Royal Bank of Canada Reiterates “Outperform” Rating for Edgewise Therapeutics (NASDAQ:EWTX)

Edgewise Therapeutics (NASDAQ:EWTX)‘s stock had its “outperform” rating reiterated by research analysts at Royal Bank of Canada in a report issued on Tuesday,Benzinga reports. They presently have a $56.00 price objective on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 120.48% from the stock’s current price.

EWTX has been the topic of several other reports. Truist Financial raised their target price on Edgewise Therapeutics from $33.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Wedbush increased their price target on Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Stifel Nicolaus assumed coverage on shares of Edgewise Therapeutics in a research note on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 price objective on the stock. Finally, Evercore ISI lifted their price objective on Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, December 17th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.71.

Edgewise Therapeutics Stock Down 0.5 %

Shares of Edgewise Therapeutics stock traded down $0.13 during midday trading on Tuesday, hitting $25.40. The company’s stock had a trading volume of 77,347 shares, compared to its average volume of 971,670. The firm has a market capitalization of $2.41 billion, a P/E ratio of -16.73 and a beta of 0.20. Edgewise Therapeutics has a 1-year low of $14.90 and a 1-year high of $38.12. The stock has a 50-day simple moving average of $26.98 and a 200-day simple moving average of $27.72.

Edgewise Therapeutics (NASDAQ:EWTX) last released its 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). As a group, sell-side analysts predict that Edgewise Therapeutics will post -1.45 earnings per share for the current year.

Insider Buying and Selling at Edgewise Therapeutics

In other news, insider Alan J. Russell sold 100,000 shares of Edgewise Therapeutics stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $27.37, for a total transaction of $2,737,000.00. Following the sale, the insider now directly owns 14,863 shares of the company’s stock, valued at approximately $406,800.31. This trade represents a 87.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Marc Semigran sold 29,709 shares of the stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $29.69, for a total value of $882,060.21. Following the completion of the sale, the insider now directly owns 6,716 shares of the company’s stock, valued at approximately $199,398.04. The trade was a 81.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 164,545 shares of company stock worth $4,605,305 over the last ninety days. Insiders own 24.11% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

Several hedge funds have recently bought and sold shares of EWTX. Braidwell LP bought a new stake in Edgewise Therapeutics in the 3rd quarter worth about $52,267,000. Janus Henderson Group PLC increased its stake in shares of Edgewise Therapeutics by 74.8% during the 3rd quarter. Janus Henderson Group PLC now owns 4,558,519 shares of the company’s stock worth $121,616,000 after purchasing an additional 1,951,220 shares during the last quarter. Paradigm Biocapital Advisors LP raised its holdings in shares of Edgewise Therapeutics by 61.1% in the 4th quarter. Paradigm Biocapital Advisors LP now owns 4,493,929 shares of the company’s stock worth $119,988,000 after purchasing an additional 1,704,757 shares during the period. First Light Asset Management LLC purchased a new position in Edgewise Therapeutics in the fourth quarter valued at approximately $20,843,000. Finally, Foresite Capital Management VI LLC purchased a new position in shares of Edgewise Therapeutics during the 4th quarter valued at $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.