Edgewise Therapeutics (NASDAQ:EWTX) Shares Gap Down – What’s Next?

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) gapped down before the market opened on Thursday . The stock had previously closed at $33.26, but opened at $32.40. Edgewise Therapeutics shares last traded at $33.48, with a volume of 12,526 shares traded.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on EWTX shares. JPMorgan Chase & Co. lifted their price target on shares of Edgewise Therapeutics from $30.00 to $31.00 and gave the company an “overweight” rating in a report on Monday, August 12th. Piper Sandler lifted their target price on Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Wedbush upped their price target on Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Truist Financial lifted their price objective on Edgewise Therapeutics from $25.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $32.00 target price on shares of Edgewise Therapeutics in a research report on Tuesday, September 17th. Five 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 target price of $38.40.

Edgewise Therapeutics Price Performance

The firm has a 50-day simple moving average of $29.52 and a 200 day simple moving average of $22.33. The company has a market capitalization of $2.98 billion, a PE ratio of -20.96 and a beta of 0.14.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its earnings results on Thursday, November 7th. The company reported ($0.36) EPS for the quarter, beating the consensus estimate of ($0.37) by $0.01. Equities research analysts expect that Edgewise Therapeutics, Inc. will post -1.46 EPS for the current fiscal year.

Insider Transactions at Edgewise Therapeutics

In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 7,162 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $28.29, for a total value of $202,612.98. Following the transaction, the chief marketing officer now directly owns 14,538 shares of the company’s stock, valued at $411,280.02. This represents a 33.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO R Michael Carruthers sold 125,092 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $28.57, for a total transaction of $3,573,878.44. Following the sale, the chief financial officer now directly owns 6,904 shares of the company’s stock, valued at $197,247.28. The trade was a 94.77 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 278,176 shares of company stock valued at $7,893,316. Corporate insiders own 24.11% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. RA Capital Management L.P. bought a new stake in shares of Edgewise Therapeutics in the 1st quarter worth about $162,502,000. Novo Holdings A S bought a new stake in Edgewise Therapeutics in the second quarter valued at about $114,263,000. Baker BROS. Advisors LP raised its stake in Edgewise Therapeutics by 87.6% during the first quarter. Baker BROS. Advisors LP now owns 5,840,059 shares of the company’s stock valued at $106,523,000 after buying an additional 2,727,273 shares in the last quarter. Braidwell LP bought a new position in Edgewise Therapeutics during the 3rd quarter worth approximately $52,267,000. Finally, Janus Henderson Group PLC grew its position in shares of Edgewise Therapeutics by 74.8% in the 3rd quarter. Janus Henderson Group PLC now owns 4,558,519 shares of the company’s stock worth $121,616,000 after acquiring an additional 1,951,220 shares in the last quarter.

About Edgewise Therapeutics

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.