Edgewise Therapeutics (NASDAQ:EWTX) Stock Price Down 5.4%

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) dropped 5.4% on Monday . The company traded as low as $17.79 and last traded at $17.81. Approximately 133,927 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 853,107 shares. The stock had previously closed at $18.83.

Analyst Ratings Changes

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

Edgewise Therapeutics Price Performance

The business has a fifty day moving average of $18.95 and a 200 day moving average of $17.94. The stock has a market cap of $1.59 billion, a PE ratio of -11.49 and a beta of 0.15.

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

Institutional Investors Weigh In On Edgewise Therapeutics

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

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.