Edgewise Therapeutics (NASDAQ:EWTX) Stock Price Down 5.2% – Time to Sell?

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) dropped 5.2% during mid-day trading on Friday . The company traded as low as $26.12 and last traded at $25.88. Approximately 198,790 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 1,219,236 shares. The stock had previously closed at $27.29.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on EWTX shares. Royal Bank Of Canada lifted their price target on Edgewise Therapeutics from $49.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday, November 7th. The Goldman Sachs Group initiated coverage on Edgewise Therapeutics in a research note on Thursday, September 25th. They set a “neutral” rating and a $20.00 target price for the company. JPMorgan Chase & Co. boosted their target price on Edgewise Therapeutics from $33.00 to $34.00 and gave the stock an “overweight” rating in a report on Friday, November 14th. Wall Street Zen downgraded Edgewise Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday. Finally, Wedbush decreased their price objective on shares of Edgewise Therapeutics from $35.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, November 7th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.00.

Edgewise Therapeutics Stock Performance

The company has a fifty day moving average of $21.30 and a two-hundred day moving average of $16.78. The firm has a market capitalization of $2.79 billion, a price-to-earnings ratio of -16.68 and a beta of 0.26.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.39) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.01. Equities analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Insider Activity

In other Edgewise Therapeutics news, insider Alan J. Russell sold 100,000 shares of the business’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $21.12, for a total value of $2,112,000.00. Following the completion of the sale, the insider owned 23,400 shares of the company’s stock, valued at $494,208. The trade was a 81.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jonathan C. Fox bought 10,700 shares of the stock in a transaction dated Tuesday, November 11th. The shares were acquired at an average cost of $18.64 per share, for a total transaction of $199,448.00. Following the completion of the acquisition, the director directly owned 23,702 shares of the company’s stock, valued at approximately $441,805.28. This trade represents a 82.30% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 23.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System grew its holdings in shares of Edgewise Therapeutics by 2.4% during the 2nd quarter. California State Teachers Retirement System now owns 36,878 shares of the company’s stock worth $483,000 after purchasing an additional 850 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Edgewise Therapeutics by 28.2% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,062 shares of the company’s stock worth $53,000 after purchasing an additional 894 shares during the period. HighMark Wealth Management LLC grew its stake in Edgewise Therapeutics by 2.1% during the third quarter. HighMark Wealth Management LLC now owns 53,179 shares of the company’s stock worth $863,000 after buying an additional 1,114 shares in the last quarter. Creative Planning grew its stake in Edgewise Therapeutics by 6.7% during the third quarter. Creative Planning now owns 18,036 shares of the company’s stock worth $293,000 after buying an additional 1,126 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings in Edgewise Therapeutics by 14.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,148 shares of the company’s stock valued at $120,000 after buying an additional 1,188 shares during the period.

Edgewise Therapeutics Company Profile

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.