Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Sees Significant Decline in Short Interest

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) was the recipient of a significant drop in short interest in the month of November. As of November 30th, there was short interest totalling 5,740,000 shares, a drop of 10.2% from the November 15th total of 6,390,000 shares. Based on an average trading volume of 1,110,000 shares, the short-interest ratio is currently 5.2 days. Approximately 9.2% of the shares of the company are short sold.

Edgewise Therapeutics Stock Performance

Shares of Edgewise Therapeutics stock traded down $2.52 during midday trading on Tuesday, hitting $30.17. The company had a trading volume of 1,641,188 shares, compared to its average volume of 940,576. The stock has a market capitalization of $2.86 billion, a P/E ratio of -20.11 and a beta of 0.12. The company has a 50 day moving average of $32.82 and a 200 day moving average of $24.39. Edgewise Therapeutics has a 52-week low of $6.82 and a 52-week high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.36) earnings per share for the quarter, topping the consensus estimate of ($0.37) by $0.01. Equities research analysts forecast that Edgewise Therapeutics will post -1.45 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Truist Financial lifted their price objective on Edgewise Therapeutics from $33.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Royal Bank of Canada restated an “outperform” rating and set a $32.00 price target on shares of Edgewise Therapeutics in a research report on Tuesday, September 17th. Evercore ISI raised their price target on Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday. Wedbush raised their price target on Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Finally, Piper Sandler raised their price target on Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $43.17.

Insider Transactions at Edgewise Therapeutics

In related news, CFO R Michael Carruthers sold 125,092 shares of Edgewise Therapeutics stock in a transaction on Friday, September 20th. The stock was sold at an average price of $28.57, for a total transaction of $3,573,878.44. Following the completion of the sale, the chief financial officer now owns 6,904 shares of the company’s stock, valued at approximately $197,247.28. This trade represents a 94.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel John R. Moore sold 20,922 shares of Edgewise Therapeutics stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $27.63, for a total value of $578,074.86. Following the sale, the general counsel now directly owns 3,252 shares of the company’s stock, valued at $89,852.76. This represents a 86.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 278,176 shares of company stock valued at $7,893,316 over the last three months. Company insiders own 24.11% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. boosted its stake in Edgewise Therapeutics by 21.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock valued at $88,000 after purchasing an additional 604 shares during the last quarter. Quest Partners LLC boosted its stake 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 purchasing an additional 1,064 shares during the last quarter. Meeder Asset Management Inc. boosted its stake in Edgewise Therapeutics by 69.9% during the 3rd quarter. Meeder Asset Management Inc. now owns 3,307 shares of the company’s stock valued at $88,000 after purchasing an additional 1,361 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Edgewise Therapeutics by 5.5% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 84,294 shares of the company’s stock valued at $2,250,000 after purchasing an additional 4,426 shares during the last quarter. Finally, Chicago Partners Investment Group LLC purchased a new stake in Edgewise Therapeutics during the 3rd quarter valued at $161,000.

About Edgewise Therapeutics

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.