Edgewise Therapeutics (NASDAQ:EWTX) Shares Gap Down – Should You Sell?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares gapped down before the market opened on Wednesday . The stock had previously closed at $27.39, but opened at $26.06. Edgewise Therapeutics shares last traded at $26.52, with a volume of 158,987 shares changing hands.

Analysts Set New Price Targets

A number of analysts have weighed in on EWTX shares. Evercore ISI increased their target price on Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 17th. Wedbush raised their price target on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Piper Sandler boosted their price objective on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Stifel Nicolaus began coverage on shares of Edgewise Therapeutics in a research report on Wednesday. They set a “hold” rating and a $30.00 target price on the stock. Finally, Truist Financial boosted their price target on Edgewise Therapeutics from $33.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Edgewise Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $41.29.

Edgewise Therapeutics Price Performance

The firm’s 50-day moving average price is $29.25 and its two-hundred day moving average price is $26.16.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its earnings results on Thursday, November 7th. The company reported ($0.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. As a group, research analysts expect that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current fiscal year.

Insider Activity at Edgewise Therapeutics

In related news, insider Marc Semigran sold 29,709 shares of the stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $29.69, for a total transaction of $882,060.21. Following the completion of the sale, the insider now owns 6,716 shares of the company’s stock, valued at $199,398.04. This represents a 81.56 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Alan J. Russell sold 100,000 shares of Edgewise Therapeutics stock in a transaction on 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 completion of the transaction, the insider now directly owns 14,863 shares in the company, valued at $406,800.31. This represents a 87.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 24.11% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EWTX. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Edgewise Therapeutics by 21.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock valued at $88,000 after acquiring an additional 604 shares in the last quarter. Meeder Asset Management Inc. increased its stake in Edgewise Therapeutics by 69.9% during the 3rd quarter. Meeder Asset Management Inc. now owns 3,307 shares of the company’s stock valued at $88,000 after purchasing an additional 1,361 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in shares of Edgewise Therapeutics by 11.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 20,077 shares of the company’s stock worth $536,000 after buying an additional 2,042 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Edgewise Therapeutics by 5.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 84,294 shares of the company’s stock worth $2,250,000 after buying an additional 4,426 shares during the period. Finally, Chicago Partners Investment Group LLC acquired a new stake in shares of Edgewise Therapeutics during the third quarter worth $161,000.

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.