Edgewise Therapeutics (NASDAQ:EWTX) Sees Large Volume Increase

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) saw unusually-strong trading volume on Tuesday . Approximately 1,819,138 shares traded hands during trading, an increase of 111% from the previous session’s volume of 863,291 shares.The stock last traded at $19.03 and had previously closed at $16.86.

Analysts Set New Price Targets

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

Edgewise Therapeutics Stock Performance

The business’s 50-day moving average price is $18.73 and its 200-day moving average price is $17.96. The stock has a market cap of $2.76 billion, a P/E ratio of -19.03 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, beating analysts’ consensus estimates of ($0.36) by $0.02. As a group, equities research analysts expect that Edgewise Therapeutics, Inc. will post -1.48 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Sofinnova Investments Inc. purchased a new position in shares of Edgewise Therapeutics during the 2nd quarter valued at $8,567,000. Pale Fire Capital SE lifted its stake in Edgewise Therapeutics by 529.3% in the 4th quarter. Pale Fire Capital SE now owns 98,449 shares of the company’s stock worth $1,077,000 after purchasing an additional 82,804 shares in the last quarter. Perceptive Advisors LLC purchased a new stake in Edgewise Therapeutics in the 4th quarter worth $6,078,000. Trexquant Investment LP purchased a new stake in Edgewise Therapeutics in the 4th quarter worth $608,000. Finally, Vanguard Group Inc. lifted its stake in Edgewise Therapeutics by 89.0% in the 1st quarter. Vanguard Group Inc. now owns 4,017,433 shares of the company’s stock worth $73,278,000 after purchasing an additional 1,892,053 shares in the last quarter.

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.