Edgewise Therapeutics (NASDAQ:EWTX) Hits New 52-Week High – Here’s Why

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s stock price reached a new 52-week high on Thursday . The company traded as high as $48.51 and last traded at $47.6410, with a volume of 616969 shares trading hands. The stock had previously closed at $45.44.

Wall Street Analyst Weigh In

EWTX has been the topic of several analyst reports. Wedbush upped their target price 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. Oppenheimer initiated coverage on shares of Edgewise Therapeutics in a report on Thursday, July 9th. They issued an “outperform” rating and a $51.00 price objective for the company. Guggenheim upped their price objective on Edgewise Therapeutics from $41.00 to $51.00 and gave the company a “buy” rating in a research report on Monday, July 6th. Royal Bank Of Canada lifted their target price on Edgewise Therapeutics from $48.00 to $59.00 and gave the stock an “outperform” rating in a report on Wednesday, June 17th. Finally, Raymond James Financial restated a “strong-buy” rating and issued a $66.00 price target on shares of Edgewise Therapeutics in a research note on Monday, June 1st. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Edgewise Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $50.33.

Edgewise Therapeutics Stock Performance

The firm has a market cap of $4.98 billion, a P/E ratio of -24.78 and a beta of 0.32. The business’s 50-day simple moving average is $42.64 and its 200 day simple moving average is $36.95.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.53) earnings per share for the quarter, missing the consensus estimate of ($0.47) by ($0.06). As a group, equities research analysts expect that Edgewise Therapeutics, Inc. will post -2.09 EPS for the current year.

Insider Transactions at Edgewise Therapeutics

In other news, CMO Joanne M. Donovan sold 6,522 shares of the company’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $43.85, for a total transaction of $285,989.70. Following the completion of the sale, the chief marketing officer owned 11,544 shares of the company’s stock, valued at $506,204.40. This represents a 36.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Kevin Koch sold 17,971 shares of the stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $43.68, for a total transaction of $784,973.28. Following the completion of the transaction, the chief executive officer owned 52,488 shares in the company, valued at $2,292,675.84. This trade represents a 25.51% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 238,329 shares of company stock valued at $9,557,529. Company insiders own 21.30% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Parallel Advisors LLC raised its position in Edgewise Therapeutics by 64.9% in the first quarter. Parallel Advisors LLC now owns 1,032 shares of the company’s stock worth $33,000 after acquiring an additional 406 shares during the period. KBC Group NV purchased a new stake in shares of Edgewise Therapeutics in the 1st quarter worth $49,000. Seven Fleet Capital Management LP purchased a new stake in shares of Edgewise Therapeutics in the 4th quarter worth $50,000. Strs Ohio bought a new position in Edgewise Therapeutics in the 1st quarter worth $217,000. Finally, Squarepoint Ops LLC purchased a new position in Edgewise Therapeutics during the second quarter valued at $230,000.

About Edgewise Therapeutics

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.