Edgewise Therapeutics (NASDAQ:EWTX) Shares Down 5.4%

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s stock price fell 5.4% during mid-day trading on Monday . The stock traded as low as $17.79 and last traded at $17.81. 133,927 shares were traded during trading, a decline of 84% from the average session volume of 853,107 shares. The stock had previously closed at $18.83.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on EWTX shares. Wedbush restated an “outperform” rating and issued a $31.00 price objective on shares of Edgewise Therapeutics in a research note on Friday, August 16th. JPMorgan Chase & Co. increased their price target on shares of Edgewise Therapeutics from $30.00 to $31.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Piper Sandler restated an “overweight” rating and issued a $48.00 target price on shares of Edgewise Therapeutics in a research report on Monday, July 1st. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $32.00 price target on shares of Edgewise Therapeutics in a report on Thursday, July 25th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $33.40.

Edgewise Therapeutics Price Performance

The business’s fifty day moving average price is $18.95 and its two-hundred day moving average price is $17.94. The stock has a market capitalization of $1.59 billion, a PE ratio of -11.49 and a beta of 0.15.

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

Institutional Trading of Edgewise Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the business. Pale Fire Capital SE grew its holdings in Edgewise Therapeutics by 529.3% during the 4th quarter. Pale Fire Capital SE now owns 98,449 shares of the company’s stock valued at $1,077,000 after purchasing an additional 82,804 shares in the last quarter. Perceptive Advisors LLC bought a new stake in Edgewise Therapeutics during the fourth quarter worth approximately $6,078,000. Trexquant Investment LP purchased a new stake in Edgewise Therapeutics during the fourth quarter valued at about $608,000. Vanguard Group Inc. boosted its stake in shares of Edgewise Therapeutics by 89.0% during the 1st quarter. Vanguard Group Inc. now owns 4,017,433 shares of the company’s stock valued at $73,278,000 after buying an additional 1,892,053 shares during the period. Finally, Frazier Life Sciences Management L.P. lifted its position in shares of Edgewise Therapeutics by 214.2% in the fourth quarter. Frazier Life Sciences Management L.P. now owns 2,667,203 shares of the company’s stock worth $29,179,000 after buying an additional 1,818,181 shares during 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.