Edgewise Therapeutics (NASDAQ:EWTX) Rating Reiterated by Royal Bank of Canada

Edgewise Therapeutics (NASDAQ:EWTX)‘s stock had its “outperform” rating reissued by equities researchers at Royal Bank of Canada in a note issued to investors on Wednesday, Benzinga reports. They presently have a $32.00 target price on the stock. Royal Bank of Canada’s target price suggests a potential upside of 43.30% from the stock’s current price.

EWTX has been the subject of several other research reports. Piper Sandler reissued an “overweight” rating and issued a $48.00 price target on shares of Edgewise Therapeutics in a report on Monday, July 1st. JPMorgan Chase & Co. raised their price target on Edgewise Therapeutics from $27.00 to $30.00 and gave the stock an “overweight” rating in a research report on Tuesday. Truist Financial reiterated a “buy” rating and issued a $25.00 price objective on shares of Edgewise Therapeutics in a research report on Wednesday, April 17th. Finally, Wedbush restated an “outperform” rating and set a $31.00 target price on shares of Edgewise Therapeutics in a report on Wednesday, June 26th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $33.20.

Edgewise Therapeutics Stock Up 3.8 %

Shares of Edgewise Therapeutics stock opened at $22.33 on Wednesday. Edgewise Therapeutics has a 12 month low of $5.12 and a 12 month high of $23.21. The business has a fifty day simple moving average of $18.25 and a 200 day simple moving average of $16.62. The stock has a market cap of $2.09 billion, a PE ratio of -14.41 and a beta of 0.14.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.33) earnings per share for the quarter, topping the consensus estimate of ($0.39) by $0.06. Analysts expect that Edgewise Therapeutics will post -1.59 EPS for the current fiscal year.

Insider Transactions at Edgewise Therapeutics

In related news, insider Behrad Derakhshan sold 1,718 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $18.91, for a total transaction of $32,487.38. Following the transaction, the insider now directly owns 13,422 shares in the company, valued at $253,810.02. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, insider Behrad Derakhshan sold 1,718 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total value of $32,487.38. Following the completion of the sale, the insider now directly owns 13,422 shares of the company’s stock, valued at $253,810.02. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Kevin Koch sold 3,152 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total value of $59,604.32. Following the transaction, the chief executive officer now directly owns 14,478 shares in the company, valued at $273,778.98. The disclosure for this sale can be found here. Insiders sold a total of 12,665 shares of company stock worth $239,495 in the last three months. Insiders own 24.11% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Several hedge funds have recently bought and sold shares of EWTX. RA Capital Management L.P. acquired a new stake in Edgewise Therapeutics in the 1st quarter worth about $162,502,000. Baker BROS. Advisors LP raised its stake in Edgewise Therapeutics by 87.6% in the first quarter. Baker BROS. Advisors LP now owns 5,840,059 shares of the company’s stock valued at $106,523,000 after purchasing an additional 2,727,273 shares in the last quarter. Vanguard Group Inc. lifted its position in Edgewise Therapeutics by 89.0% during the first quarter. Vanguard Group Inc. now owns 4,017,433 shares of the company’s stock worth $73,278,000 after purchasing an additional 1,892,053 shares during the period. Frazier Life Sciences Management L.P. raised its position in Edgewise Therapeutics by 214.2% during the fourth quarter. Frazier Life Sciences Management L.P. now owns 2,667,203 shares of the company’s stock valued at $29,179,000 after purchasing an additional 1,818,181 shares in the last quarter. Finally, Janus Henderson Group PLC increased its stake in shares of Edgewise Therapeutics by 48.6% in the 1st quarter. Janus Henderson Group PLC now owns 1,805,312 shares of the company’s stock valued at $32,898,000 after purchasing an additional 590,299 shares during the last quarter.

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.