Edgewise Therapeutics (NASDAQ:EWTX) Trading 8% Higher

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s share price rose 8% during trading on Thursday . The stock traded as high as $18.23 and last traded at $18.19. Approximately 513,283 shares were traded during trading, a decline of 40% from the average daily volume of 854,158 shares. The stock had previously closed at $16.85.

Analysts Set New Price Targets

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

Edgewise Therapeutics Stock Up 5.5 %

The firm has a market capitalization of $1.66 billion, a price-to-earnings ratio of -11.66 and a beta of 0.15. The firm’s 50 day moving average is $18.98 and its 200 day moving average is $17.91.

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

Hedge Funds Weigh In On Edgewise Therapeutics

Institutional investors have recently bought and sold shares of the stock. 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. purchased a new stake in shares of Edgewise Therapeutics in the 2nd quarter valued at approximately $35,000. Ameritas Investment Partners Inc. lifted its position in shares of 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 in the last quarter. Arizona State Retirement System acquired a new position in Edgewise Therapeutics in the 2nd quarter worth approximately $188,000. Finally, Dark Forest Capital Management LP purchased a new position in Edgewise Therapeutics during the 2nd quarter worth approximately $193,000.

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.