Edgewise Therapeutics (NASDAQ:EWTX) Reaches New 12-Month High – Should You Buy?

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) reached a new 52-week high on Monday. The company traded as high as $48.78 and last traded at $48.74, with a volume of 2,463,752 shares. The stock had previously closed at $45.04.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Wedbush cut their price objective on shares of Edgewise Therapeutics from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Thursday, November 5th. The Goldman Sachs Group upped their target price on shares of Edgewise Therapeutics from $32.00 to $36.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Thursday, October 15th. Raymond James Financial restated an “underperform” rating and issued a $85.00 price target on shares of Edgewise Therapeutics in a research note on Thursday, November 5th. Finally, JPMorgan Chase & Co. lifted their price target on Edgewise Therapeutics from $53.00 to $60.00 and gave the company an “overweight” rating in a report on Thursday, August 20th. Nine analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $52.83.

Edgewise Therapeutics Stock Up 2.2%

The business’s 50 day moving average is $41.07 and its two-hundred day moving average is $36.72. The firm has a market capitalization of $5.21 billion, a P/E ratio of 5.81 and a beta of 0.39.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its earnings results on Wednesday, November 4th. The company reported $9.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.53) by $10.18. As a group, equities analysts anticipate that Edgewise Therapeutics, Inc. will post 6.92 earnings per share for the current fiscal year.

Insider Activity at Edgewise Therapeutics

In other Edgewise Therapeutics news, CFO Michael Nofi sold 4,442 shares of the company’s stock in a transaction that occurred on Tuesday, November 10th. The stock was sold at an average price of $45.43, for a total value of $201,800.06. Following the completion of the sale, the chief financial officer directly owned 6,495 shares in the company, valued at $295,067.85. This represents a 40.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CMO Joanne M. Donovan sold 2,919 shares of the stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $43.41, for a total value of $126,713.79. Following the transaction, the chief marketing officer directly owned 8,625 shares of the company’s stock, valued at approximately $374,411.25. The trade was a 25.29% 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. Company insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. BlackRock Inc. bought a new stake in Edgewise Therapeutics in the second quarter worth about $268,415,000. Jupiter Topco LLC acquired a new position in shares of Edgewise Therapeutics in the 2nd quarter worth approximately $246,945,000. Janus Henderson Group PLC raised its holdings in shares of Edgewise Therapeutics by 29.5% in the 1st quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company’s stock worth $186,289,000 after purchasing an additional 1,348,706 shares in the last quarter. Bank of America Corp DE bought a new stake in shares of Edgewise Therapeutics in the 2nd quarter worth approximately $63,312,000. Finally, Dimensional Fund Advisors LP lifted its stake in Edgewise Therapeutics by 0.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,219,717 shares of the company’s stock valued at $38,413,000 after purchasing an additional 6,060 shares during the last quarter.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics is a clinical-stage biopharmaceutical company focused on developing therapies for serious muscle disorders. Founded in 2017 and based in Boulder, Colorado, the company researches small-molecule treatments designed to address the underlying biology of muscle and cardiac conditions. Its programs include sevasemten, an investigational therapy for Duchenne and Becker muscular dystrophies, and EDG-7500, an investigational treatment being developed for hypertrophic cardiomyopathy.