Edgewise Therapeutics (NASDAQ:EWTX) Hits New 52-Week High Following Analyst Upgrade

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares hit a new 52-week high during mid-day trading 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 changing hands. The stock had previously closed at $19.07.

EWTX has been the topic of several other research reports. Piper Sandler reaffirmed an “overweight” rating and set a $48.00 target price on shares of Edgewise Therapeutics in a research report on Monday, July 1st. Wedbush reiterated an “outperform” rating and issued a $31.00 target price on shares of Edgewise Therapeutics in a research note on Friday, August 16th. JPMorgan Chase & Co. raised their price target 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. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $32.00 price objective on shares of Edgewise Therapeutics in a research report on Tuesday. Five research analysts have rated the stock with a buy rating, According to MarketBeat, Edgewise Therapeutics currently has an average rating of “Buy” and an average price target of $35.00.

Institutional Trading of Edgewise Therapeutics

Large investors have recently added to or reduced their stakes in the stock. Sofinnova Investments Inc. bought a new position in shares of Edgewise Therapeutics during the 2nd quarter valued at approximately $8,567,000. Pale Fire Capital SE grew its holdings in Edgewise Therapeutics by 529.3% during the fourth quarter. Pale Fire Capital SE now owns 98,449 shares of the company’s stock valued at $1,077,000 after purchasing an additional 82,804 shares during the period. Perceptive Advisors LLC purchased a new stake in Edgewise Therapeutics in the fourth quarter worth $6,078,000. Trexquant Investment LP bought a new stake in shares of Edgewise Therapeutics in the fourth quarter valued at $608,000. Finally, Vanguard Group Inc. lifted 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 valued at $73,278,000 after buying an additional 1,892,053 shares during the last quarter.

Edgewise Therapeutics Trading Down 4.1 %

The stock has a market cap of $2.64 billion, a PE ratio of -18.25 and a beta of 0.15. The business has a 50-day moving average price of $18.99 and a 200 day moving average price of $18.12.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.34) EPS for the quarter, beating the consensus estimate of ($0.36) by $0.02. On average, equities analysts predict 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.