Edgewise Therapeutics (NASDAQ:EWTX) Shares Gap Down – Here’s What Happened

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares gapped down before the market opened on Monday . The stock had previously closed at $27.72, but opened at $27.16. Edgewise Therapeutics shares last traded at $26.58, with a volume of 28,746 shares traded.

Analyst Ratings Changes

Several research analysts recently commented on the company. Evercore ISI increased their price objective on Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, December 17th. Truist Financial increased their target price on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Wedbush boosted their price target on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Royal Bank of Canada reiterated an “outperform” rating and issued a $32.00 price objective on shares of Edgewise Therapeutics in a report on Tuesday, September 17th. Finally, Piper Sandler boosted their target price on Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $43.17.

Edgewise Therapeutics Price Performance

The business’s 50 day simple moving average is $31.57 and its 200 day simple moving average is $25.44. The company has a market capitalization of $2.56 billion, a PE ratio of -18.03 and a beta of 0.12.

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

Insider Activity

In related news, insider Alan J. Russell sold 100,000 shares of the stock in a transaction dated 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 owns 14,863 shares of the company’s stock, valued at approximately $406,800.31. This represents a 87.06 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Marc Semigran sold 29,709 shares of the stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $29.69, for a total value of $882,060.21. Following the transaction, the insider now directly owns 6,716 shares in the company, valued at approximately $199,398.04. The trade was a 81.56 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 24.11% of the company’s stock.

Hedge Funds Weigh In On Edgewise Therapeutics

Hedge funds have recently bought and sold shares of the company. Quest Partners LLC lifted its stake in Edgewise Therapeutics by 156.9% during the 2nd quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock worth $31,000 after acquiring an additional 1,064 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in Edgewise Therapeutics during the 2nd quarter worth about $35,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in Edgewise Therapeutics by 21.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock worth $88,000 after acquiring an additional 604 shares in the last quarter. Chicago Partners Investment Group LLC acquired a new stake in Edgewise Therapeutics in the 3rd quarter valued at about $161,000. Finally, US Bancorp DE raised its position in Edgewise Therapeutics by 12,452.9% in the 3rd quarter. US Bancorp DE now owns 8,536 shares of the company’s stock valued at $228,000 after purchasing an additional 8,468 shares in the last quarter.

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.