Edgewise Therapeutics (NASDAQ:EWTX) Stock Price Down 2.5% – Time to Sell?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s stock price was 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 Ratings Changes

A number of equities research analysts have recently weighed in on EWTX shares. Wedbush boosted their target price on Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Truist Financial boosted their price objective on Edgewise Therapeutics from $33.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Evercore ISI raised 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. Royal Bank of Canada reiterated an “outperform” rating and set a $32.00 price target on shares of Edgewise Therapeutics in a report on Tuesday, September 17th. Finally, Piper Sandler raised their price target on shares of Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Edgewise Therapeutics presently has an average rating of “Buy” and an average target price of $43.17.

Edgewise Therapeutics Stock Down 1.1 %

The business has a fifty day moving average of $32.77 and a 200 day moving average of $24.75. The company has a market cap 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 data on Thursday, November 7th. The company reported ($0.36) EPS for the quarter, topping the consensus estimate of ($0.37) by $0.01. On average, sell-side analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Institutional Trading of Edgewise Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of EWTX. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Edgewise Therapeutics by 21.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock worth $88,000 after acquiring an additional 604 shares during the period. Quest Partners LLC boosted its position in shares of Edgewise Therapeutics by 156.9% during the second quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock valued at $31,000 after purchasing an additional 1,064 shares in the last quarter. Meeder Asset Management Inc. grew its stake in Edgewise Therapeutics by 69.9% in the third quarter. Meeder Asset Management Inc. now owns 3,307 shares of the company’s stock worth $88,000 after purchasing an additional 1,361 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Edgewise Therapeutics by 5.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 84,294 shares of the company’s stock worth $2,250,000 after purchasing an additional 4,426 shares in the last quarter. Finally, Chicago Partners Investment Group LLC purchased a new position in Edgewise Therapeutics during the third quarter valued at $161,000.

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.