Royal Bank of Canada Boosts Edgewise Therapeutics (NASDAQ:EWTX) Price Target to $32.00

Edgewise Therapeutics (NASDAQ:EWTX) had its price target hoisted by Royal Bank of Canada from $28.00 to $32.00 in a research report sent to investors on Monday, Benzinga reports. The firm currently has an outperform rating on the stock.

Several other equities research analysts have also recently issued reports on the stock. Piper Sandler initiated coverage on shares of Edgewise Therapeutics in a report on Thursday, March 7th. They issued an overweight rating and a $48.00 target price on the stock. Truist Financial reiterated a buy rating and issued a $25.00 price target on shares of Edgewise Therapeutics in a report on Wednesday, April 17th. Finally, Wedbush reiterated an outperform rating and issued a $26.00 price target on shares of Edgewise Therapeutics in a report on Tuesday, April 16th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Edgewise Therapeutics presently has a consensus rating of Buy and a consensus price target of $31.20.

Edgewise Therapeutics Price Performance

EWTX stock opened at $16.11 on Monday. Edgewise Therapeutics has a 1 year low of $5.12 and a 1 year high of $20.69. The firm has a 50-day moving average of $16.86 and a 200 day moving average of $12.23. The company has a market cap of $1.50 billion, a P/E ratio of -10.20 and a beta of 0.14.

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

Insider Buying and Selling

In related news, General Counsel John R. Moore sold 8,029 shares of Edgewise Therapeutics stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $20.01, for a total transaction of $160,660.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Behrad Derakhshan sold 4,600 shares of the business’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 completion of the sale, the insider now owns 7,020 shares in the company, valued at approximately $140,470.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, General Counsel John R. Moore sold 8,029 shares of the business’s stock in a transaction dated Friday, February 9th. The shares were 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 ninety days, insiders sold 30,622 shares of company stock valued at $612,566. Company insiders own 31.95% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Denali Advisors LLC acquired a new position in Edgewise Therapeutics during the 1st quarter valued at approximately $350,000. Virtu Financial LLC acquired a new position in Edgewise Therapeutics during the 4th quarter valued at approximately $263,000. Perceptive Advisors LLC purchased a new stake in shares of Edgewise Therapeutics in the 4th quarter valued at $6,078,000. Parkman Healthcare Partners LLC boosted its holdings in shares of Edgewise Therapeutics by 37.7% in the 4th quarter. Parkman Healthcare Partners LLC now owns 651,625 shares of the company’s stock valued at $7,129,000 after acquiring an additional 178,313 shares during the last quarter. Finally, Frazier Life Sciences Management L.P. boosted its holdings in shares of Edgewise Therapeutics by 214.2% in the 4th quarter. Frazier Life Sciences Management L.P. now owns 2,667,203 shares of the company’s stock valued at $29,179,000 after acquiring an additional 1,818,181 shares during 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.