Edgewise Therapeutics Target of Unusually High Options Trading (NASDAQ:EWTX)

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) saw some unusual options trading on Friday. Stock traders bought 6,104 call options on the company. This represents an increase of 1,085% compared to the typical volume of 515 call options.

Insider Activity at Edgewise Therapeutics

In other Edgewise Therapeutics news, insider Alan Russell sold 200,000 shares of the firm’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $39.41, for a total value of $7,882,000.00. Following the completion of the transaction, the insider owned 24,555 shares of the company’s stock, valued at approximately $967,712.55. This trade represents a 89.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Kevin Koch sold 17,971 shares of the stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $43.68, for a total transaction of $784,973.28. Following the transaction, the chief executive officer directly owned 52,488 shares in the company, valued at approximately $2,292,675.84. The trade was a 25.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 238,329 shares of company stock worth $9,557,529. 21.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

Institutional investors have recently made changes to their positions in the company. Parallel Advisors LLC lifted its holdings in Edgewise Therapeutics by 64.9% in the 1st quarter. Parallel Advisors LLC now owns 1,032 shares of the company’s stock worth $33,000 after purchasing an additional 406 shares during the last quarter. KBC Group NV acquired a new position in Edgewise Therapeutics during the 1st quarter worth about $49,000. Seven Fleet Capital Management LP bought a new position in shares of Edgewise Therapeutics in the 4th quarter valued at about $50,000. Squarepoint Ops LLC bought a new position in Edgewise Therapeutics during the second quarter worth about $230,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Edgewise Therapeutics in the second quarter valued at about $240,000.

Analyst Upgrades and Downgrades

EWTX has been the topic of several research reports. Evercore restated an “outperform” rating and issued a $55.00 target price on shares of Edgewise Therapeutics in a research report on Monday, July 20th. Oppenheimer began coverage on Edgewise Therapeutics in a report on Thursday, July 9th. They issued an “outperform” rating and a $51.00 price objective on the stock. Raymond James Financial reaffirmed a “strong-buy” rating and set a $66.00 target price on shares of Edgewise Therapeutics in a report on Monday, June 1st. JPMorgan Chase & Co. raised their price target on shares of Edgewise Therapeutics from $53.00 to $60.00 and gave the stock an “overweight” rating in a research note on Thursday, August 20th. Finally, 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 report on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.33.

Edgewise Therapeutics Price Performance

Shares of NASDAQ:EWTX traded down $1.02 during trading on Friday, reaching $45.92. 190,694 shares of the company’s stock traded hands, compared to its average volume of 1,192,347. Edgewise Therapeutics has a 12 month low of $14.09 and a 12 month high of $48.51. The company has a 50 day moving average of $42.61 and a 200-day moving average of $37.06. The stock has a market capitalization of $4.99 billion, a P/E ratio of -24.82 and a beta of 0.32.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.53) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.06). Equities research analysts predict that Edgewise Therapeutics will post -2.09 earnings per share for the current fiscal year.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics, Inc is a clinical-stage biotechnology company focused on developing small-molecule medicines for severe muscle disorders. The company’s research is centered on therapies intended to address the biological mechanisms that contribute to muscle damage and impaired function in diseases affecting skeletal and cardiac muscle.

Edgewise’s lead program is sevasemten (also known as EDG-5506), an orally administered investigational therapy designed to reduce contraction-related muscle injury by selectively modulating fast skeletal muscle contractility.