Edgewise Therapeutics (NASDAQ:EWTX) Shares Down 5.1% – Here’s What Happened

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s stock price dropped 5.1% during mid-day trading on Friday . The company traded as low as $15.28 and last traded at $15.24. Approximately 69,653 shares traded hands during trading, a decline of 94% from the average daily volume of 1,171,587 shares. The stock had previously closed at $16.05.

Analyst Upgrades and Downgrades

EWTX has been the subject of a number of research analyst reports. Raymond James Financial initiated coverage on Edgewise Therapeutics in a report on Wednesday, July 30th. They set a “strong-buy” rating and a $46.00 price objective for the company. The Goldman Sachs Group initiated coverage on Edgewise Therapeutics in a report on Thursday, September 25th. They set a “neutral” rating and a $20.00 price objective for the company. JPMorgan Chase & Co. reduced their price objective on Edgewise Therapeutics from $40.00 to $30.00 and set an “overweight” rating for the company in a report on Tuesday, August 19th. HC Wainwright began coverage on Edgewise Therapeutics in a research note on Monday, June 30th. They issued a “buy” rating and a $42.00 price target for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Edgewise Therapeutics has a consensus rating of “Moderate Buy” and an average price target of $38.83.

Edgewise Therapeutics Stock Down 5.9%

The firm has a 50 day simple moving average of $14.59 and a two-hundred day simple moving average of $14.49. The stock has a market capitalization of $1.59 billion, a P/E ratio of -9.75 and a beta of 0.28.

Edgewise Therapeutics (NASDAQ:EWTX) last released its earnings results on Thursday, August 7th. The company reported ($0.34) earnings per share for the quarter, topping the consensus estimate of ($0.42) by $0.08. On average, research analysts predict that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.

Insiders Place Their Bets

In other Edgewise Therapeutics news, CEO Kevin Koch sold 7,972 shares of the company’s stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $13.39, for a total transaction of $106,745.08. Following the completion of the sale, the chief executive officer directly owned 30,615 shares in the company, valued at $409,934.85. This represents a 20.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CMO Joanne M. Donovan sold 2,862 shares of the company’s stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $13.39, for a total transaction of $38,322.18. Following the transaction, the chief marketing officer owned 25,361 shares of the company’s stock, valued at $339,583.79. This trade represents a 10.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 116,267 shares of company stock valued at $1,677,815 over the last ninety days. Company insiders own 23.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of EWTX. Braidwell LP increased its holdings in shares of Edgewise Therapeutics by 111.9% during the second quarter. Braidwell LP now owns 5,210,831 shares of the company’s stock worth $68,314,000 after buying an additional 2,752,023 shares in the last quarter. Bellevue Group AG increased its holdings in shares of Edgewise Therapeutics by 94.3% during the second quarter. Bellevue Group AG now owns 2,775,997 shares of the company’s stock worth $36,393,000 after buying an additional 1,347,068 shares in the last quarter. First Light Asset Management LLC increased its holdings in shares of Edgewise Therapeutics by 137.3% during the first quarter. First Light Asset Management LLC now owns 1,852,290 shares of the company’s stock worth $40,750,000 after buying an additional 1,071,651 shares in the last quarter. Siren L.L.C. increased its holdings in shares of Edgewise Therapeutics by 131.0% during the first quarter. Siren L.L.C. now owns 1,696,444 shares of the company’s stock worth $37,322,000 after buying an additional 962,101 shares in the last quarter. Finally, Cormorant Asset Management LP increased its holdings in shares of Edgewise Therapeutics by 20.4% during the first quarter. Cormorant Asset Management LP now owns 4,101,992 shares of the company’s stock worth $90,244,000 after buying an additional 695,458 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.