a group, sell-side analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Insider Activity at Edgewise Therapeutics

In related news, insider Alan J. Russell sold 100,000 shares of Edgewise Therapeutics stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $27.37, for a total value of $2,737,000.00. Following the completion of the transaction, the insider now owns 14,863 shares in the company, valued at approximately $406,800.31. This trade represents a 87.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Marc Semigran sold 29,709 shares of the business’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 sale, the insider now directly owns 6,716 shares in the company, valued at $199,398.04. The trade was a 81.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 24.11% of the stock is owned by insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Several large investors have recently modified their holdings of EWTX. China Universal Asset Management Co. Ltd. boosted its stake in Edgewise Therapeutics by 11.3% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 20,077 shares of the company’s stock worth $536,000 after buying an additional 2,042 shares during the period. Moody Aldrich Partners LLC boosted its stake in shares of Edgewise Therapeutics by 24.3% during the 4th quarter. Moody Aldrich Partners LLC now owns 187,932 shares of the company’s stock worth $5,018,000 after purchasing an additional 36,775 shares during the period. JPMorgan Chase & Co. grew its holdings in Edgewise Therapeutics by 146.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 158,506 shares of the company’s stock valued at $4,231,000 after purchasing an additional 94,147 shares during the last quarter. Exome Asset Management LLC purchased a new stake in Edgewise Therapeutics in the 3rd quarter worth about $1,599,000. Finally, Franklin Resources Inc. lifted its stake in Edgewise Therapeutics by 84.2% in the third quarter. Franklin Resources Inc. now owns 45,223 shares of the company’s stock worth $1,207,000 after purchasing an additional 20,674 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.