Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Sees Large Decrease in Short Interest

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) saw a significant drop in short interest during the month of January. As of January 15th, there was short interest totaling 9,417,968 shares, a drop of 19.4% from the December 31st total of 11,687,594 shares. Currently, 11.6% of the shares of the company are sold short. Based on an average trading volume of 1,087,230 shares, the days-to-cover ratio is currently 8.7 days. Based on an average trading volume of 1,087,230 shares, the days-to-cover ratio is currently 8.7 days. Currently, 11.6% of the shares of the company are sold short.

Insider Activity

In other news, Director Badreddin Edris sold 115,471 shares of Edgewise Therapeutics stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $29.44, for a total transaction of $3,399,466.24. Following the sale, the director directly owned 19,820 shares in the company, valued at $583,500.80. The trade was a 85.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jonathan C. Fox bought 10,700 shares of the company’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 completion of the purchase, the director owned 23,702 shares of the company’s stock, valued at approximately $441,805.28. The trade was a 82.30% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 23.20% of the company’s stock.

Hedge Funds Weigh In On Edgewise Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Bessemer Group Inc. increased its position in shares of Edgewise Therapeutics by 1,170.3% during the third quarter. Bessemer Group Inc. now owns 2,350 shares of the company’s stock valued at $38,000 after buying an additional 2,165 shares during the period. Canada Pension Plan Investment Board bought a new position in Edgewise Therapeutics in the 2nd quarter worth about $45,000. Jones Financial Companies Lllp purchased a new stake in Edgewise Therapeutics during the 1st quarter valued at about $47,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of 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 buying an additional 894 shares during the last quarter. Finally, Strs Ohio bought a new position in Edgewise Therapeutics in the 1st quarter valued at approximately $84,000.

Edgewise Therapeutics Price Performance

Edgewise Therapeutics stock traded up $0.76 during trading hours on Tuesday, reaching $29.65. The company had a trading volume of 1,028,909 shares, compared to its average volume of 1,092,104. Edgewise Therapeutics has a 12-month low of $10.60 and a 12-month high of $30.48. The company has a 50-day moving average price of $25.35 and a 200 day moving average price of $19.12.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its earnings results on Thursday, November 6th. The company reported ($0.39) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.01. Analysts forecast that Edgewise Therapeutics will post -1.45 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. JPMorgan Chase & Co. raised their target price on Edgewise Therapeutics from $33.00 to $34.00 and gave the stock an “overweight” rating in a research report on Friday, November 14th. Royal Bank Of Canada boosted their price objective on Edgewise Therapeutics from $49.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, November 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Wednesday, January 21st. Wedbush decreased their target price on Edgewise Therapeutics from $35.00 to $32.00 and set an “outperform” rating on the stock in a research note on Friday, November 7th. Finally, Wall Street Zen raised shares of Edgewise Therapeutics from a “sell” rating to a “hold” rating in a research note on Friday, January 23rd. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $36.67.

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.