Edgewise Therapeutics (NASDAQ:EWTX) Trading Down 6.1%

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) fell 6.1% during trading on Friday . The company traded as low as $18.75 and last traded at $18.78. 154,750 shares were traded during trading, a decline of 83% from the average session volume of 892,545 shares. The stock had previously closed at $20.00.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on EWTX shares. Piper Sandler began coverage on shares of Edgewise Therapeutics in a report on Thursday, March 7th. They issued an “overweight” rating and a $48.00 target price on the stock. Royal Bank of Canada increased their price objective on Edgewise Therapeutics from $28.00 to $32.00 and gave the stock an “outperform” rating in a research report on Monday, April 22nd. Wedbush restated an “outperform” rating and issued a $26.00 target price on shares of Edgewise Therapeutics in a research report on Tuesday, April 16th. Finally, Truist Financial reiterated a “buy” rating and set a $25.00 price target on shares of Edgewise Therapeutics in a report on Wednesday, April 17th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $31.20.

Edgewise Therapeutics Stock Down 8.4 %

The business has a 50-day simple moving average of $17.25 and a 200-day simple moving average of $13.22. The company has a market cap of $1.71 billion, a PE ratio of -11.83 and a beta of 0.15.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its earnings results on Thursday, February 22nd. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($0.03). As a group, equities research analysts predict that Edgewise Therapeutics, Inc. will post -1.76 EPS for the current fiscal year.

Insider Transactions at Edgewise Therapeutics

In related news, insider Behrad Derakhshan sold 1,718 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $18.91, for a total transaction of $32,487.38. Following the sale, the insider now directly owns 13,422 shares of the company’s stock, valued at approximately $253,810.02. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CMO Joanne M. Donovan sold 3,682 shares of the business’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total transaction of $69,626.62. Following the completion of the transaction, the chief marketing officer now directly owns 19,897 shares of the company’s stock, valued at $376,252.27. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Behrad Derakhshan sold 1,718 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total transaction of $32,487.38. Following the sale, the insider now owns 13,422 shares in the company, valued at $253,810.02. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 12,665 shares of company stock valued at $239,495. 31.95% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in EWTX. China Universal Asset Management Co. Ltd. lifted its position in shares of Edgewise Therapeutics by 349.1% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 7,338 shares of the company’s stock worth $80,000 after purchasing an additional 5,704 shares during the last quarter. AJOVista LLC purchased a new stake in Edgewise Therapeutics during the 4th quarter worth about $84,000. Pale Fire Capital SE purchased a new position in shares of Edgewise Therapeutics in the 3rd quarter valued at about $90,000. Corton Capital Inc. purchased a new position in shares of Edgewise Therapeutics in the 3rd quarter valued at about $98,000. Finally, SG Americas Securities LLC acquired a new stake in Edgewise Therapeutics during the third quarter worth approximately $107,000.

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.