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

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s stock price gapped up before the market opened 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 changing hands.

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

Insider Transactions at Edgewise Therapeutics

In other news, insider Behrad Derakhshan sold 4,600 shares of the company’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $20.01, for a total value of $92,046.00. Following the sale, the insider now owns 7,020 shares of the company’s stock, valued at approximately $140,470.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Edgewise Therapeutics news, insider Behrad Derakhshan sold 4,600 shares of the stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $20.01, for a total transaction of $92,046.00. Following the sale, the insider now owns 7,020 shares of the company’s stock, valued at approximately $140,470.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel John R. Moore sold 8,029 shares of the stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $20.01, for a total transaction of $160,660.29. The disclosure for this sale can be found here. In the last quarter, insiders have sold 30,622 shares of company stock valued at $612,566. 31.95% of the stock is owned by insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of hedge funds have recently added to or reduced their stakes in EWTX. Frazier Life Sciences Management L.P. grew its holdings in Edgewise Therapeutics by 214.2% during the 4th quarter. Frazier Life Sciences Management L.P. now owns 2,667,203 shares of the company’s stock worth $29,179,000 after acquiring an additional 1,818,181 shares during the last quarter. Perceptive Advisors LLC bought a new stake in Edgewise Therapeutics during the 4th quarter worth about $6,078,000. Vontobel Holding Ltd. bought a new stake in Edgewise Therapeutics during the 4th quarter worth about $3,586,000. Sectoral Asset Management Inc. bought a new stake in Edgewise Therapeutics during the 4th quarter worth about $3,586,000. Finally, Parkman Healthcare Partners LLC grew its holdings in Edgewise Therapeutics by 37.7% during the 4th quarter. Parkman Healthcare Partners LLC now owns 651,625 shares of the company’s stock worth $7,129,000 after acquiring an additional 178,313 shares during the last quarter.

Edgewise Therapeutics Trading Down 1.0 %

The stock has a market cap of $1.40 billion, a P/E ratio of -9.54 and a beta of 0.14. The business’s fifty day simple moving average is $16.96 and its 200 day simple moving average is $12.14.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its earnings results on Thursday, February 22nd. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($0.03). On average, analysts predict that Edgewise Therapeutics, Inc. will post -1.76 earnings per share for the current fiscal year.

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.