Edgewise Therapeutics (NASDAQ:EWTX) Sets New 1-Year High at $27.51

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s share price reached a new 52-week high during trading on Thursday . The stock traded as high as $27.51 and last traded at $26.37, with a volume of 2109692 shares changing hands. The stock had previously closed at $19.07.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $32.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday. Wedbush reissued an “outperform” rating and set a $31.00 target price on shares of Edgewise Therapeutics in a research note on Friday, August 16th. Piper Sandler reissued an “overweight” rating and set a $48.00 target price on shares of Edgewise Therapeutics in a research note on Monday, July 1st. Finally, JPMorgan Chase & Co. raised their target price on shares of Edgewise Therapeutics from $30.00 to $31.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $33.40.

Edgewise Therapeutics Trading Up 39.3 %

The company’s 50-day moving average price is $18.73 and its two-hundred day moving average price is $17.96. The company has a market cap of $2.48 billion, a P/E ratio of -16.12 and a beta of 0.15.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.34) earnings per share for the quarter, beating the consensus estimate of ($0.36) by $0.02. Equities analysts forecast that Edgewise Therapeutics, Inc. will post -1.48 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Quest Partners LLC boosted its holdings in shares of Edgewise Therapeutics by 156.9% in the second quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock worth $31,000 after buying an additional 1,064 shares during the period. Meeder Asset Management Inc. acquired a new position in shares of Edgewise Therapeutics in the second quarter worth about $35,000. Ameritas Investment Partners Inc. boosted its holdings in shares of Edgewise Therapeutics by 37.3% in the first quarter. Ameritas Investment Partners Inc. now owns 5,751 shares of the company’s stock worth $105,000 after buying an additional 1,561 shares during the period. Arizona State Retirement System acquired a new position in shares of Edgewise Therapeutics in the second quarter worth about $188,000. Finally, Dark Forest Capital Management LP acquired a new position in shares of Edgewise Therapeutics in the second quarter worth about $193,000.

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.