Edgewise Therapeutics (NASDAQ:EWTX) Stock Price Down 6.9%

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) dropped 6.9% during trading on Monday . The company traded as low as $26.26 and last traded at $26.32. Approximately 308,296 shares traded hands during trading, a decline of 68% from the average daily volume of 956,582 shares. The stock had previously closed at $28.28.

Wall Street Analyst Weigh In

EWTX has been the subject of a number of research analyst reports. Piper Sandler reaffirmed an “overweight” rating and issued a $48.00 target price on shares of Edgewise Therapeutics in a report on Monday, July 1st. JPMorgan Chase & Co. raised their price objective on Edgewise Therapeutics from $30.00 to $31.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Wedbush reaffirmed an “outperform” rating and set a $31.00 price objective on shares of Edgewise Therapeutics in a report on Friday, August 16th. Royal Bank of Canada restated an “outperform” rating and issued a $32.00 price target on shares of Edgewise Therapeutics in a research report on Tuesday, September 17th. Finally, Truist Financial lifted their price target on Edgewise Therapeutics from $25.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $35.00.

Edgewise Therapeutics Stock Performance

The business has a fifty day simple moving average of $18.99 and a 200 day simple moving average of $18.14. The stock has a market cap of $2.47 billion, a price-to-earnings ratio of -17.05 and a beta of 0.15.

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. On average, equities research analysts anticipate that Edgewise Therapeutics, Inc. will post -1.48 EPS for the current fiscal year.

Institutional Trading of Edgewise Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of EWTX. Quest Partners LLC boosted its position 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 acquiring an additional 1,064 shares during the last quarter. Meeder Asset Management Inc. purchased a new position in Edgewise Therapeutics during the second quarter worth approximately $35,000. Ameritas Investment Partners Inc. boosted its holdings 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 purchasing an additional 1,561 shares during the last quarter. Arizona State Retirement System purchased a new stake in shares of Edgewise Therapeutics during the 2nd quarter valued at $188,000. Finally, Dark Forest Capital Management LP acquired a new stake in shares of Edgewise Therapeutics during the 2nd quarter worth $193,000.

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.