Edgewise Therapeutics (NASDAQ:EWTX) Shares Down 3.9% - Here's Why

Key Points

• Edgewise Therapeutics shares fell by 3.9% on Monday, trading at $13.75, significantly lower than the previous close of $14.31.
• Multiple research firms have given the stock a consensus rating of "Moderate Buy" with a price target averaging $40.55.
• Institutional investors are increasing their stakes in Edgewise, with Paradigm Biocapital Advisors LP raising its position by 61.1% in the last quarter.

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Get Free Report) fell 3.9% on Monday . The stock traded as low as $13.67 and last traded at $13.75. 348,380 shares were traded during mid-day trading, a decline of 73% from the average session volume of 1,267,940 shares. The stock had previously closed at $14.31.

Analyst Ratings Changes

Several research firms have issued reports on EWTX. HC Wainwright began coverage on Edgewise Therapeutics in a report on Monday, June 30th. They set a "buy" rating and a $42.00 price objective on the stock. Wedbush reaffirmed an "outperform" rating and set a $43.00 target price on shares of Edgewise Therapeutics in a research report on Monday, April 21st. Raymond James Financial started coverage on Edgewise Therapeutics in a report on Wednesday, July 30th. They set a "strong-buy" rating and a $46.00 price target for the company. Guggenheim began coverage on shares of Edgewise Therapeutics in a research note on Wednesday, April 30th. They issued a "buy" rating and a $41.00 price objective for the company. Finally, Royal Bank Of Canada reiterated an "outperform" rating and set a $48.00 price objective on shares of Edgewise Therapeutics in a research note on Thursday, June 5th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Edgewise Therapeutics has a consensus rating of "Moderate Buy" and a consensus price target of $40.55.

Edgewise Therapeutics Price Performance

The firm has a market capitalization of $1.43 billion, a P/E ratio of -8.78 and a beta of 0.26. The firm has a fifty day simple moving average of $14.12 and a two-hundred day simple moving average of $18.53.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.43) EPS for the quarter, topping the consensus estimate of ($0.45) by $0.02. On average, research analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Institutional Trading of Edgewise Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Paradigm Biocapital Advisors LP increased its stake in Edgewise Therapeutics by 61.1% during the fourth quarter. Paradigm Biocapital Advisors LP now owns 4,493,929 shares of the company's stock worth $119,988,000 after acquiring an additional 1,704,757 shares during the last quarter. First Light Asset Management LLC lifted its holdings in Edgewise Therapeutics by 137.3% during the first quarter. First Light Asset Management LLC now owns 1,852,290 shares of the company's stock worth $40,750,000 after buying an additional 1,071,651 shares during the period. Siren L.L.C. lifted its holdings in shares of Edgewise Therapeutics by 131.0% during the 1st quarter. Siren L.L.C. now owns 1,696,444 shares of the company's stock valued at $37,322,000 after purchasing an additional 962,101 shares during the last quarter. Cormorant Asset Management LP raised its stake in Edgewise Therapeutics by 20.4% in the 1st quarter. Cormorant Asset Management LP now owns 4,101,992 shares of the company's stock worth $90,244,000 after acquiring an additional 695,458 shares during the last quarter. Finally, Foresite Capital Management VI LLC acquired a new position in shares of Edgewise Therapeutics in the 4th quarter valued at about $15,620,000.

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.

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