Shares of Edgewise Therapeutics, Inc. (EWTX) are surging in premarket trading on Tuesday, up over 9% after the biopharmaceutical company reported better-than-expected earnings results for the third quarter of 2024.
For the quarter ended September 30, Edgewise reported a loss of $0.36 per share, narrowly beating analyst expectations of a $0.37 per share loss. The company did not generate any revenue during the quarter, which was in line with forecasts.
While Edgewise continues to operate at a loss as it develops its pipeline of therapeutics, the earnings beat has fueled investor optimism and driven the stock higher in premarket trading. The strong performance follows a 37.2% gain for EWTX shares during the third quarter and a remarkable 234.7% increase so far this year.
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