Edgewise Therapeutics (NASDAQ:EWTX) Reaches New 12-Month High Following Analyst Upgrade

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares reached a new 52-week high during 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.

Several other research firms have also recently commented on EWTX. Piper Sandler reissued an “overweight” rating and issued a $48.00 target price on shares of Edgewise Therapeutics in a research note on Monday, July 1st. JPMorgan Chase & Co. lifted their price objective on Edgewise Therapeutics from $30.00 to $31.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Wedbush restated an “outperform” rating and set a $31.00 target price on shares of Edgewise Therapeutics in a research report 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 report on Tuesday. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Edgewise Therapeutics has an average rating of “Buy” and an average price target of $35.00.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. RA Capital Management L.P. bought a new position in Edgewise Therapeutics during the first quarter worth about $162,502,000. Novo Holdings A S acquired a new stake in shares of Edgewise Therapeutics in the 2nd quarter valued at approximately $114,263,000. Baker BROS. Advisors LP boosted its stake in Edgewise Therapeutics by 87.6% during the 1st quarter. Baker BROS. Advisors LP now owns 5,840,059 shares of the company’s stock worth $106,523,000 after acquiring an additional 2,727,273 shares during the last quarter. Vanguard Group Inc. grew its holdings in Edgewise Therapeutics by 89.0% during the first quarter. Vanguard Group Inc. now owns 4,017,433 shares of the company’s stock valued at $73,278,000 after purchasing an additional 1,892,053 shares during the period. Finally, 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 purchasing an additional 427,500 shares in the last quarter.

Edgewise Therapeutics Stock Down 4.1 %

The company’s fifty day simple moving average is $18.99 and its two-hundred day simple moving average is $18.12. The company has a market capitalization of $2.64 billion, a price-to-earnings ratio of -18.25 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) EPS for the quarter, topping the consensus estimate of ($0.36) by $0.02. Equities research analysts expect that Edgewise Therapeutics, Inc. will post -1.48 earnings per share for the current year.

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.