Edgewise Therapeutics (NASDAQ:EWTX) Trading Up 7% – Should You Buy?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares were up 7% during mid-day trading on Wednesday . The company traded as high as $26.57 and last traded at $26.7020. Approximately 265,646 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 797,258 shares. The stock had previously closed at $24.95.

Analyst Ratings Changes

A number of analysts have commented on EWTX shares. The Goldman Sachs Group started coverage on shares of Edgewise Therapeutics in a report on Thursday, September 25th. They set a “neutral” rating and a $20.00 target price for the company. Wedbush reduced their price objective on Edgewise Therapeutics from $35.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, November 7th. Royal Bank Of Canada raised their target price on Edgewise Therapeutics from $49.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday, November 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. upped their price target on Edgewise Therapeutics from $33.00 to $34.00 and gave the stock an “overweight” rating in a research report on Friday, November 14th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $36.00.

Edgewise Therapeutics Trading Up 3.0%

The stock has a fifty day simple moving average of $23.62 and a 200 day simple moving average of $17.77.

Edgewise Therapeutics (NASDAQ:EWTX) last released its earnings results on Thursday, November 6th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.40) by $0.01. On average, equities research analysts predict that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Insider Buying and Selling at Edgewise Therapeutics

In related news, insider Alan J. Russell sold 100,000 shares of the company’s stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $21.12, for a total transaction of $2,112,000.00. Following the completion of the transaction, the insider owned 23,400 shares in the company, valued at approximately $494,208. This represents a 81.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jonathan C. Fox purchased 10,700 shares of the firm’s stock in a transaction on Tuesday, November 11th. The stock was bought at an average price of $18.64 per share, for a total transaction of $199,448.00. Following the purchase, the director owned 23,702 shares in the company, valued at approximately $441,805.28. This represents a 82.30% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 23.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Jones Financial Companies Lllp bought a new stake in Edgewise Therapeutics in the 1st quarter worth approximately $47,000. Bessemer Group Inc. boosted its position in shares of Edgewise Therapeutics by 1,170.3% during the 3rd quarter. Bessemer Group Inc. now owns 2,350 shares of the company’s stock valued at $38,000 after acquiring an additional 2,165 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of Edgewise Therapeutics in the second quarter valued at $45,000. Strs Ohio bought a new stake in Edgewise Therapeutics in the first quarter worth $84,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in Edgewise Therapeutics by 28.2% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,062 shares of the company’s stock valued at $53,000 after purchasing an additional 894 shares in the last quarter.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics, Inc (NASDAQ: EWTX) is a clinical-stage biopharmaceutical company headquartered in Cambridge, Massachusetts, focused on the discovery and development of precision medicines for the treatment of rare diseases. The company leverages its expertise in small-molecule chemistry and ion channel biology to address severe, unmet medical needs, particularly in the areas of kidney disorders and neuromuscular diseases.

At the core of Edgewise’s pipeline is EWTX-101, a novel, orally available inhibitor of TRPC5, a calcium channel implicated in nephrotic syndromes such as focal segmental glomerulosclerosis (FSGS) and other proteinuric kidney diseases.