Edgewise Therapeutics (NASDAQ:EWTX) Sees Large Volume Increase

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTXGet Rating) saw unusually-strong trading volume on Wednesday . Approximately 17,941 shares traded hands during mid-day trading, a decline of 94% from the previous session’s volume of 292,225 shares.The stock last traded at $10.33 and had previously closed at $10.32.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group lowered shares of Edgewise Therapeutics from a “neutral” rating to a “sell” rating and set a $5.00 target price for the company. in a research note on Wednesday, August 24th.

Edgewise Therapeutics Stock Performance

The stock has a market cap of $454.67 million, a P/E ratio of -8.01 and a beta of -0.28. The company’s 50 day moving average price is $10.38 and its 200-day moving average price is $9.07.

Insider Activity at Edgewise Therapeutics

In related news, General Counsel John R. Moore sold 9,232 shares of the stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $9.31, for a total transaction of $85,949.92. Following the completion of the transaction, the general counsel now owns 3,000 shares in the company, valued at $27,930. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, General Counsel John R. Moore sold 9,232 shares of the stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $9.31, for a total transaction of $85,949.92. Following the completion of the transaction, the general counsel now owns 3,000 shares in the company, valued at $27,930. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, General Counsel John R. Moore sold 8,186 shares of the stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $8.35, for a total transaction of $68,353.10. Following the transaction, the general counsel now owns 3,000 shares of the company’s stock, valued at approximately $25,050. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 48,496 shares of company stock worth $380,862. 37.05% of the stock is owned by company insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EWTX. Ensign Peak Advisors Inc bought a new position in Edgewise Therapeutics during the first quarter worth about $6,427,000. Woodline Partners LP boosted its position in Edgewise Therapeutics by 114.3% during the second quarter. Woodline Partners LP now owns 771,797 shares of the company’s stock worth $6,144,000 after purchasing an additional 411,704 shares during the period. DAFNA Capital Management LLC boosted its position in Edgewise Therapeutics by 95.1% during the second quarter. DAFNA Capital Management LLC now owns 695,959 shares of the company’s stock worth $5,540,000 after purchasing an additional 339,209 shares during the period. FMR LLC boosted its position in Edgewise Therapeutics by 11.7% during the second quarter. FMR LLC now owns 2,815,284 shares of the company’s stock worth $22,410,000 after purchasing an additional 293,834 shares during the period. Finally, Northern Trust Corp boosted its position in Edgewise Therapeutics by 161.5% during the fourth quarter. Northern Trust Corp now owns 302,190 shares of the company’s stock worth $4,617,000 after purchasing an additional 186,617 shares during the period.

About Edgewise Therapeutics

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Edgewise Therapeutics, Inc, a biopharmaceutical company, develops small molecule therapies for musculoskeletal diseases. The Company's lead product candidate, EDG-5506, is an orally administered small molecule designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy and Becker muscular dystrophy which has completed Phase 1 clinical trial.

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