Edgewise Therapeutics (NASDAQ:EWTX) Reaches New 52-Week High – Here’s What Happened

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s stock price reached a new 52-week high on Wednesday . The stock traded as high as $37.29 and last traded at $36.12, with a volume of 9569 shares trading hands. The stock had previously closed at $35.94.

Analysts Set New Price Targets

Several research analysts have commented on EWTX shares. JPMorgan Chase & Co. boosted their target price on Edgewise Therapeutics from $30.00 to $31.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. Wedbush reiterated an “outperform” rating and set a $31.00 price objective on shares of Edgewise Therapeutics in a research report on Friday, August 16th. Piper Sandler raised their target price on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Truist Financial boosted their target price on shares of Edgewise Therapeutics from $25.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $32.00 price objective on shares of Edgewise Therapeutics in a report on Tuesday, September 17th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $35.60.

Edgewise Therapeutics Price Performance

The company has a market cap of $3.32 billion, a price-to-earnings ratio of -22.95 and a beta of 0.14. The business’s fifty day moving average price is $27.25 and its 200 day moving average price is $21.48.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.34) earnings per share for the quarter, beating the consensus estimate of ($0.36) by $0.02. As a group, equities research analysts anticipate that Edgewise Therapeutics, Inc. will post -1.47 EPS for the current year.

Insider Buying and Selling at Edgewise Therapeutics

In other Edgewise Therapeutics news, CFO R Michael Carruthers sold 125,092 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $28.57, for a total transaction of $3,573,878.44. Following the sale, the chief financial officer now owns 6,904 shares of the company’s stock, valued at approximately $197,247.28. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, insider Alan J. Russell sold 75,000 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $28.27, for a total transaction of $2,120,250.00. Following the transaction, the insider now owns 12,719 shares in the company, valued at $359,566.13. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO R Michael Carruthers sold 125,092 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $28.57, for a total transaction of $3,573,878.44. Following the completion of the sale, the chief financial officer now owns 6,904 shares of the company’s stock, valued at $197,247.28. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 278,176 shares of company stock valued at $7,893,316. 24.11% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

A number of large investors have recently modified their holdings of EWTX. Swiss National Bank raised its position in Edgewise Therapeutics by 34.3% in the 1st quarter. Swiss National Bank now owns 67,300 shares of the company’s stock valued at $1,228,000 after buying an additional 17,200 shares during the last quarter. Quantum Private Wealth LLC lifted its position in shares of Edgewise Therapeutics by 5.5% during the 1st quarter. Quantum Private Wealth LLC now owns 66,674 shares of the company’s stock worth $1,216,000 after buying an additional 3,455 shares in the last quarter. ProShare Advisors LLC boosted its stake in shares of Edgewise Therapeutics by 51.6% in the 1st quarter. ProShare Advisors LLC now owns 16,885 shares of the company’s stock worth $308,000 after buying an additional 5,748 shares during the last quarter. Entropy Technologies LP bought a new position in shares of Edgewise Therapeutics in the first quarter valued at approximately $231,000. Finally, Vanguard Group Inc. increased its position in shares of Edgewise Therapeutics by 89.0% during the first quarter. Vanguard Group Inc. now owns 4,017,433 shares of the company’s stock valued at $73,278,000 after acquiring an additional 1,892,053 shares during 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.