Edgewise Therapeutics (NASDAQ:EWTX) Sees Strong Trading Volume

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) saw unusually-high 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.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on EWTX. Wedbush reiterated an “outperform” rating and issued a $31.00 price target on shares of Edgewise Therapeutics in a report on Friday, August 16th. Royal Bank of Canada reissued an “outperform” rating and set a $32.00 price target on shares of Edgewise Therapeutics in a research report on Tuesday. Piper Sandler restated an “overweight” rating and issued a $48.00 price objective on shares of Edgewise Therapeutics in a report on Monday, July 1st. Finally, JPMorgan Chase & Co. boosted their target price on Edgewise Therapeutics from $30.00 to $31.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Edgewise Therapeutics has an average rating of “Buy” and a consensus target price of $33.40.

Edgewise Therapeutics Stock Performance

The firm has a fifty day moving average of $18.87 and a 200-day moving average of $17.94. The stock has a market capitalization of $1.69 billion, a price-to-earnings ratio of -11.94 and a beta of 0.15.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its earnings results on Thursday, August 8th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.02. On average, analysts predict that Edgewise Therapeutics, Inc. will post -1.48 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in EWTX. RA Capital Management L.P. acquired a new stake in Edgewise Therapeutics during the 1st quarter valued at $162,502,000. Novo Holdings A S purchased a new stake in shares of Edgewise Therapeutics during the second quarter worth about $114,263,000. Baker BROS. Advisors LP lifted its stake in shares of Edgewise Therapeutics by 87.6% in the first 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 in the last quarter. Vanguard Group Inc. lifted its stake in shares of Edgewise Therapeutics by 89.0% in the first quarter. Vanguard Group Inc. now owns 4,017,433 shares of the company’s stock worth $73,278,000 after acquiring an additional 1,892,053 shares in the last quarter. Finally, Frazier Life Sciences Management L.P. boosted its holdings in 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 valued at $29,179,000 after purchasing an additional 1,818,181 shares during 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.