Edgewise Therapeutics (NASDAQ:EWTX) Shares Down 7.1% After Insider Selling

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares traded down 7.1% during mid-day trading on Friday after an insider sold shares in the company. The stock traded as low as $26.86 and last traded at $26.66. 485,657 shares traded hands during mid-day trading, a decline of 47% from the average session volume of 921,603 shares. The stock had previously closed at $28.69.

Specifically, CEO Kevin Koch sold 8,636 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $30.03, for a total transaction of $259,339.08. Following the completion of the sale, the chief executive officer now owns 14,478 shares in the company, valued at $434,774.34. This trade represents a 37.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Alan J. Russell sold 1,200 shares of the firm’s stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $30.13, for a total transaction of $36,156.00. Following the sale, the insider now owns 14,863 shares of the company’s stock, valued at approximately $447,822.19. The trade was a 7.47 % decrease in their position. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Evercore ISI raised their price target on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 17th. Wedbush lifted their price objective on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Truist Financial lifted their price objective on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Finally, Stifel Nicolaus initiated coverage on shares of Edgewise Therapeutics in a report on Wednesday, January 22nd. They set a “hold” rating and a $30.00 price objective for the company. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Edgewise Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $41.29.

Edgewise Therapeutics Price Performance

The business’s 50-day simple moving average is $28.44 and its 200-day simple moving average is $26.68.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.01. As a group, equities research analysts expect that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of large investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of 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 in the last quarter. Meeder Asset Management Inc. boosted its stake in shares of 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 in the last quarter. Rhumbline Advisers boosted its stake in shares of Edgewise Therapeutics by 1.5% during the 4th quarter. Rhumbline Advisers now owns 102,397 shares of the company’s stock valued at $2,734,000 after purchasing an additional 1,525 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its stake in shares of Edgewise Therapeutics by 11.3% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 20,077 shares of the company’s stock valued at $536,000 after purchasing an additional 2,042 shares in the last quarter. Finally, New York State Common Retirement Fund boosted its stake in shares of Edgewise Therapeutics by 6.4% during the 4th quarter. New York State Common Retirement Fund now owns 71,366 shares of the company’s stock valued at $1,905,000 after purchasing an additional 4,284 shares in the last quarter.

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.