Edgewise Therapeutics (NASDAQ:EWTX) Trading Down 2.5% – Here’s What Happened

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares traded down 2.5% during trading on Tuesday . The stock traded as low as $29.03 and last traded at $29.23. 76,159 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 937,745 shares. The stock had previously closed at $29.98.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. Evercore ISI lifted their price target on Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, December 17th. Wedbush upped their price target on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Royal Bank of Canada reiterated an “outperform” rating and issued a $32.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday, September 17th. Piper Sandler increased their target price on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Finally, Truist Financial boosted their price target on Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $43.17.

Edgewise Therapeutics Price Performance

The company has a market cap of $2.80 billion, a price-to-earnings ratio of -19.75 and a beta of 0.12. The business’s 50-day simple moving average is $32.60 and its 200-day simple moving average is $24.87.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. As a group, sell-side analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Hedge Funds Weigh In On Edgewise Therapeutics

A number of institutional investors have recently made changes to their positions in the stock. Quest Partners LLC increased its position in Edgewise Therapeutics by 156.9% during the 2nd quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock worth $31,000 after purchasing an additional 1,064 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in shares of Edgewise Therapeutics during the 2nd quarter worth about $35,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Edgewise Therapeutics by 21.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock worth $88,000 after buying an additional 604 shares in the last quarter. Chicago Partners Investment Group LLC acquired a new position in shares of Edgewise Therapeutics in the third quarter valued at approximately $161,000. Finally, Arizona State Retirement System acquired a new position in shares of Edgewise Therapeutics in the second quarter valued at approximately $188,000.

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.