Royal Bank of Canada Reaffirms Outperform Rating for Edgewise Therapeutics (NASDAQ:EWTX)

Edgewise Therapeutics (NASDAQ:EWTX)‘s stock had its “outperform” rating restated by equities research analysts at Royal Bank of Canada in a research note issued to investors on Thursday,Benzinga reports. They currently have a $48.00 target price on the stock. Royal Bank of Canada’s price objective points to a potential upside of 214.96% from the stock’s current price.

EWTX has been the subject of a number of other research reports. Guggenheim began coverage on shares of Edgewise Therapeutics in a research note on Wednesday, April 30th. They issued a “buy” rating and a $41.00 price target for the company. Scotiabank lowered shares of Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and decreased their price objective for the stock from $50.00 to $14.00 in a report on Wednesday, April 2nd. Wedbush reissued an “outperform” rating and issued a $43.00 target price on shares of Edgewise Therapeutics in a research report on Monday, April 21st. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $51.00 price target on shares of Edgewise Therapeutics in a research report on Wednesday, April 2nd. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $39.78.

Edgewise Therapeutics Price Performance

NASDAQ:EWTX opened at $15.24 on Thursday. The firm has a 50-day moving average of $14.15 and a two-hundred day moving average of $22.93. The stock has a market cap of $1.60 billion, a P/E ratio of -10.16 and a beta of 0.28. Edgewise Therapeutics has a 1-year low of $10.60 and a 1-year high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.43) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.02. As a group, equities analysts expect that Edgewise Therapeutics will post -1.45 earnings per share for the current year.

Insider Activity

In related news, Director Orbimed Advisors Llc purchased 496,771 shares of the business’s stock in a transaction that occurred on 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 acquisition, the director now owns 14,809,075 shares in the company, valued at approximately $298,106,679.75. This trade represents a 3.47% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Alan J. Russell sold 1,551 shares of the business’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $16.45, for a total value of $25,513.95. Following the transaction, the insider now owns 18,521 shares of the company’s stock, valued at $304,670.45. This represents a 7.73% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 14,258 shares of company stock valued at $234,544. Company insiders own 23.20% of the company’s stock.

Hedge Funds Weigh In On Edgewise Therapeutics

Several institutional investors have recently modified their holdings of the company. Summit Investment Advisors Inc. lifted its holdings in Edgewise Therapeutics by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 7,594 shares of the company’s stock worth $203,000 after purchasing an additional 482 shares during the period. Caitong International Asset Management Co. Ltd grew its position in Edgewise Therapeutics by 55.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 3,194 shares of the company’s stock valued at $70,000 after purchasing an additional 1,141 shares in the last quarter. Alliancebernstein L.P. raised its holdings in shares of Edgewise Therapeutics by 1.7% during the fourth quarter. Alliancebernstein L.P. now owns 77,260 shares of the company’s stock worth $2,063,000 after acquiring an additional 1,300 shares in the last quarter. Arizona State Retirement System raised its stake in shares of Edgewise Therapeutics by 12.3% during the 1st quarter. Arizona State Retirement System now owns 12,201 shares of the company’s stock worth $268,000 after purchasing an additional 1,338 shares in the last quarter. Finally, Diadema Partners LP acquired a new stake in Edgewise Therapeutics in the fourth quarter valued at approximately $36,000.

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.