Short Interest in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Decreases By 5.8%

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) was the recipient of a significant decrease in short interest during the month of July. As of July 31st, there was short interest totalling 8,080,000 shares, a decrease of 5.8% from the July 15th total of 8,580,000 shares. Based on an average trading volume of 823,100 shares, the short-interest ratio is currently 9.8 days. Approximately 13.6% of the company’s shares are short sold.

Analysts Set New Price Targets

Several research firms have issued reports on EWTX. Royal Bank of Canada reissued an “outperform” rating and set a $32.00 target price on shares of Edgewise Therapeutics in a research note on Thursday, July 25th. 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. 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 report on Monday, August 12th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $48.00 target price on shares of Edgewise Therapeutics in a research note on Monday, July 1st. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $33.40.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the business. Quest Partners LLC grew its stake in shares of Edgewise Therapeutics by 156.9% in the second quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock worth $31,000 after acquiring an additional 1,064 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in Edgewise Therapeutics during the 2nd quarter worth $35,000. AJOVista LLC purchased a new stake in Edgewise Therapeutics during the 4th quarter worth about $84,000. Ameritas Investment Partners Inc. raised its position in Edgewise Therapeutics by 37.3% in the 1st quarter. Ameritas Investment Partners Inc. now owns 5,751 shares of the company’s stock valued at $105,000 after purchasing an additional 1,561 shares in the last quarter. Finally, Arizona State Retirement System purchased a new position in shares of Edgewise Therapeutics in the 2nd quarter valued at about $188,000.

Edgewise Therapeutics Trading Up 4.8 %

EWTX stock opened at $19.72 on Wednesday. The business’s fifty day moving average price is $18.64 and its 200 day moving average price is $17.89. Edgewise Therapeutics has a 12-month low of $5.12 and a 12-month high of $23.50. The company has a market capitalization of $1.84 billion, a PE ratio of -12.72 and a beta of 0.14.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.02. Research analysts predict that Edgewise Therapeutics will post -1.59 EPS for the current fiscal 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.