Edgewise Therapeutics (NASDAQ:EWTX) Shares Gap Up After Analyst Upgrade

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s stock price gapped up prior to trading on Monday after Royal Bank of Canada raised their price target on the stock from $28.00 to $32.00. The stock had previously closed at $15.23, but opened at $15.93. Royal Bank of Canada currently has an outperform rating on the stock. Edgewise Therapeutics shares last traded at $15.13, with a volume of 54,698 shares.

EWTX has been the topic of a number of other research reports. Wedbush restated an “outperform” rating and issued a $26.00 target price on shares of Edgewise Therapeutics in a report on Tuesday, April 16th. Truist Financial reissued a “buy” rating and issued a $25.00 target price on shares of Edgewise Therapeutics in a research report on Wednesday, April 17th. Finally, Piper Sandler assumed coverage on Edgewise Therapeutics in a research report on Thursday, March 7th. They issued an “overweight” rating and a $48.00 target price for the company. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Edgewise Therapeutics currently has an average rating of “Buy” and a consensus price target of $31.20.

Insider Activity at Edgewise Therapeutics

In related news, General Counsel John R. Moore sold 17,993 shares of Edgewise Therapeutics stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $20.00, for a total transaction of $359,860.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Edgewise Therapeutics news, insider Behrad Derakhshan sold 4,600 shares of Edgewise Therapeutics stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $20.01, for a total transaction of $92,046.00. Following the completion of the sale, the insider now owns 7,020 shares of the company’s stock, valued at $140,470.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, General Counsel John R. Moore sold 17,993 shares of Edgewise Therapeutics stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $20.00, for a total value of $359,860.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 30,622 shares of company stock valued at $612,566. Company insiders own 31.95% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Several hedge funds have recently added to or reduced their stakes in EWTX. SG Americas Securities LLC bought a new stake in Edgewise Therapeutics during the third quarter worth about $107,000. New York State Common Retirement Fund increased its holdings in shares of Edgewise Therapeutics by 228.6% in the third quarter. New York State Common Retirement Fund now owns 43,871 shares of the company’s stock worth $251,000 after buying an additional 30,522 shares during the period. Pale Fire Capital SE purchased a new position in shares of Edgewise Therapeutics in the third quarter worth about $90,000. Corton Capital Inc. purchased a new position in shares of Edgewise Therapeutics in the third quarter worth about $98,000. Finally, Schonfeld Strategic Advisors LLC increased its holdings in shares of Edgewise Therapeutics by 3.5% in the third quarter. Schonfeld Strategic Advisors LLC now owns 116,900 shares of the company’s stock worth $670,000 after buying an additional 3,900 shares during the period.

Edgewise Therapeutics Stock Up 3.8 %

The stock has a market cap of $1.46 billion, a PE ratio of -9.91 and a beta of 0.14. The company has a fifty day moving average price of $16.90 and a 200 day moving average price of $12.20.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings data on Thursday, February 22nd. The company reported ($0.47) EPS for the quarter, missing the consensus estimate of ($0.44) by ($0.03). As a group, research analysts predict that Edgewise Therapeutics, Inc. will post -1.76 earnings per share for the current year.

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.