Fidelity Management & Research Co recently announced the acquisition of new stake in Edgewise Therapeutics Inc. (NASDAQ:EWTX). The institutional investor has increased its shareholding in the Healthcare company by 172.46% to 7.67 million shares with purchase of 4.86 million shares. This fresh investment now brings its stake to 12.13% valued currently at $68.57 million. In addition, Viking Global Investors LP raised its holdings by 1.68 million to 4.41 million shares. And Ecor1 Capital LLC has lifted its position by 48.03% or 1.13 million shares – to 3.49 million shares.
With over 0.24 million Edgewise Therapeutics Inc. (EWTX) shares trading Friday and a closing price of $11.05 on the day, the dollar volume was approximately $2.67 million. The shares have shown a positive half year performance of 8.76% and its price on 01/13/23 gained nearly 5.24%. Currently, there are 63.21M common shares owned by the public and among those 62.66M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 5 analysts who have offered their price forecasts for EWTX have a consensus price objective of $24.20. The analysts have set the share’s price value over the next 12 months at a high of $32.00 and a low of $5.00. The average price target is 53.57% above its recent price level and a downside to the estimated low will see the stock lose -121.0% over that period. But an upside of 65.47% will see the stock hit the forecast high price target while median target price for the stock is $28.00.
Insiders at the company have transacted a total of 51 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 29 of these insider trades were purchases, accounting for 1,940,713 shares. Insider sales of the common stock occurred on 22 occasions, with total insider shares sold totaling 3,681,168 shares.
The top 3 mutual fund holders in Edgewise Therapeutics Inc. are Fidelity Select Port. – Biotechno, Fidelity Advisor Series VII – Bio, and Fidelity Series Small Cap Opportu. Fidelity Select Port. – Biotechno owns 1.72 million shares of the company’s stock, all valued at over $15.4 million. The company sold -0.25 million shares recently to bring their total holdings to about 2.73% of the shares outstanding. Fidelity Series Small Cap Opportu bought 41715.0 shares to bring its total holdings to over 1.27 million shares at a value of $11.37 million. Fidelity Series Small Cap Opportu now owns shares totaling to 2.01% of the shares outstanding.
Shares of Edgewise Therapeutics Inc. (NASDAQ: EWTX) opened at $10.49, down -$0.01 from a prior closing price of $10.50. However, the script later moved the day high at 11.33, up 5.24%. The company’s stock has a 5-day price change of 17.30% and 3.37% over the past three months. EWTX shares are trading 23.60% year to date (YTD), with the 12-month market performance down to -36.68% lower. It has a 12-month low price of $5.41 and touched a high of $17.86 over the same period. EWTX has an average intraday trading volume of 199.17K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 27.30%, 21.48%, and 22.16% respectively.
Institutional ownership of Edgewise Therapeutics Inc. (NASDAQ: EWTX) 63.21M shares outstanding. Mutual fund holders own 25.85%, while other institutional holders and individual stakeholders account for 42.12% and 22.75% respectively.
It has a market capitalization of $663.66M. The earnings-per-share (ttm) stands at -$1.21. Price movements for the stock have been influenced by the stock’s volatility, which stands at 8.67% over the week and 7.76% over the month.
Analysts forecast that Edgewise Therapeutics Inc. (EWTX) will achieve an EPS of -$0.36 for the current quarter, -$0.39 for the next quarter and -$1.8 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.38 while analysts give the company a high EPS estimate of -$0.33. Comparatively, EPS for the current quarter was -$0.26 a year ago. Earnings per share for the fiscal year are expected to decrease by -216.90%, and -21.50% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 5 brokerage firm advisors rate Edgewise Therapeutics Inc. (EWTX) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 0 of the 5 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the EWTX, a number of firms have released research notes about the stock. Goldman stated their Sell rating for the stock in a research note on August 25, 2022, with the firm’s price target at $5. RBC Capital Mkts coverage for the Edgewise Therapeutics Inc. (EWTX) stock in a research note released on April 13, 2022 offered a Outperform rating with a price target of $31.
