Edgewise Therapeutics (NASDAQ:EWTX) Trading Down 3.8% – Time to Sell?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares traded down 3.8% on Monday . The company traded as low as $14.85 and last traded at $14.72. 30,715 shares were traded during mid-day trading, a decline of 97% from the average session volume of 1,206,789 shares. The stock had previously closed at $15.29.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Royal Bank Of Canada reiterated an “outperform” rating and issued a $48.00 target price on shares of Edgewise Therapeutics in a report on Thursday, June 5th. Piper Sandler reiterated an “overweight” rating and issued a $51.00 target price on shares of Edgewise Therapeutics in a report on Wednesday, April 2nd. Wedbush restated an “outperform” rating and issued a $43.00 price objective on shares of Edgewise Therapeutics in a report on Monday, April 21st. Guggenheim assumed coverage on Edgewise Therapeutics in a report on Wednesday, April 30th. They issued a “buy” rating and a $41.00 price objective on the stock. Finally, Scotiabank downgraded Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and dropped their price objective for the stock from $50.00 to $14.00 in a report on Wednesday, April 2nd. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.78.

Edgewise Therapeutics Trading Down 1.3%

The stock has a market cap of $1.52 billion, a P/E ratio of -9.35 and a beta of 0.28. The company has a 50 day simple moving average of $14.52 and a 200 day simple moving average of $22.03.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.43) earnings per share for the quarter, topping the consensus estimate of ($0.45) by $0.02. As a group, sell-side analysts expect that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.

Insider Activity at Edgewise Therapeutics

In other Edgewise Therapeutics news, Director Orbimed Advisors Llc acquired 496,771 shares of the company’s stock in a transaction that occurred on Thursday, April 3rd. The stock was acquired at an average cost of $20.13 per share, for a total transaction of $10,000,000.23. Following the transaction, the director now directly owns 14,809,075 shares in the company, valued at $298,106,679.75. This represents a 3.47% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel John R. Moore sold 1,930 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $16.45, for a total value of $31,748.50. Following the completion of the sale, the general counsel now directly owns 6,531 shares of the company’s stock, valued at approximately $107,434.95. The trade was a 22.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold 14,258 shares of company stock worth $234,544 in the last ninety days. 23.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. Baker BROS. Advisors LP boosted its position in shares of Edgewise Therapeutics by 5.4% during the fourth quarter. Baker BROS. Advisors LP now owns 6,155,940 shares of the company’s stock valued at $164,364,000 after buying an additional 315,881 shares during the last quarter. Janus Henderson Group PLC boosted its position in Edgewise Therapeutics by 9.3% in the fourth quarter. Janus Henderson Group PLC now owns 4,983,940 shares of the company’s stock worth $133,044,000 after purchasing an additional 425,421 shares during the last quarter. Paradigm Biocapital Advisors LP boosted its position in Edgewise Therapeutics by 61.1% in the fourth quarter. Paradigm Biocapital Advisors LP now owns 4,493,929 shares of the company’s stock worth $119,988,000 after purchasing an additional 1,704,757 shares during the last quarter. Cormorant Asset Management LP boosted its position in Edgewise Therapeutics by 20.4% in the first quarter. Cormorant Asset Management LP now owns 4,101,992 shares of the company’s stock worth $90,244,000 after purchasing an additional 695,458 shares during the last quarter. Finally, Braidwell LP boosted its position in Edgewise Therapeutics by 5.4% in the first quarter. Braidwell LP now owns 2,458,808 shares of the company’s stock worth $54,094,000 after purchasing an additional 126,612 shares during the last quarter.

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.