Investors Buy High Volume of Put Options on Edgewise Therapeutics (NASDAQ:EWTX)

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) was the recipient of some unusual options trading activity on Wednesday. Investors bought 13,313 put options on the stock. This is an increase of 873% compared to the average daily volume of 1,368 put options.

Edgewise Therapeutics Stock Down 22.0 %

Shares of Edgewise Therapeutics stock traded down $4.44 on Wednesday, hitting $15.70. The stock had a trading volume of 8,611,405 shares, compared to its average volume of 1,289,629. Edgewise Therapeutics has a one year low of $12.18 and a one year high of $38.12. The stock’s 50-day simple moving average is $26.04 and its two-hundred day simple moving average is $28.64. The stock has a market cap of $1.49 billion, a price-to-earnings ratio of -10.49 and a beta of 0.22.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings results on Monday, March 3rd. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.03). As a group, equities analysts predict that Edgewise Therapeutics will post -1.45 EPS for the current fiscal year.

Insider Buying and Selling at Edgewise Therapeutics

In related news, CEO Kevin Koch sold 8,636 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $30.03, for a total value of $259,339.08. Following the sale, the chief executive officer now directly owns 14,478 shares of the company’s stock, valued at $434,774.34. This trade represents a 37.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CMO Joanne M. Donovan sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $27.63, for a total transaction of $690,750.00. Following the completion of the transaction, the chief marketing officer now directly owns 16,358 shares of the company’s stock, valued at approximately $451,971.54. This represents a 60.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,836 shares of company stock valued at $986,245 in the last three months. Company insiders own 24.11% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Summit Investment Advisors Inc. lifted its holdings in Edgewise Therapeutics by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 7,594 shares of the company’s stock worth $203,000 after buying an additional 482 shares during the period. Alliancebernstein L.P. raised its holdings in shares of Edgewise Therapeutics by 1.7% during the fourth quarter. Alliancebernstein L.P. now owns 77,260 shares of the company’s stock valued at $2,063,000 after acquiring an additional 1,300 shares in the last quarter. Diadema Partners LP purchased a new stake in Edgewise Therapeutics in the fourth quarter worth $36,000. Rhumbline Advisers lifted its stake in Edgewise Therapeutics by 1.5% in the fourth quarter. Rhumbline Advisers now owns 102,397 shares of the company’s stock worth $2,734,000 after acquiring an additional 1,525 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Edgewise Therapeutics by 4.0% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,313 shares of the company’s stock valued at $1,103,000 after acquiring an additional 1,595 shares in the last quarter.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $56.00 target price on shares of Edgewise Therapeutics in a research report on Tuesday, March 4th. Stifel Nicolaus started coverage on Edgewise Therapeutics in a research report on Wednesday, January 22nd. They set a “hold” rating and a $30.00 price objective on the stock. Scotiabank initiated coverage on Edgewise Therapeutics in a research report on Friday, March 7th. They issued a “sector outperform” rating and a $50.00 target price for the company. Finally, Evercore ISI increased their price target on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, December 17th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $45.38.

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.