Edgewise Therapeutics (NASDAQ:EWTX) Sees Unusually-High Trading Volume

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) saw strong trading volume on Tuesday . 1,819,138 shares were traded during mid-day 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 Analysts Forecast Growth

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

Edgewise Therapeutics Stock Up 7.2 %

The firm’s 50 day moving average is $18.87 and its two-hundred day moving average is $17.94. The stock has a market cap of $1.69 billion, a price-to-earnings ratio of -11.94 and a beta of 0.15.

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

Institutional Investors Weigh In On Edgewise Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the stock. Quest Partners LLC increased its holdings in shares of Edgewise Therapeutics by 156.9% in the 2nd quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock worth $31,000 after acquiring an additional 1,064 shares during the period. Ameritas Investment Partners Inc. increased its stake in shares of Edgewise Therapeutics by 37.3% in the first quarter. Ameritas Investment Partners Inc. now owns 5,751 shares of the company’s stock valued at $105,000 after purchasing an additional 1,561 shares during the period. Meeder Asset Management Inc. acquired a new position in shares of Edgewise Therapeutics during the second quarter worth approximately $35,000. Quantum Private Wealth LLC grew its holdings in Edgewise Therapeutics by 5.5% in the 1st quarter. Quantum Private Wealth LLC now owns 66,674 shares of the company’s stock worth $1,216,000 after buying an additional 3,455 shares in the last quarter. Finally, ProShare Advisors LLC increased its position in Edgewise Therapeutics by 51.6% in the 1st quarter. ProShare Advisors LLC now owns 16,885 shares of the company’s stock valued at $308,000 after acquiring an additional 5,748 shares during the period.

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.