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

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

Analyst Upgrades and Downgrades

EWTX has been the subject of a number of analyst reports. Truist Financial raised their price target on Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Wedbush lifted their target price on Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Piper Sandler upped their price target on Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Royal Bank of Canada restated an “outperform” rating and issued a $32.00 price objective on shares of Edgewise Therapeutics in a research report on Tuesday, September 17th. Finally, Evercore ISI upped their target price on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an “outperform” rating in a report on Tuesday, December 17th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, Edgewise Therapeutics has a consensus rating of “Buy” and a consensus price target of $43.17.

Edgewise Therapeutics Stock Down 1.1 %

The company’s 50-day moving average is $32.77 and its two-hundred day moving average is $24.75. The company has a market capitalization of $2.81 billion, a P/E ratio of -19.76 and a beta of 0.12.

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

Institutional Investors Weigh In On Edgewise Therapeutics

Large investors have recently added to or reduced their stakes in the company. Novo Holdings A S purchased a new position in shares of Edgewise Therapeutics during the 2nd quarter valued at about $114,263,000. Braidwell LP bought a new position in Edgewise Therapeutics during the third quarter valued at approximately $52,267,000. Janus Henderson Group PLC raised its stake in shares of Edgewise Therapeutics by 74.8% during the third quarter. Janus Henderson Group PLC now owns 4,558,519 shares of the company’s stock worth $121,616,000 after acquiring an additional 1,951,220 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Edgewise Therapeutics by 115.2% in the 2nd quarter. Millennium Management LLC now owns 1,145,506 shares of the company’s stock worth $20,631,000 after acquiring an additional 613,251 shares during the last quarter. Finally, Sofinnova Investments Inc. purchased a new stake in shares of Edgewise Therapeutics in the 2nd quarter valued at $8,567,000.

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.