Edgewise Therapeutics (NASDAQ:EWTX) Shares Gap Down to $20.89

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) gapped down prior to trading on Thursday . The stock had previously closed at $20.89, but opened at $19.65. Edgewise Therapeutics shares last traded at $20.35, with a volume of 157,175 shares.

Analysts Set New Price Targets

EWTX has been the subject of a number of research reports. Truist Financial restated a “buy” rating and set a $25.00 target price on shares of Edgewise Therapeutics in a research report on Wednesday, April 17th. Royal Bank of Canada raised their price objective on Edgewise Therapeutics from $28.00 to $32.00 and gave the company an “outperform” rating in a research report on Monday, April 22nd. Wedbush reiterated an “outperform” rating and issued a $26.00 target price on shares of Edgewise Therapeutics in a research report on Tuesday, April 16th. Finally, Piper Sandler assumed coverage on Edgewise Therapeutics in a research note on Thursday, March 7th. They set an “overweight” rating and a $48.00 price target for the company. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Edgewise Therapeutics presently has an average rating of “Buy” and an average price target of $31.20.

Edgewise Therapeutics Price Performance

The company has a market capitalization of $1.89 billion, a P/E ratio of -13.22 and a beta of 0.15. The business has a 50-day moving average of $17.14 and a 200-day moving average of $13.05.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings data on Thursday, February 22nd. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($0.03). Sell-side analysts predict that Edgewise Therapeutics, Inc. will post -1.76 EPS for the current fiscal year.

Insider Transactions at Edgewise Therapeutics

In related news, General Counsel John R. Moore sold 1,956 shares of Edgewise Therapeutics stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $18.91, for a total transaction of $36,987.96. Following the completion of the sale, the general counsel now owns 3,252 shares in the company, valued at approximately $61,495.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Edgewise Therapeutics news, General Counsel John R. Moore sold 1,956 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total value of $36,987.96. Following the completion of the sale, the general counsel now directly owns 3,252 shares in the company, valued at approximately $61,495.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Kevin Koch sold 3,152 shares of the firm’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $18.91, for a total value of $59,604.32. Following the transaction, the chief executive officer now owns 14,478 shares in the company, valued at approximately $273,778.98. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,694 shares of company stock worth $400,155. Insiders own 31.95% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. China Universal Asset Management Co. Ltd. raised its holdings in Edgewise Therapeutics by 349.1% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 7,338 shares of the company’s stock worth $80,000 after purchasing an additional 5,704 shares in the last quarter. AJOVista LLC purchased a new stake in Edgewise Therapeutics in the fourth quarter valued at approximately $84,000. Pale Fire Capital SE acquired a new position in Edgewise Therapeutics in the 3rd quarter worth approximately $90,000. Corton Capital Inc. purchased a new position in Edgewise Therapeutics during the 3rd quarter worth approximately $98,000. Finally, SG Americas Securities LLC acquired a new stake in Edgewise Therapeutics during the 3rd quarter valued at approximately $107,000.

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.