Truist Financial Boosts Edgewise Therapeutics (NASDAQ:EWTX) Price Target to $33.00

Edgewise Therapeutics (NASDAQ:EWTX) had its price objective lifted by Truist Financial from $25.00 to $33.00 in a research report released on Thursday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Other equities research analysts have also issued reports about the stock. Piper Sandler reiterated an overweight rating and set a $48.00 target price on shares of Edgewise Therapeutics in a report on Monday, July 1st. Wedbush reaffirmed an outperform rating and issued a $31.00 target price on shares of Edgewise Therapeutics in a research report on Friday, August 16th. JPMorgan Chase & Co. raised their price objective on shares of Edgewise Therapeutics from $30.00 to $31.00 and gave the stock an overweight rating in a research report on Monday, August 12th. Finally, 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, September 17th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of Buy and an average price target of $35.00.

Edgewise Therapeutics Stock Down 4.1 %

EWTX stock opened at $28.28 on Thursday. The stock has a market capitalization of $2.64 billion, a P/E ratio of -18.25 and a beta of 0.15. The firm has a 50-day simple moving average of $18.99 and a 200-day simple moving average of $18.12. Edgewise Therapeutics has a 52 week low of $5.12 and a 52 week high of $30.00.

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Novo Holdings A S acquired a new position in shares of Edgewise Therapeutics during the second quarter worth $114,263,000. Quarry LP bought a new stake in Edgewise Therapeutics during the second quarter valued at $252,000. Frazier Life Sciences Management L.P. grew 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 last quarter. The Manufacturers Life Insurance Company grew its position 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 worth $691,000 after acquiring an additional 7,786 shares during the last quarter. Finally, Millennium Management LLC grew its position 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 worth $20,631,000 after acquiring an additional 613,251 shares during the last quarter.

About Edgewise Therapeutics

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.