Edgewise Therapeutics (NASDAQ:EWTX) Hits New 1-Year High – Here’s What Happened

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) hit a new 52-week high during trading on Monday . The stock traded as high as $34.11 and last traded at $33.84, with a volume of 689138 shares trading hands. The stock had previously closed at $32.82.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on EWTX shares. Stifel Nicolaus set a $25.00 target price on Edgewise Therapeutics in a report on Thursday, February 26th. HC Wainwright raised Edgewise Therapeutics to a “strong-buy” rating in a report on Thursday, February 26th. Raymond James Financial set a $46.00 target price on Edgewise Therapeutics in a report on Tuesday, March 10th. Wedbush reissued an “outperform” rating and issued a $32.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday, March 17th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Wednesday, January 21st. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Edgewise Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.44.

Edgewise Therapeutics Trading Down 2.0%

The firm has a 50-day simple moving average of $30.53 and a two-hundred day simple moving average of $24.95. The company has a market capitalization of $3.56 billion, a price-to-earnings ratio of -20.34 and a beta of 0.24.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its earnings results on Thursday, February 26th. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.43) by ($0.04). On average, sell-side analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.

Insider Transactions at Edgewise Therapeutics

In other news, Director Badreddin Edris sold 115,471 shares of the stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $29.44, for a total transaction of $3,399,466.24. Following the transaction, the director owned 19,820 shares of the company’s stock, valued at approximately $583,500.80. This represents a 85.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CMO Joanne M. Donovan sold 28,662 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $32.31, for a total value of $926,069.22. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 23.20% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Aberdeen Group plc grew its holdings in Edgewise Therapeutics by 39.8% in the 3rd quarter. Aberdeen Group plc now owns 619,878 shares of the company’s stock valued at $10,054,000 after buying an additional 176,559 shares during the last quarter. SG Americas Securities LLC lifted its stake in shares of Edgewise Therapeutics by 797.9% in the fourth quarter. SG Americas Securities LLC now owns 88,723 shares of the company’s stock valued at $2,202,000 after buying an additional 78,842 shares during the period. HighVista Strategies LLC lifted its stake in shares of Edgewise Therapeutics by 198.5% in the third quarter. HighVista Strategies LLC now owns 208,101 shares of the company’s stock valued at $3,375,000 after buying an additional 138,378 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in shares of Edgewise Therapeutics in the third quarter valued at about $929,000. Finally, GSA Capital Partners LLP lifted its stake in shares of Edgewise Therapeutics by 315.2% in the third quarter. GSA Capital Partners LLP now owns 113,243 shares of the company’s stock valued at $1,837,000 after buying an additional 85,967 shares during the period.

About Edgewise Therapeutics

Edgewise Therapeutics, Inc (NASDAQ: EWTX) is a clinical-stage biopharmaceutical company headquartered in Cambridge, Massachusetts, focused on the discovery and development of precision medicines for the treatment of rare diseases. The company leverages its expertise in small-molecule chemistry and ion channel biology to address severe, unmet medical needs, particularly in the areas of kidney disorders and neuromuscular diseases.

At the core of Edgewise’s pipeline is EWTX-101, a novel, orally available inhibitor of TRPC5, a calcium channel implicated in nephrotic syndromes such as focal segmental glomerulosclerosis (FSGS) and other proteinuric kidney diseases.