Edgewise Therapeutics (NASDAQ:EWTX) Stock Price Down 6.4%

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) was down 6.4% on Thursday . The stock traded as low as $19.55 and last traded at $19.60. Approximately 410,498 shares changed hands during trading, a decline of 53% from the average daily volume of 868,414 shares. The stock had previously closed at $20.94.

Analyst Ratings Changes

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

Edgewise Therapeutics Stock Performance

The firm’s fifty day simple moving average is $18.70 and its 200 day simple moving average is $17.91. The stock has a market capitalization of $1.83 billion, a price-to-earnings ratio of -13.51 and a beta of 0.14.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.02. Analysts forecast that Edgewise Therapeutics, Inc. will post -1.59 earnings per share for the current year.

Hedge Funds Weigh In On Edgewise Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the company. RA Capital Management L.P. bought a new position in shares of Edgewise Therapeutics during the first quarter worth approximately $162,502,000. Novo Holdings A S bought a new stake in Edgewise Therapeutics during the second quarter valued at $114,263,000. Baker BROS. Advisors LP increased its holdings in Edgewise Therapeutics by 87.6% in the first quarter. Baker BROS. Advisors LP now owns 5,840,059 shares of the company’s stock worth $106,523,000 after purchasing an additional 2,727,273 shares in the last quarter. Vanguard Group Inc. boosted its position 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 worth $73,278,000 after purchasing an additional 1,892,053 shares in the last quarter. Finally, Frazier Life Sciences Management L.P. grew its position in Edgewise Therapeutics by 214.2% in the 4th quarter. Frazier Life Sciences Management L.P. now owns 2,667,203 shares of the company’s stock valued at $29,179,000 after purchasing an additional 1,818,181 shares during the period.

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.