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

Edgewise Therapeutics (NASDAQ:EWTX)‘s stock had its “outperform” rating reaffirmed by equities researchers at Royal Bank of Canada in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $56.00 price target on the stock. Royal Bank of Canada’s target price indicates a potential upside of 109.66% from the company’s current price.

Other equities analysts also recently issued reports about the stock. Wedbush increased their price objective 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. Truist Financial increased their price objective on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Evercore ISI increased their price objective on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, December 17th. Finally, Stifel Nicolaus initiated coverage on shares of Edgewise Therapeutics in a report on Wednesday, January 22nd. They set a “hold” rating and a $30.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $44.71.

Edgewise Therapeutics Stock Performance

Shares of NASDAQ EWTX opened at $26.71 on Tuesday. The company’s fifty day moving average price is $26.81 and its 200 day moving average price is $27.76. Edgewise Therapeutics has a 1 year low of $14.90 and a 1 year high of $38.12. The company has a market capitalization of $2.53 billion, a PE ratio of -17.81 and a beta of 0.20.

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 analysts’ consensus estimates of ($0.39) by ($0.03). On average, equities analysts expect that Edgewise Therapeutics will post -1.45 EPS for the current year.

Insider Activity

In related news, insider Marc Semigran sold 29,709 shares of the firm’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $29.69, for a total transaction of $882,060.21. Following the completion of the sale, the insider now directly owns 6,716 shares in the company, valued at approximately $199,398.04. This trade represents a 81.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Kevin Koch sold 8,636 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $30.03, for a total transaction of $259,339.08. Following the sale, the chief executive officer now owns 14,478 shares of the company’s stock, valued at approximately $434,774.34. The trade was a 37.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 164,545 shares of company stock worth $4,605,305 over the last three months. Insiders own 24.11% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of EWTX. Braidwell LP acquired a new stake in Edgewise Therapeutics during the third quarter worth about $52,267,000. Janus Henderson Group PLC increased its position in shares of Edgewise Therapeutics by 74.8% during the third quarter. Janus Henderson Group PLC now owns 4,558,519 shares of the company’s stock valued at $121,616,000 after acquiring an additional 1,951,220 shares during the last quarter. Paradigm Biocapital Advisors LP increased its position in shares of Edgewise Therapeutics by 61.1% during the fourth quarter. Paradigm Biocapital Advisors LP now owns 4,493,929 shares of the company’s stock valued at $119,988,000 after acquiring an additional 1,704,757 shares during the last quarter. First Light Asset Management LLC acquired a new stake in shares of Edgewise Therapeutics during the fourth quarter valued at about $20,843,000. Finally, Foresite Capital Management VI LLC acquired a new stake in shares of Edgewise Therapeutics during the fourth quarter valued at about $15,620,000.

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.