Edgewise Therapeutics (NASDAQ:EWTX) Shares Down 3.5% – Should You Sell?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares fell 3.5% during trading on Wednesday . The stock traded as low as $25.57 and last traded at $25.61. 528,562 shares traded hands during mid-day trading, a decline of 43% from the average session volume of 922,370 shares. The stock had previously closed at $26.53.

Wall Street Analyst Weigh In

Several research firms have commented on EWTX. Royal Bank of Canada restated an “outperform” rating and issued a $56.00 price target on shares of Edgewise Therapeutics in a report on Tuesday, March 4th. Scotiabank initiated coverage on Edgewise Therapeutics in a report on Friday, March 7th. They issued a “sector outperform” rating and a $50.00 price target for the company. Evercore ISI upped their price target on Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an “outperform” rating in a report on Tuesday, December 17th. Stifel Nicolaus started coverage on Edgewise Therapeutics in a report on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 price target for the company. Finally, Truist Financial increased 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. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Edgewise Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $45.38.

Edgewise Therapeutics Stock Down 10.9 %

The company has a market cap of $2.25 billion, a P/E ratio of -15.68 and a beta of 0.22. The company has a 50 day moving average price of $26.71 and a 200-day moving average price of $28.27.

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

Insider Activity at Edgewise Therapeutics

In other news, CEO Kevin Koch sold 8,636 shares of the company’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $30.03, for a total transaction of $259,339.08. Following the completion of the sale, the chief executive officer now directly owns 14,478 shares of the company’s stock, valued at $434,774.34. This represents a 37.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Alan J. Russell sold 100,000 shares of the company’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $27.37, for a total value of $2,737,000.00. Following the sale, the insider now directly owns 14,863 shares of the company’s stock, valued at approximately $406,800.31. This represents a 87.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 164,545 shares of company stock valued at $4,605,305 over the last 90 days. 24.11% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

Hedge funds have recently modified their holdings of the stock. Diadema Partners LP purchased a new stake in shares of Edgewise Therapeutics during the fourth quarter valued at $36,000. GF Fund Management CO. LTD. purchased a new stake in shares of Edgewise Therapeutics during the fourth quarter valued at $53,000. Aquatic Capital Management LLC purchased a new stake in Edgewise Therapeutics in the 4th quarter worth about $77,000. Meeder Asset Management Inc. lifted its stake in Edgewise Therapeutics by 69.9% in the 3rd quarter. Meeder Asset Management Inc. now owns 3,307 shares of the company’s stock worth $88,000 after acquiring an additional 1,361 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its stake in Edgewise Therapeutics by 1,097.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,676 shares of the company’s stock worth $98,000 after acquiring an additional 3,369 shares in 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.