Edgewise Therapeutics (NASDAQ:EWTX) Shares Down 6.9%

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s share price was down 6.9% during mid-day trading on Monday . The stock traded as low as $26.26 and last traded at $26.32. Approximately 308,296 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 956,582 shares. The stock had previously closed at $28.28.

Analyst Upgrades and Downgrades

EWTX has been the topic of a number of research reports. Piper Sandler reissued an “overweight” rating and issued a $48.00 target price on shares of Edgewise Therapeutics in a research note on Monday, July 1st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $32.00 target price on shares of Edgewise Therapeutics in a research report on Tuesday, September 17th. JPMorgan Chase & Co. raised their target price on Edgewise Therapeutics from $30.00 to $31.00 and gave the company an “overweight” rating in a report on Monday, August 12th. Truist Financial upped their price target on Edgewise Therapeutics from $25.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Wedbush reiterated an “outperform” rating and set a $31.00 price objective on shares of Edgewise Therapeutics in a research note on Friday, August 16th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Edgewise Therapeutics has a consensus rating of “Buy” and an average target price of $35.00.

Edgewise Therapeutics Trading Down 6.3 %

The business has a 50 day simple moving average of $18.99 and a two-hundred day simple moving average of $18.14. The stock has a market cap of $2.47 billion, a price-to-earnings ratio of -17.05 and a beta of 0.15.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.34) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.02. Research analysts anticipate that Edgewise Therapeutics, Inc. will post -1.48 EPS for the current fiscal year.

Institutional Investors Weigh In On Edgewise Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in EWTX. Quest Partners LLC boosted its position 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 period. Meeder Asset Management Inc. bought a new stake in shares of Edgewise Therapeutics in the 2nd quarter worth $35,000. Ameritas Investment Partners Inc. lifted its holdings in Edgewise Therapeutics by 37.3% in the 1st quarter. Ameritas Investment Partners Inc. now owns 5,751 shares of the company’s stock valued at $105,000 after acquiring an additional 1,561 shares during the last quarter. Arizona State Retirement System acquired a new position in Edgewise Therapeutics in the second quarter worth approximately $188,000. Finally, Dark Forest Capital Management LP acquired a new stake in Edgewise Therapeutics during the 2nd 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.