Royal Bank of Canada Has Lowered Expectations for Edgewise Therapeutics (NASDAQ:EWTX) Stock Price

Edgewise Therapeutics (NASDAQ:EWTX) had its target price decreased by investment analysts at Royal Bank of Canada from $56.00 to $52.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would indicate a potential upside of 351.78% from the company’s current price.

Other equities analysts also recently issued reports about the company. Evercore ISI increased their target price on Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 17th. Scotiabank lowered shares of Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and decreased their target price for the stock from $50.00 to $14.00 in a research report on Wednesday. Piper Sandler reiterated an “overweight” rating and issued a $51.00 price target on shares of Edgewise Therapeutics in a report on Wednesday. Finally, Stifel Nicolaus started coverage on shares of Edgewise Therapeutics in a research note on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 price objective for the company. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $40.38.

Edgewise Therapeutics Stock Performance

Shares of EWTX opened at $11.51 on Thursday. The stock has a market capitalization of $1.10 billion, a P/E ratio of -7.67 and a beta of 0.22. Edgewise Therapeutics has a 1 year low of $11.50 and a 1 year high of $38.12. The company’s fifty day moving average is $25.20 and its two-hundred day moving average is $28.41.

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

Insider Transactions at Edgewise Therapeutics

In other Edgewise Therapeutics news, Director Orbimed Advisors Llc bought 496,771 shares of the business’s stock in a transaction on Thursday, April 3rd. The stock was bought at an average price of $20.13 per share, for a total transaction of $10,000,000.23. Following the completion of the transaction, the director now owns 14,809,075 shares in the company, valued at approximately $298,106,679.75. The trade was a 3.47 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Alan J. Russell sold 1,200 shares of the company’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $30.13, for a total transaction of $36,156.00. Following the completion of the sale, the insider now directly owns 14,863 shares in the company, valued at $447,822.19. This trade represents a 7.47 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,836 shares of company stock valued at $986,245 in the last 90 days. 24.11% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

Large investors have recently bought and sold shares of the stock. Summit Investment Advisors Inc. lifted its position in shares of Edgewise Therapeutics by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 7,594 shares of the company’s stock valued at $203,000 after acquiring an additional 482 shares in the last quarter. Alliancebernstein L.P. raised its stake in Edgewise Therapeutics by 1.7% in the 4th quarter. Alliancebernstein L.P. now owns 77,260 shares of the company’s stock valued at $2,063,000 after purchasing an additional 1,300 shares during the last quarter. Diadema Partners LP purchased a new position in Edgewise Therapeutics in the 4th quarter valued at about $36,000. Rhumbline Advisers lifted its holdings in Edgewise Therapeutics by 1.5% in the 4th quarter. Rhumbline Advisers now owns 102,397 shares of the company’s stock valued at $2,734,000 after purchasing an additional 1,525 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Edgewise Therapeutics by 4.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,313 shares of the company’s stock worth $1,103,000 after purchasing an additional 1,595 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.