Short Interest in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Rises By 8.9%

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) was the target of a significant growth in short interest during the month of January. As of January 15th, there was short interest totalling 6,140,000 shares, a growth of 8.9% from the December 31st total of 5,640,000 shares. Approximately 9.8% of the company’s stock are sold short. Based on an average daily trading volume, of 837,700 shares, the short-interest ratio is presently 7.3 days.

Insiders Place Their Bets

In other Edgewise Therapeutics news, insider Marc Semigran sold 29,709 shares of the company’s stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $29.69, for a total transaction of $882,060.21. Following the completion of the sale, the insider now directly owns 6,716 shares of the company’s stock, valued at approximately $199,398.04. This represents a 81.56 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Alan J. Russell sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $27.37, for a total transaction of $2,737,000.00. Following the completion of the transaction, the insider now owns 14,863 shares of the company’s stock, valued at approximately $406,800.31. The trade was a 87.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 154,709 shares of company stock valued at $4,309,810. Insiders own 24.11% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Ally Bridge Group NY LLC purchased a new stake in Edgewise Therapeutics in the 3rd quarter valued at about $5,010,000. Franklin Resources Inc. raised its holdings in Edgewise Therapeutics by 84.2% in the 3rd quarter. Franklin Resources Inc. now owns 45,223 shares of the company’s stock valued at $1,207,000 after buying an additional 20,674 shares during the period. abrdn plc purchased a new stake in Edgewise Therapeutics in the 3rd quarter valued at about $6,850,000. Braidwell LP purchased a new stake in Edgewise Therapeutics in the 3rd quarter valued at about $52,267,000. Finally, Moody Aldrich Partners LLC purchased a new stake in Edgewise Therapeutics in the 3rd quarter valued at about $4,034,000.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Evercore ISI upped their target price on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 17th. Truist Financial upped their target price on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Wedbush upped their target price on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Piper Sandler increased their price objective on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Finally, Stifel Nicolaus assumed coverage on shares of Edgewise Therapeutics in a research report on Wednesday, January 22nd. They set a “hold” rating and a $30.00 price objective for the company. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $41.29.

Edgewise Therapeutics Price Performance

EWTX opened at $28.20 on Tuesday. Edgewise Therapeutics has a 12-month low of $14.90 and a 12-month high of $38.12. The firm has a 50 day moving average of $28.74 and a two-hundred day moving average of $26.52.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its earnings results on Thursday, November 7th. The company reported ($0.36) earnings per share for the quarter, beating the consensus estimate of ($0.37) by $0.01. As a group, sell-side analysts predict that Edgewise Therapeutics will post -1.45 earnings per share for the current 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.