Edgewise Therapeutics (NASDAQ:EWTX) Receives Outperform Rating from Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of Edgewise Therapeutics (NASDAQ:EWTX) in a research note released on Tuesday morning,Benzinga reports. They currently have a $56.00 price target on the stock.

Several other equities analysts also recently issued reports on EWTX. Wedbush boosted their price target on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Evercore ISI lifted their price objective on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, December 17th. Stifel Nicolaus assumed coverage on shares of Edgewise Therapeutics in a research note on Wednesday, January 22nd. They set a “hold” rating and a $30.00 price objective on the stock. Finally, Truist Financial lifted their price objective on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Edgewise Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $44.71.

Edgewise Therapeutics Stock Performance

Shares of EWTX opened at $24.50 on Tuesday. Edgewise Therapeutics has a 1 year low of $14.90 and a 1 year high of $38.12. The company has a market cap of $2.32 billion, a price-to-earnings ratio of -16.33 and a beta of 0.20. The firm has a fifty day moving average of $26.87 and a 200-day moving average of $27.76.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings results on Monday, March 3rd. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.03). Analysts predict that Edgewise Therapeutics will post -1.45 EPS for the current year.

Insiders Place Their Bets

In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 25,000 shares of the business’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $27.63, for a total value of $690,750.00. Following the sale, the chief marketing officer now directly owns 16,358 shares in the company, valued at approximately $451,971.54. The trade was a 60.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Alan J. Russell sold 100,000 shares of the business’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $27.37, for a total transaction of $2,737,000.00. Following the completion of the sale, the insider now owns 14,863 shares in the company, valued at approximately $406,800.31. This trade represents a 87.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 164,545 shares of company stock worth $4,605,305. 24.11% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of EWTX. Summit Investment Advisors Inc. raised its holdings in Edgewise Therapeutics by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 7,594 shares of the company’s stock worth $203,000 after buying an additional 482 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in Edgewise Therapeutics by 21.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock valued at $88,000 after buying an additional 604 shares in the last quarter. Alliancebernstein L.P. lifted its stake in Edgewise Therapeutics by 1.7% during the fourth quarter. Alliancebernstein L.P. now owns 77,260 shares of the company’s stock valued at $2,063,000 after buying an additional 1,300 shares in the last quarter. Diadema Partners LP purchased a new stake in Edgewise Therapeutics during the fourth quarter valued at about $36,000. Finally, Meeder Asset Management Inc. lifted its stake in Edgewise Therapeutics by 69.9% during the third quarter. Meeder Asset Management Inc. now owns 3,307 shares of the company’s stock valued at $88,000 after buying an additional 1,361 shares in 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.