Edgewise Therapeutics (NASDAQ:EWTX) Trading Down 5.3% – Time to Sell?

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) were down 5.3% during mid-day trading on Wednesday . The company traded as low as $25.98 and last traded at $25.96. Approximately 495,249 shares were traded during mid-day trading, a decline of 46% from the average daily volume of 921,799 shares. The stock had previously closed at $27.40.

Analyst Upgrades and Downgrades

EWTX has been the subject of a number of recent analyst reports. Evercore ISI upped their price target on Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, December 17th. Stifel Nicolaus initiated coverage on shares of Edgewise Therapeutics in a research report on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 target price for the company. Scotiabank assumed coverage on shares of Edgewise Therapeutics in a research report on Friday, March 7th. They set a “sector outperform” rating and a $50.00 price target on the stock. Truist Financial raised their price objective on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $56.00 target price on shares of Edgewise Therapeutics in a report on Tuesday, March 4th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $45.38.

Edgewise Therapeutics Price Performance

The firm has a 50-day simple moving average of $26.79 and a 200-day simple moving average of $28.04. The firm has a market capitalization of $2.37 billion, a PE ratio of -16.68 and a beta of 0.22.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Monday, March 3rd. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.39) by ($0.03). Equities analysts expect that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.

Insider Buying and Selling at Edgewise Therapeutics

In other Edgewise Therapeutics news, insider Alan J. Russell sold 1,200 shares of the company’s stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $30.13, for a total value of $36,156.00. Following the completion of the transaction, the insider now directly owns 14,863 shares in the company, valued at $447,822.19. This represents a 7.47 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Marc Semigran sold 29,709 shares of Edgewise Therapeutics stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $29.69, for a total transaction of $882,060.21. Following the completion of the sale, the insider now owns 6,716 shares in the company, valued at approximately $199,398.04. This represents a 81.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 164,545 shares of company stock valued at $4,605,305 over the last ninety days. 24.11% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of hedge funds have recently made changes to their positions in EWTX. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Edgewise Therapeutics during the 4th quarter valued at approximately $2,404,000. GF Fund Management CO. LTD. bought a new stake in Edgewise Therapeutics in the fourth quarter worth $53,000. Neo Ivy Capital Management purchased a new stake in Edgewise Therapeutics during the fourth quarter valued at $259,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Edgewise Therapeutics by 231.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 279,125 shares of the company’s stock valued at $7,453,000 after purchasing an additional 194,831 shares during the last quarter. Finally, Woodline Partners LP increased its holdings in shares of Edgewise Therapeutics by 7.5% in the 4th quarter. Woodline Partners LP now owns 567,218 shares of the company’s stock worth $15,145,000 after buying an additional 39,379 shares during the last quarter.

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.