Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Short Interest Update

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) was the recipient of a significant decrease in short interest in the month of October. As of October 15th, there was short interest totalling 8,490,000 shares, a decrease of 9.1% from the September 30th total of 9,340,000 shares. Approximately 14.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,210,000 shares, the short-interest ratio is currently 7.0 days.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. increased their price target on shares of Edgewise Therapeutics from $30.00 to $31.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Piper Sandler increased their target price on Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Truist Financial lifted 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 reiterated an “outperform” rating and set a $31.00 price objective on shares of Edgewise Therapeutics in a research report on Friday, August 16th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $32.00 price objective on shares of Edgewise Therapeutics in a report on Tuesday, September 17th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $35.60.

Insider Activity

In other Edgewise Therapeutics news, insider Alan J. Russell sold 75,000 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $28.27, for a total value of $2,120,250.00. Following the sale, the insider now directly owns 12,719 shares in the company, valued at $359,566.13. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider Alan J. Russell sold 75,000 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $28.27, for a total transaction of $2,120,250.00. Following the completion of the transaction, the insider now directly owns 12,719 shares in the company, valued at $359,566.13. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO Joanne M. Donovan sold 7,162 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $28.29, for a total value of $202,612.98. Following the completion of the sale, the chief marketing officer now directly owns 14,538 shares in the company, valued at approximately $411,280.02. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 278,176 shares of company stock worth $7,893,316 over the last ninety days. Company insiders own 24.11% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

Institutional investors have recently made changes to their positions in the stock. Quest Partners LLC raised its holdings in Edgewise Therapeutics by 156.9% during the 2nd quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock valued at $31,000 after buying an additional 1,064 shares during the last quarter. Meeder Asset Management Inc. purchased a new position in shares of Edgewise Therapeutics in the second quarter valued at about $35,000. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Edgewise Therapeutics by 21.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock valued at $88,000 after acquiring an additional 604 shares during the last quarter. Ameritas Investment Partners Inc. boosted its holdings in shares of Edgewise Therapeutics by 37.3% during the first quarter. Ameritas Investment Partners Inc. now owns 5,751 shares of the company’s stock worth $105,000 after purchasing an additional 1,561 shares during the period. Finally, Chicago Partners Investment Group LLC bought a new stake in shares of Edgewise Therapeutics in the third quarter worth about $161,000.

Edgewise Therapeutics Price Performance

NASDAQ EWTX traded down $1.13 during trading on Wednesday, hitting $33.32. 511,818 shares of the company’s stock traded hands, compared to its average volume of 963,042. The stock has a fifty day moving average of $25.47 and a two-hundred day moving average of $20.73. Edgewise Therapeutics has a 12-month low of $5.12 and a 12-month high of $36.66. The firm has a market cap of $3.12 billion, a P/E ratio of -21.68 and a beta of 0.20.

Edgewise Therapeutics (NASDAQ:EWTX) last released its earnings results on Thursday, August 8th. The company reported ($0.34) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.02. As a group, analysts expect that Edgewise Therapeutics will post -1.47 earnings per share for the current fiscal year.

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.