Edgewise Therapeutics (NASDAQ:EWTX) Sees Large Volume Increase – Should You Buy?

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) saw an uptick in trading volume on Tuesday . 1,205,753 shares were traded during trading, an increase of 4% from the previous session’s volume of 1,155,801 shares.The stock last traded at $44.3450 and had previously closed at $38.38.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Guggenheim upped their price target on shares of Edgewise Therapeutics from $41.00 to $51.00 and gave the stock a “buy” rating in a research note on Monday, July 6th. Royal Bank Of Canada raised their price objective on shares of Edgewise Therapeutics from $48.00 to $59.00 and gave the company an “outperform” rating in a research note on Wednesday, June 17th. Leerink Partners set a $52.00 target price on shares of Edgewise Therapeutics in a report on Tuesday, June 16th. HC Wainwright reiterated a “buy” rating and issued a $45.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday, June 16th. Finally, Oppenheimer began coverage on shares of Edgewise Therapeutics in a research report on Thursday, July 9th. They set an “outperform” rating and a $51.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $48.75.

Edgewise Therapeutics Stock Performance

The stock has a 50-day simple moving average of $39.04 and a two-hundred day simple moving average of $33.90. The firm has a market cap of $4.84 billion, a PE ratio of -27.10 and a beta of 0.30.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its earnings results on Thursday, August 6th. The company reported ($0.53) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.47) by ($0.06). As a group, sell-side analysts anticipate that Edgewise Therapeutics, Inc. will post -2.01 EPS for the current fiscal year.

Insider Activity at Edgewise Therapeutics

In other Edgewise Therapeutics news, insider Alan J. Russell sold 200,000 shares of the stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $39.41, for a total value of $7,882,000.00. Following the transaction, the insider owned 24,555 shares of the company’s stock, valued at approximately $967,712.55. This represents a 89.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 21.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

Hedge funds have recently modified their holdings of the business. Morgan Stanley increased its holdings in Edgewise Therapeutics by 234.7% in 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 position 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 in the last quarter. Janus Henderson Group PLC raised its position 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 valued at $186,289,000 after buying an additional 1,348,706 shares during the last quarter. Norges Bank bought a new position in shares of Edgewise Therapeutics during the 4th quarter valued at about $18,645,000. Finally, Sofinnova Investments Inc. boosted its stake in Edgewise Therapeutics by 3,185.7% during the second quarter. Sofinnova Investments Inc. now owns 716,873 shares of the company’s stock valued at $9,398,000 after buying an additional 695,055 shares during 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.