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.

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

Wall Street Analysts Forecast Growth

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

Edgewise Therapeutics Trading Down 0.7%

The stock has a market cap of $1.35 billion, a P/E ratio of -8.33 and a beta of 0.26. The business has a 50-day simple moving average of $14.06 and a 200 day simple moving average of $18.29.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.42) by $0.08. As a group, equities analysts expect that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.

Institutional Investors Weigh In On Edgewise Therapeutics

Several large investors have recently added to or reduced their stakes in EWTX. Diadema Partners LP bought a new position in shares of Edgewise Therapeutics in the 4th quarter worth $36,000. GF Fund Management CO. LTD. purchased a new stake in shares of Edgewise Therapeutics during the fourth quarter worth $53,000. Jones Financial Companies Lllp purchased a new position in Edgewise Therapeutics during the first quarter valued at approximately $47,000. Aquatic Capital Management LLC bought a new position in Edgewise Therapeutics in the 4th quarter worth about $77,000. Finally, Allostery Investments LP bought a new position in shares of Edgewise Therapeutics in the 1st quarter worth $66,000.

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.