Edgewise Therapeutics (NASDAQ:EWTX) Shares Up 6.9%

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s stock price shot up 6.9% on Tuesday . The stock traded as high as $20.14 and last traded at $20.11. 287,114 shares were traded during mid-day trading, a decline of 67% from the average session volume of 867,115 shares. The stock had previously closed at $18.82.

Wall Street Analyst Weigh In

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

Edgewise Therapeutics Price Performance

The company has a fifty day moving average price of $18.73 and a two-hundred day moving average price of $17.92. The company has a market capitalization of $1.83 billion, a P/E ratio of -12.64 and a beta of 0.14.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its 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. As a group, sell-side analysts forecast that Edgewise Therapeutics, Inc. will post -1.59 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of EWTX. Quest Partners LLC lifted its position in shares of Edgewise Therapeutics by 156.9% in the 2nd quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock worth $31,000 after purchasing an additional 1,064 shares during the period. Meeder Asset Management Inc. bought a new position in Edgewise Therapeutics during the second quarter worth $35,000. Ameritas Investment Partners Inc. lifted its holdings in Edgewise Therapeutics by 37.3% in the first quarter. Ameritas Investment Partners Inc. now owns 5,751 shares of the company’s stock valued at $105,000 after buying an additional 1,561 shares during the period. AJOVista LLC bought a new stake in Edgewise Therapeutics during the fourth quarter valued at $84,000. Finally, Arizona State Retirement System bought a new stake in Edgewise Therapeutics during the second quarter valued at $188,000.

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.