Edgewise Therapeutics (NASDAQ:EWTX) Trading 5.7% Higher – Should You Buy?

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) traded up 5.7% on Friday . The company traded as high as $39.99 and last traded at $40.3720. 95,717 shares were traded during trading, a decline of 92% from the average session volume of 1,181,905 shares. The stock had previously closed at $38.19.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on EWTX shares. HC Wainwright reaffirmed a “buy” rating and issued a $45.00 target price on shares of Edgewise Therapeutics in a report on Tuesday, June 16th. The Goldman Sachs Group increased their price objective on shares of Edgewise Therapeutics from $20.00 to $32.00 and gave the company a “neutral” rating in a research report on Wednesday, June 17th. Wedbush raised their price objective on shares of Edgewise Therapeutics from $46.00 to $52.00 and gave the company an “outperform” rating in a report on Monday, June 1st. Truist Financial set a $52.00 price objective on shares of Edgewise Therapeutics in a report on Wednesday, May 6th. Finally, Royal Bank Of Canada lifted their price objective on shares of Edgewise Therapeutics from $48.00 to $59.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.92.

Edgewise Therapeutics Price Performance

The company has a market cap of $4.28 billion, a price-to-earnings ratio of -23.95 and a beta of 0.27. The firm’s 50 day simple moving average is $37.13 and its 200-day simple moving average is $32.41.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its earnings results on Thursday, May 7th. The company reported ($0.46) EPS for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.04. On average, analysts forecast that Edgewise Therapeutics, Inc. will post -2.01 EPS for the current year.

Insider Buying and Selling

In other Edgewise Therapeutics news, insider Alan J. Russell sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $39.41, for a total value of $7,882,000.00. Following the completion of the sale, the insider owned 24,555 shares in the company, valued at approximately $967,712.55. The trade was a 89.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CMO Joanne M. Donovan sold 50,000 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $38.57, for a total value of $1,928,500.00. Following the completion of the sale, the chief marketing officer directly owned 4,367 shares of the company’s stock, valued at $168,435.19. The trade was a 91.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 255,230 shares of company stock worth $9,974,147 in the last 90 days. 21.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Institutional investors have recently modified their holdings of the business. Orbimed Advisors LLC boosted its stake in Edgewise Therapeutics by 3.3% during the 2nd quarter. Orbimed Advisors LLC now owns 15,518,492 shares of the company’s stock worth $203,447,000 after purchasing an additional 496,771 shares during the period. RA Capital Management L.P. increased its stake in Edgewise Therapeutics by 5.3% in the third quarter. RA Capital Management L.P. now owns 10,428,437 shares of the company’s stock valued at $169,149,000 after purchasing an additional 525,804 shares during the period. Paradigm Biocapital Advisors LP increased its stake in Edgewise Therapeutics by 6.0% in the fourth quarter. Paradigm Biocapital Advisors LP now owns 6,541,210 shares of the company’s stock valued at $162,320,000 after purchasing an additional 371,079 shares during the period. Janus Henderson Group PLC raised its holdings in shares of Edgewise Therapeutics by 29.5% in the first quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company’s stock valued at $186,289,000 after buying an additional 1,348,706 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Edgewise Therapeutics by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 4,871,624 shares of the company’s stock valued at $120,889,000 after buying an additional 67,683 shares during the last quarter.

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.