Edgewise Therapeutics (NASDAQ:EWTX) Trading 7.1% Higher – Should You Buy?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) rose 7.1% on Tuesday . The company traded as high as $39.17 and last traded at $39.0950. 356,357 shares were traded during trading, a decline of 69% from the average session volume of 1,168,165 shares. The stock had previously closed at $36.50.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Stifel Nicolaus set a $25.00 price objective on Edgewise Therapeutics in a research report on Thursday, February 26th. Wedbush boosted their price target on Edgewise Therapeutics from $46.00 to $52.00 and gave the company an “outperform” rating in a research note on Monday, June 1st. Royal Bank Of Canada lifted their price objective on shares of Edgewise Therapeutics from $48.00 to $59.00 and gave the company an “outperform” rating in a research note on Wednesday, June 17th. Raymond James Financial restated a “strong-buy” rating and issued a $66.00 price target on shares of Edgewise Therapeutics in a report on Monday, June 1st. Finally, Truist Financial set a $52.00 target price on Edgewise Therapeutics in a research report on Wednesday, May 6th. One investment analyst has 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 stock. According to data from MarketBeat.com, Edgewise Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $47.30.

Edgewise Therapeutics Price Performance

The stock has a fifty day moving average price of $34.02 and a two-hundred day moving average price of $30.11. The company has a market cap of $4.15 billion, a P/E ratio of -23.22 and a beta of 0.27.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.46) earnings per share for the quarter, beating the consensus estimate of ($0.50) by $0.04. Equities analysts predict that Edgewise Therapeutics, Inc. will post -2.01 earnings per share for the current fiscal year.

Insider Transactions at Edgewise Therapeutics

In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 50,000 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $38.57, for a total value of $1,928,500.00. Following the completion of the sale, the chief marketing officer owned 4,367 shares in the company, valued at approximately $168,435.19. This trade represents a 91.97% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders have sold 83,892 shares of company stock valued at $3,018,216. Corporate insiders own 21.30% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

Hedge funds have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Edgewise Therapeutics by 6.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 43,776 shares of the company’s stock valued at $963,000 after purchasing an additional 2,463 shares during the last quarter. Jones Financial Companies Lllp bought a new stake in Edgewise Therapeutics in the first quarter worth about $47,000. Goldman Sachs Group Inc. boosted its stake in Edgewise Therapeutics by 5.7% in the first quarter. Goldman Sachs Group Inc. now owns 366,644 shares of the company’s stock valued at $8,066,000 after acquiring an additional 19,753 shares during the last quarter. Strs Ohio purchased a new stake in shares of Edgewise Therapeutics during the 1st quarter worth approximately $84,000. Finally, Creative Planning raised its holdings in shares of Edgewise Therapeutics by 29.4% in the 2nd quarter. Creative Planning now owns 16,910 shares of the company’s stock worth $222,000 after purchasing an additional 3,837 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.