Edgewise Therapeutics (NASDAQ:EWTX) Sets New 52-Week High – Here’s What Happened

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares hit a new 52-week high on Wednesday . The stock traded as high as $41.00 and last traded at $41.0780, with a volume of 133646 shares. The stock had previously closed at $38.83.

Analysts Set New Price Targets

EWTX has been the subject of several research reports. Wedbush boosted their price target on shares of Edgewise Therapeutics from $46.00 to $52.00 and gave the stock an “outperform” rating in a research note on Monday, June 1st. JPMorgan Chase & Co. lifted their target price on Edgewise Therapeutics from $34.00 to $45.00 and gave the company an “overweight” rating in a report on Tuesday, March 17th. HC Wainwright restated a “buy” rating and set a $45.00 price target on shares of Edgewise Therapeutics in a report on Tuesday, June 16th. Wall Street Zen lowered Edgewise Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, February 28th. Finally, Leerink Partners set a $52.00 price objective on Edgewise Therapeutics in a research note on Tuesday, June 16th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $47.30.

Edgewise Therapeutics Stock Performance

The firm has a market capitalization of $4.52 billion, a PE ratio of -25.31 and a beta of 0.27. The company’s 50-day moving average price is $34.14 and its 200-day moving average price is $30.22.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its earnings results on Thursday, May 7th. The company reported ($0.46) EPS for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.04. As a group, analysts anticipate that Edgewise Therapeutics, Inc. will post -2.01 earnings per share for the current year.

Insiders Place Their Bets

In related news, CMO Joanne M. Donovan sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $38.57, for a total value of $1,928,500.00. Following the completion of the transaction, the chief marketing officer directly owned 4,367 shares of the company’s stock, valued at $168,435.19. This represents a 91.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold a total of 83,892 shares of company stock worth $3,018,216 in the last three months. 21.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Morgan Stanley raised its stake in Edgewise Therapeutics by 234.7% during the 4th quarter. Morgan Stanley now owns 2,910,881 shares of the company’s stock worth $72,234,000 after acquiring an additional 2,041,203 shares in the last quarter. UBS Group AG grew its holdings in shares of Edgewise Therapeutics by 1,755.0% during the fourth quarter. UBS Group AG now owns 2,117,073 shares of the company’s stock worth $52,535,000 after purchasing an additional 2,002,945 shares during the last quarter. Janus Henderson Group PLC grew its holdings in shares of Edgewise Therapeutics by 29.5% during the first quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company’s stock worth $186,289,000 after purchasing an additional 1,348,706 shares during the last quarter. Norges Bank acquired a new stake in shares of Edgewise Therapeutics during the fourth quarter worth about $18,645,000. Finally, Sofinnova Investments Inc. increased its position in shares of Edgewise Therapeutics by 3,185.7% during the second quarter. Sofinnova Investments Inc. now owns 716,873 shares of the company’s stock worth $9,398,000 after purchasing an additional 695,055 shares in the last quarter.

About Edgewise Therapeutics

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.