Edgewise Therapeutics Target of Unusually Large Options Trading (NASDAQ:EWTX)

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) was the target of unusually large options trading activity on Wednesday. Stock traders bought 13,313 put options on the stock. This represents an increase of approximately 873% compared to the typical volume of 1,368 put options.

Edgewise Therapeutics Stock Performance

EWTX stock opened at $15.52 on Thursday. The firm has a 50 day simple moving average of $25.81 and a 200 day simple moving average of $28.55. Edgewise Therapeutics has a 52 week low of $12.18 and a 52 week high of $38.12. The stock has a market cap of $1.48 billion, a P/E ratio of -10.35 and a beta of 0.22.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its earnings results on Monday, March 3rd. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.03). Sell-side analysts predict that Edgewise Therapeutics will post -1.45 EPS for the current year.

Insider Transactions at Edgewise Therapeutics

In related news, insider Alan J. Russell sold 1,200 shares of the company’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $30.13, for a total value of $36,156.00. Following the completion of the sale, the insider now owns 14,863 shares of the company’s stock, valued at $447,822.19. This represents a 7.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CMO Joanne M. Donovan sold 25,000 shares of the stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $27.63, for a total transaction of $690,750.00. Following the completion of the transaction, the chief marketing officer now owns 16,358 shares of the company’s stock, valued at $451,971.54. This trade represents a 60.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 34,836 shares of company stock worth $986,245. Insiders own 24.11% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of EWTX. Diadema Partners LP acquired a new stake in shares of Edgewise Therapeutics during the 4th quarter valued at about $36,000. GF Fund Management CO. LTD. acquired a new stake in shares of Edgewise Therapeutics in the fourth quarter worth $53,000. Aquatic Capital Management LLC bought a new stake in shares of Edgewise Therapeutics during the 4th quarter worth $77,000. Tower Research Capital LLC TRC raised its holdings in Edgewise Therapeutics by 1,097.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,676 shares of the company’s stock worth $98,000 after acquiring an additional 3,369 shares during the period. Finally, Quantbot Technologies LP acquired a new position in Edgewise Therapeutics during the 4th quarter worth $103,000.

Analysts Set New Price Targets

A number of research analysts recently issued reports on EWTX shares. Scotiabank lowered Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and set a $14.00 target price on the stock. in a report on Wednesday. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $56.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday, March 4th. Evercore ISI increased their target price on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, December 17th. Stifel Nicolaus began coverage on shares of Edgewise Therapeutics in a research report on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 price target on the stock. Finally, Piper Sandler reiterated an “overweight” rating and set a $51.00 price objective on shares of Edgewise Therapeutics in a research report on Wednesday. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $40.88.

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.