Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Short Interest Update

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) was the recipient of a significant drop in short interest in July. As of July 31st, there was short interest totalling 8,080,000 shares, a drop of 5.8% from the July 15th total of 8,580,000 shares. Based on an average daily volume of 823,100 shares, the short-interest ratio is presently 9.8 days. Approximately 13.6% of the shares of the stock are short sold.

Edgewise Therapeutics Price Performance

NASDAQ:EWTX opened at $19.72 on Wednesday. The firm has a market capitalization of $1.84 billion, a price-to-earnings ratio of -12.72 and a beta of 0.14. The business has a 50 day simple moving average of $18.64 and a 200-day simple moving average of $17.89. Edgewise Therapeutics has a 1 year low of $5.12 and a 1 year high of $23.50.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.34) EPS for the quarter, topping the consensus estimate of ($0.36) by $0.02. As a group, analysts expect that Edgewise Therapeutics will post -1.59 earnings per share for the current fiscal year.

Institutional Trading of Edgewise Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in EWTX. Novo Holdings A S purchased a new position in Edgewise Therapeutics in the 2nd quarter worth about $114,263,000. Quarry LP bought a new position in Edgewise Therapeutics in the 2nd quarter worth about $252,000. Frazier Life Sciences Management L.P. increased its position in shares of Edgewise Therapeutics by 12.9% during the second quarter. Frazier Life Sciences Management L.P. now owns 3,731,067 shares of the company’s stock worth $67,197,000 after acquiring an additional 427,500 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of Edgewise Therapeutics by 25.5% during the second quarter. The Manufacturers Life Insurance Company now owns 38,366 shares of the company’s stock valued at $691,000 after acquiring an additional 7,786 shares in the last quarter. Finally, Millennium Management LLC raised its stake in shares of Edgewise Therapeutics by 115.2% during the second quarter. Millennium Management LLC now owns 1,145,506 shares of the company’s stock valued at $20,631,000 after acquiring an additional 613,251 shares in the last quarter.

Analyst Upgrades and Downgrades

EWTX has been the topic of a number of research analyst reports. Piper Sandler reiterated an “overweight” rating and issued a $48.00 target price on shares of Edgewise Therapeutics in a research report on Monday, July 1st. JPMorgan Chase & Co. upped their price objective on Edgewise Therapeutics from $30.00 to $31.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Wedbush reissued an “outperform” rating and issued a $31.00 target price on shares of Edgewise Therapeutics in a report on Friday, August 16th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $32.00 price target on shares of Edgewise Therapeutics in a research report on Thursday, July 25th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $33.40.

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.