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

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $25.67, but opened at $25.00. Edgewise Therapeutics shares last traded at $25.54, with a volume of 36,831 shares.

Analyst Upgrades and Downgrades

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

Edgewise Therapeutics Stock Performance

The business’s 50 day moving average is $26.71 and its 200 day moving average is $28.27. The stock has a market cap of $2.53 billion, a price-to-earnings ratio of -17.69 and a beta of 0.22.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its earnings results on Monday, March 3rd. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.03). Research 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 news, CEO Kevin Koch sold 8,636 shares of the firm’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $30.03, for a total transaction of $259,339.08. Following the transaction, the chief executive officer now owns 14,478 shares in the company, valued at approximately $434,774.34. This trade represents a 37.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Marc Semigran sold 29,709 shares of the firm’s 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 transaction, the insider now owns 6,716 shares in the company, valued at $199,398.04. This represents a 81.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 164,545 shares of company stock valued at $4,605,305 in the last quarter. Company insiders own 24.11% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Summit Investment Advisors Inc. raised its holdings in shares of Edgewise Therapeutics by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 7,594 shares of the company’s stock valued at $203,000 after purchasing an additional 482 shares in the last quarter. Alliancebernstein L.P. raised its holdings in shares of Edgewise Therapeutics by 1.7% during the 4th quarter. Alliancebernstein L.P. now owns 77,260 shares of the company’s stock valued at $2,063,000 after purchasing an additional 1,300 shares in the last quarter. Diadema Partners LP bought a new position in shares of Edgewise Therapeutics during the 4th quarter valued at $36,000. Meeder Asset Management Inc. raised its holdings in shares of Edgewise Therapeutics by 69.9% during the 3rd 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. Finally, Rhumbline Advisers raised its holdings in Edgewise Therapeutics by 1.5% in the 4th quarter. Rhumbline Advisers now owns 102,397 shares of the company’s stock worth $2,734,000 after acquiring an additional 1,525 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.