Edgewise Therapeutics (NASDAQ:EWTX) Trading 4% Higher

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) traded up 4% on Friday . The stock traded as high as $18.20 and last traded at $18.20. 18,938 shares traded hands during trading, a decline of 98% from the average session volume of 826,690 shares. The stock had previously closed at $17.50.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on EWTX shares. Truist Financial reissued a “buy” rating and issued a $25.00 target price on shares of Edgewise Therapeutics in a research report on Wednesday, April 17th. Wedbush reiterated an “outperform” rating and set a $31.00 target price on shares of Edgewise Therapeutics in a report on Wednesday. Royal Bank of Canada raised their price target on Edgewise Therapeutics from $28.00 to $32.00 and gave the company an “outperform” rating in a research note on Monday, April 22nd. Finally, Piper Sandler initiated coverage on shares of Edgewise Therapeutics in a report on Thursday, March 7th. They set an “overweight” rating and a $48.00 target price on the stock. Five analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $32.20.

Edgewise Therapeutics Stock Performance

The business has a fifty day moving average of $17.61 and a two-hundred day moving average of $15.78.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.33) EPS for the quarter, beating the consensus estimate of ($0.39) by $0.06. Analysts anticipate that Edgewise Therapeutics, Inc. will post -1.59 earnings per share for the current fiscal year.

Insider Transactions at Edgewise Therapeutics

In other Edgewise Therapeutics news, CFO R Michael Carruthers sold 2,157 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total value of $40,788.87. Following the transaction, the chief financial officer now directly owns 35,230 shares of the company’s stock, valued at approximately $666,199.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CMO Joanne M. Donovan sold 3,682 shares of the firm’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 $69,626.62. Following 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO R Michael Carruthers sold 2,157 shares of the business’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 value of $40,788.87. Following the completion of the sale, the chief financial officer now owns 35,230 shares of the company’s stock, valued at $666,199.30. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 12,665 shares of company stock worth $239,495. Company insiders own 24.11% of the company’s stock.

Hedge Funds Weigh In On Edgewise Therapeutics

A number of hedge funds have recently added to or reduced their stakes in EWTX. RA Capital Management L.P. acquired a new stake in shares of Edgewise Therapeutics during the 1st quarter worth $162,502,000. Baker BROS. Advisors LP grew 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 worth $106,523,000 after buying an additional 2,727,273 shares in the last quarter. Vanguard Group Inc. increased its holdings in Edgewise Therapeutics by 89.0% in the 1st quarter. Vanguard Group Inc. now owns 4,017,433 shares of the company’s stock valued at $73,278,000 after buying an additional 1,892,053 shares during the period. Frazier Life Sciences Management L.P. increased its holdings in Edgewise Therapeutics by 214.2% in the 4th quarter. Frazier Life Sciences Management L.P. now owns 2,667,203 shares of the company’s stock valued at $29,179,000 after buying an additional 1,818,181 shares during the period. Finally, Janus Henderson Group PLC raised its position in shares of Edgewise Therapeutics by 48.6% in the 1st quarter. Janus Henderson Group PLC now owns 1,805,312 shares of the company’s stock valued at $32,898,000 after buying an additional 590,299 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.