Edgewise Therapeutics (NASDAQ:EWTX) Shares Up 7.1% – Still a Buy?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s stock price was up 7.1% on Tuesday . The stock traded as high as $42.82 and last traded at $42.9390. Approximately 329,940 shares traded hands during trading, a decline of 72% from the average daily volume of 1,175,619 shares. The stock had previously closed at $40.10.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on EWTX shares. Wedbush lifted their price objective on Edgewise Therapeutics from $46.00 to $52.00 and gave the company an “outperform” rating in a research report on Monday, June 1st. Truist Financial set a $52.00 price target on shares of Edgewise Therapeutics in a report on Wednesday, May 6th. The Goldman Sachs Group boosted their price objective on shares of Edgewise Therapeutics from $20.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 17th. Guggenheim lifted their target price on shares of Edgewise Therapeutics from $41.00 to $51.00 and gave the company a “buy” rating in a report on Monday. Finally, Oppenheimer started coverage on Edgewise Therapeutics in a research note on Thursday. They set an “outperform” rating and a $51.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $47.92.

Edgewise Therapeutics Stock Performance

The firm has a fifty day simple moving average of $36.03 and a 200-day simple moving average of $31.62. The company has a market capitalization of $5.12 billion, a PE ratio of -28.46 and a beta of 0.27.

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

Insider Buying and Selling

In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 50,000 shares of the firm’s stock in a transaction 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 sale, the chief marketing officer directly owned 4,367 shares in the company, valued at approximately $168,435.19. This trade represents a 91.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Alan J. Russell sold 200,000 shares of the company’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $39.41, for a total transaction of $7,882,000.00. Following the transaction, the insider owned 24,555 shares of the company’s stock, valued at $967,712.55. This represents a 89.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 255,230 shares of company stock valued at $9,974,147 over the last quarter. Company insiders own 21.30% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

A number of hedge funds have recently bought and sold shares of the company. Optimize Financial Inc grew its position in Edgewise Therapeutics by 1.5% during the fourth quarter. Optimize Financial Inc now owns 27,679 shares of the company’s stock valued at $687,000 after purchasing an additional 396 shares in the last quarter. Parallel Advisors LLC boosted 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 valued at $33,000 after purchasing an additional 406 shares during the period. Steward Partners Investment Advisory LLC increased its stake in Edgewise Therapeutics by 23.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,854 shares of the company’s stock valued at $71,000 after acquiring an additional 550 shares during the period. California State Teachers Retirement System raised its stake in shares of Edgewise Therapeutics by 2.4% in the second quarter. California State Teachers Retirement System now owns 36,878 shares of the company’s stock valued at $483,000 after purchasing an additional 850 shares in the last quarter. Finally, AlphaCentric Advisors LLC boosted its position in shares of Edgewise Therapeutics by 6.2% during the 1st quarter. AlphaCentric Advisors LLC now owns 15,615 shares of the company’s stock valued at $492,000 after acquiring an additional 912 shares in 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.