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

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) gapped down prior to trading on Thursday . The stock had previously closed at $33.26, but opened at $32.40. Edgewise Therapeutics shares last traded at $33.48, with a volume of 12,526 shares.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on EWTX. Truist Financial upped their price target on Edgewise Therapeutics from $25.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Wedbush lifted their price objective on Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. JPMorgan Chase & Co. increased their target price on Edgewise Therapeutics from $30.00 to $31.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Royal Bank of Canada reiterated an “outperform” rating and set a $32.00 price target on shares of Edgewise Therapeutics in a report on Tuesday, September 17th. Finally, Piper Sandler raised their price objective on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a research note on Friday, October 11th. Five analysts have rated the stock with a buy rating, According to MarketBeat, Edgewise Therapeutics currently has a consensus rating of “Buy” and a consensus price target of $38.40.

Edgewise Therapeutics Trading Down 1.1 %

The firm’s 50 day moving average price is $28.93 and its 200-day moving average price is $22.16. The company has a market cap of $3.12 billion, a P/E ratio of -22.17 and a beta of 0.14.

Edgewise Therapeutics (NASDAQ:EWTX) last released its earnings results on Thursday, November 7th. The company reported ($0.36) earnings per share for the quarter, beating the consensus estimate of ($0.37) by $0.01. Analysts predict that Edgewise Therapeutics, Inc. will post -1.46 earnings per share for the current fiscal year.

Insider Buying and Selling at Edgewise Therapeutics

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

Institutional Trading of Edgewise Therapeutics

A number of hedge funds have recently added to or reduced their stakes in EWTX. Swiss National Bank lifted its holdings in shares of Edgewise Therapeutics by 34.3% during the first quarter. Swiss National Bank now owns 67,300 shares of the company’s stock worth $1,228,000 after purchasing an additional 17,200 shares during the period. ProShare Advisors LLC increased its position in Edgewise Therapeutics by 51.6% during the 1st quarter. ProShare Advisors LLC now owns 16,885 shares of the company’s stock valued at $308,000 after purchasing an additional 5,748 shares during the period. Entropy Technologies LP bought a new position in Edgewise Therapeutics during the 1st quarter worth approximately $231,000. Vanguard Group Inc. lifted its position 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 period. Finally, Ameritas Investment Partners Inc. boosted its stake in shares of Edgewise Therapeutics by 37.3% in the 1st quarter. Ameritas Investment Partners Inc. now owns 5,751 shares of the company’s stock valued at $105,000 after purchasing an additional 1,561 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.