Edgewise Therapeutics (NASDAQ:EWTX) Hits New 1-Year High After Analyst Upgrade

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares reached a new 52-week high on Thursday after Truist Financial raised their price target on the stock from $25.00 to $33.00. Truist Financial currently has a buy rating on the stock. Edgewise Therapeutics traded as high as $27.51 and last traded at $26.37, with a volume of 2109692 shares trading hands. The stock had previously closed at $19.07.

EWTX has been the subject of several other research reports. JPMorgan Chase & Co. increased their target price on shares of Edgewise Therapeutics from $30.00 to $31.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Piper Sandler reissued an “overweight” rating and set a $48.00 price objective on shares of Edgewise Therapeutics in a report on Monday, July 1st. 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. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $32.00 price target on shares of Edgewise Therapeutics in a research note on Tuesday. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Edgewise Therapeutics currently has an average rating of “Buy” and a consensus target price of $35.00.

Hedge Funds Weigh In On Edgewise Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of EWTX. Novo Holdings A S acquired a new position in Edgewise Therapeutics during the second quarter worth $114,263,000. Quarry LP acquired a new stake in shares of Edgewise Therapeutics during the 2nd quarter worth about $252,000. Frazier Life Sciences Management L.P. lifted its holdings in Edgewise Therapeutics by 12.9% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 3,731,067 shares of the company’s stock valued at $67,197,000 after purchasing an additional 427,500 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in Edgewise Therapeutics by 25.5% in the second quarter. The Manufacturers Life Insurance Company now owns 38,366 shares of the company’s stock valued at $691,000 after buying an additional 7,786 shares in the last quarter. Finally, Millennium Management LLC grew its stake in Edgewise Therapeutics by 115.2% during the second quarter. Millennium Management LLC now owns 1,145,506 shares of the company’s stock worth $20,631,000 after buying an additional 613,251 shares during the last quarter.

Edgewise Therapeutics Stock Down 4.1 %

The company has a market cap of $2.64 billion, a price-to-earnings ratio of -18.25 and a beta of 0.15. The company’s fifty day moving average price is $18.99 and its two-hundred day moving average price is $18.12.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings data 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. Research analysts forecast that Edgewise Therapeutics, Inc. will post -1.48 earnings per share for the current year.

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.