Edgewise Therapeutics (NASDAQ:EWTX) Shares Up 5.7% After Analyst Upgrade

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s stock price rose 5.7% during trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $30.00 to $31.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Edgewise Therapeutics traded as high as $17.50 and last traded at $17.38. Approximately 245,426 shares were traded during trading, a decline of 72% from the average daily volume of 864,325 shares. The stock had previously closed at $16.45.

A number of other analysts also recently issued reports on the stock. Truist Financial reaffirmed a “buy” rating and set a $25.00 price objective on shares of Edgewise Therapeutics in a report on Wednesday, April 17th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $32.00 price target on shares of Edgewise Therapeutics in a research note on Thursday, July 25th. Piper Sandler reiterated an “overweight” rating and set a $48.00 price objective on shares of Edgewise Therapeutics in a research report on Monday, July 1st. Finally, Wedbush restated an “outperform” rating and issued a $31.00 target price on shares of Edgewise Therapeutics in a research report on Wednesday, June 26th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $33.40.

Institutional Investors Weigh In On Edgewise Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Pale Fire Capital SE grew its position in Edgewise Therapeutics by 529.3% during the 4th quarter. Pale Fire Capital SE now owns 98,449 shares of the company’s stock worth $1,077,000 after acquiring an additional 82,804 shares during the last quarter. Perceptive Advisors LLC purchased a new position in shares of Edgewise Therapeutics in the fourth quarter worth $6,078,000. Trexquant Investment LP purchased a new stake in Edgewise Therapeutics during the 4th quarter valued at $608,000. Vanguard Group Inc. raised its stake in shares of 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 acquiring an additional 1,892,053 shares during the last quarter. Finally, Frazier Life Sciences Management L.P. grew its stake in shares of Edgewise Therapeutics by 214.2% in the fourth quarter. Frazier Life Sciences Management L.P. now owns 2,667,203 shares of the company’s stock worth $29,179,000 after purchasing an additional 1,818,181 shares during the last quarter.

Edgewise Therapeutics Price Performance

The company has a market cap of $1.59 billion, a PE ratio of -10.54 and a beta of 0.14. The business has a 50 day moving average of $18.54 and a 200 day moving average of $17.86.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.36) by $0.02. Sell-side analysts forecast that Edgewise Therapeutics, Inc. will post -1.59 EPS for the current fiscal 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.