Edgewise Therapeutics (NASDAQ:EWTX) Stock Price Down 3.4%

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s share price traded down 3.4% during trading on Wednesday . The company traded as low as $15.78 and last traded at $16.06. 166,662 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 942,962 shares. The stock had previously closed at $16.63.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Wedbush reaffirmed an “outperform” rating and issued a $26.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday. Piper Sandler began coverage on shares of Edgewise Therapeutics in a research report on Thursday, March 7th. They issued an “overweight” rating and a $48.00 target price for the company.

Edgewise Therapeutics Trading Down 3.7 %

The company has a market cap of $1.49 billion, a PE ratio of -10.16 and a beta of 0.14. The business’s 50-day simple moving average is $17.30 and its 200-day simple moving average is $11.88.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings results on Thursday, February 22nd. The company reported ($0.47) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.03). On average, research analysts predict that Edgewise Therapeutics, Inc. will post -1.76 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Peter A. Thompson bought 454,545 shares of the company’s stock in a transaction that occurred on Tuesday, January 23rd. The shares were purchased at an average price of $11.00 per share, for a total transaction of $4,999,995.00. Following the acquisition, the director now directly owns 14,436,497 shares of the company’s stock, valued at approximately $158,801,467. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director Peter A. Thompson purchased 454,545 shares of the firm’s stock in a transaction on Tuesday, January 23rd. The shares were bought at an average cost of $11.00 per share, for a total transaction of $4,999,995.00. Following the transaction, the director now directly owns 14,436,497 shares of the company’s stock, valued at approximately $158,801,467. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO R Michael Carruthers sold 90,000 shares of the firm’s stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $15.78, for a total transaction of $1,420,200.00. Following the completion of the sale, the chief financial officer now owns 29,024 shares in the company, valued at $457,998.72. The disclosure for this sale can be found here. Insiders have sold 120,622 shares of company stock worth $2,032,766 in the last quarter. 31.95% of the stock is currently owned by company insiders.

Institutional Trading of Edgewise Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of EWTX. New York State Common Retirement Fund boosted its position in shares of Edgewise Therapeutics by 228.6% during the 3rd quarter. New York State Common Retirement Fund now owns 43,871 shares of the company’s stock valued at $251,000 after acquiring an additional 30,522 shares in the last quarter. Schonfeld Strategic Advisors LLC boosted its position in shares of Edgewise Therapeutics by 3.5% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 116,900 shares of the company’s stock valued at $670,000 after acquiring an additional 3,900 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Edgewise Therapeutics during the 3rd quarter valued at about $107,000. China Universal Asset Management Co. Ltd. boosted 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 valued at $80,000 after acquiring an additional 5,704 shares in the last quarter. Finally, Corton Capital Inc. acquired a new stake in shares of Edgewise Therapeutics during the 3rd quarter valued at about $98,000.

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.