Edgewise Therapeutics (NASDAQ:EWTX) Reaches New 12-Month High – Here’s Why

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) hit a new 52-week high on Wednesday . The company traded as high as $32.00 and last traded at $32.1760, with a volume of 158502 shares changing hands. The stock had previously closed at $30.64.

Analysts Set New Price Targets

A number of research firms have recently issued reports on EWTX. JPMorgan Chase & Co. increased their price target on Edgewise Therapeutics from $34.00 to $45.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 17th. Piper Sandler restated an “overweight” rating on shares of Edgewise Therapeutics in a report on Monday, February 9th. Wall Street Zen cut shares of Edgewise Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, February 28th. HC Wainwright raised shares of Edgewise Therapeutics to a “strong-buy” rating in a research report on Thursday, February 26th. Finally, Raymond James Financial set a $46.00 target price on shares of Edgewise Therapeutics in a research report on Tuesday, March 10th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.36.

Edgewise Therapeutics Stock Performance

The business has a 50 day moving average of $29.33 and a two-hundred day moving average of $23.08. The stock has a market capitalization of $3.46 billion, a PE ratio of -19.81 and a beta of 0.26.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its earnings results on Thursday, February 26th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.43) by ($0.04). On average, equities analysts expect that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Insider Buying and Selling at Edgewise Therapeutics

In other news, Director Badreddin Edris sold 115,471 shares of Edgewise Therapeutics stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $29.44, for a total value of $3,399,466.24. Following the transaction, the director owned 19,820 shares of the company’s stock, valued at $583,500.80. The trade was a 85.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 23.20% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Seven Fleet Capital Management LP purchased a new position in Edgewise Therapeutics in the fourth quarter worth $50,000. Invesco Ltd. lifted its holdings in shares of Edgewise Therapeutics by 14.2% during the 4th quarter. Invesco Ltd. now owns 75,438 shares of the company’s stock valued at $1,872,000 after purchasing an additional 9,382 shares during the last quarter. Oracle Investment Management Inc. acquired a new stake in shares of Edgewise Therapeutics in the 4th quarter worth $951,000. KVP Capital Advisors LP acquired a new stake in shares of Edgewise Therapeutics in the 4th quarter worth $3,300,000. Finally, XTX Topco Ltd purchased a new position in Edgewise Therapeutics during the 4th quarter worth $1,380,000.

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.