Royal Bank of Canada Cuts Edgewise Therapeutics (NASDAQ:EWTX) Price Target to $52.00

Edgewise Therapeutics (NASDAQ:EWTX) had its price target reduced by Royal Bank of Canada from $56.00 to $52.00 in a research note published on Thursday,Benzinga reports. They currently have an outperform rating on the stock.

A number of other equities research analysts have also issued reports on EWTX. Stifel Nicolaus initiated coverage on shares of Edgewise Therapeutics in a report on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 price objective for the company. Scotiabank downgraded shares of Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and cut their price target for the stock from $50.00 to $14.00 in a report on Wednesday. Piper Sandler reiterated an “overweight” rating and issued a $51.00 price objective on shares of Edgewise Therapeutics in a report on Wednesday. Finally, Evercore ISI raised 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. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $40.38.

Edgewise Therapeutics Trading Down 15.2 %

Shares of EWTX opened at $11.51 on Thursday. The stock’s 50 day moving average is $25.20 and its two-hundred day moving average is $28.48. Edgewise Therapeutics has a 12 month low of $11.50 and a 12 month high of $38.12. The firm has a market cap of $1.21 billion, a P/E ratio of -7.67 and a beta of 0.32.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data 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). Equities research analysts forecast that Edgewise Therapeutics will post -1.45 EPS for the current year.

Insider Activity at Edgewise Therapeutics

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

Institutional Trading of Edgewise Therapeutics

Several hedge funds have recently added to or reduced their stakes in EWTX. Franklin Resources Inc. increased its position in shares of Edgewise Therapeutics by 84.2% in the 3rd quarter. Franklin Resources Inc. now owns 45,223 shares of the company’s stock valued at $1,207,000 after purchasing an additional 20,674 shares during the last quarter. Amundi increased its holdings in Edgewise Therapeutics by 127.2% in the fourth quarter. Amundi now owns 341,687 shares of the company’s stock valued at $8,686,000 after buying an additional 191,267 shares during the last quarter. Victory Capital Management Inc. purchased a new stake in Edgewise Therapeutics during the 4th quarter worth about $576,000. XTX Topco Ltd acquired a new position in shares of Edgewise Therapeutics during the 3rd quarter worth about $755,000. Finally, Moody Aldrich Partners LLC boosted its position in shares of Edgewise Therapeutics by 24.3% during the 4th quarter. Moody Aldrich Partners LLC now owns 187,932 shares of the company’s stock worth $5,018,000 after acquiring an additional 36,775 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.