Alan J. Russell Sells 100,000 Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Stock

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) insider Alan J. Russell sold 100,000 shares of the stock in a transaction on Monday, December 30th. The stock was sold at an average price of $27.37, for a total transaction of $2,737,000.00. Following the transaction, the insider now directly owns 14,863 shares in the company, valued at approximately $406,800.31. This represents a 87.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Edgewise Therapeutics Stock Performance

NASDAQ EWTX opened at $26.70 on Thursday. Edgewise Therapeutics, Inc. has a 52-week low of $9.00 and a 52-week high of $38.12. The company has a 50-day simple moving average of $32.03 and a 200 day simple moving average of $25.22. The company has a market capitalization of $2.53 billion, a PE ratio of -17.80 and a beta of 0.12.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. As a group, analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Hedge Funds Weigh In On Edgewise Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its position in Edgewise Therapeutics by 146.3% during the third quarter. JPMorgan Chase & Co. now owns 158,506 shares of the company’s stock worth $4,231,000 after purchasing an additional 94,147 shares during the period. Exome Asset Management LLC bought a new position in shares of Edgewise Therapeutics in the third quarter valued at approximately $1,599,000. Franklin Resources Inc. boosted its position in shares of Edgewise Therapeutics by 84.2% in the third quarter. Franklin Resources Inc. now owns 45,223 shares of the company’s stock valued at $1,207,000 after acquiring an additional 20,674 shares during the period. Barclays PLC boosted its position in shares of Edgewise Therapeutics by 291.0% in the third quarter. Barclays PLC now owns 119,350 shares of the company’s stock valued at $3,186,000 after acquiring an additional 88,826 shares during the period. Finally, Orion Portfolio Solutions LLC bought a new position in shares of Edgewise Therapeutics in the third quarter valued at approximately $347,000.

Analyst Ratings Changes

EWTX has been the topic of several research analyst reports. Royal Bank of Canada reissued an “outperform” rating and set a $32.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday, September 17th. Truist Financial upped their price objective on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Piper Sandler upped their price objective on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Evercore ISI upped their price objective on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an “outperform” rating in a report on Tuesday, December 17th. Finally, Wedbush increased their target price on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $43.17.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics, Inc, a biopharmaceutical company, discovers, develops, and commercializes therapies for the treatment of muscle disorders. Its lead product candidate, EDG-5506, an orally administered small molecule that is in Phase II clinical trials, designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy and Becker muscular dystrophy.