Edgewise Therapeutics (NASDAQ:EWTX) Reaches New 1-Year High – Here’s Why

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) reached a new 52-week high on Wednesday . The company traded as high as $30.29 and last traded at $29.98, with a volume of 446638 shares traded. The stock had previously closed at $28.49.

Analysts Set New Price Targets

EWTX has been the subject of a number of research analyst reports. Wedbush restated an “outperform” rating and issued a $31.00 price target on shares of Edgewise Therapeutics in a research note on Friday, August 16th. Truist Financial upped their target price on shares of Edgewise Therapeutics from $25.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $32.00 price target on shares of Edgewise Therapeutics in a research report on Tuesday, September 17th. JPMorgan Chase & Co. boosted their price objective on Edgewise Therapeutics from $30.00 to $31.00 and gave the company an “overweight” rating in a report on Monday, August 12th. Finally, Piper Sandler increased their target price on Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a report on Friday. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $35.60.

Edgewise Therapeutics Trading Down 1.1 %

The firm has a market cap of $2.81 billion, a P/E ratio of -19.35 and a beta of 0.20. The business’s 50-day moving average is $21.04 and its two-hundred day moving average is $19.14.

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

Insiders Place Their Bets

In related news, CFO R Michael Carruthers sold 125,092 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $28.57, for a total value of $3,573,878.44. Following the sale, the chief financial officer now directly owns 6,904 shares in the company, valued at $197,247.28. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, General Counsel John R. Moore sold 20,922 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $27.63, for a total value of $578,074.86. Following the completion of the transaction, the general counsel now directly owns 3,252 shares in the company, valued at $89,852.76. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO R Michael Carruthers sold 125,092 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $28.57, for a total value of $3,573,878.44. Following the sale, the chief financial officer now directly owns 6,904 shares in the company, valued at approximately $197,247.28. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 278,176 shares of company stock worth $7,893,316. Insiders own 24.11% of the company’s stock.

Hedge Funds Weigh In On Edgewise Therapeutics

Several hedge funds have recently modified their holdings of the company. RA Capital Management L.P. bought a new position in Edgewise Therapeutics during the first quarter valued at about $162,502,000. Novo Holdings A S acquired a new stake in Edgewise Therapeutics in the 2nd quarter valued at about $114,263,000. Baker BROS. Advisors LP boosted its position in shares of Edgewise Therapeutics by 87.6% during the 1st quarter. Baker BROS. Advisors LP now owns 5,840,059 shares of the company’s stock valued at $106,523,000 after purchasing an additional 2,727,273 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Edgewise Therapeutics by 89.0% in the 1st quarter. Vanguard Group Inc. now owns 4,017,433 shares of the company’s stock worth $73,278,000 after purchasing an additional 1,892,053 shares during the last quarter. Finally, Frazier Life Sciences Management L.P. grew its stake in shares of Edgewise Therapeutics by 12.9% in the 2nd quarter. Frazier Life Sciences Management L.P. now owns 3,731,067 shares of the company’s stock worth $67,197,000 after purchasing an additional 427,500 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.