Edgewise Therapeutics (NASDAQ:EWTX) Earns Outperform Rating from Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of Edgewise Therapeutics (NASDAQ:EWTX) in a report issued on Wednesday morning, Benzinga reports. Royal Bank of Canada currently has a $32.00 price target on the stock.

EWTX has been the subject of several other reports. Wedbush reissued an outperform rating and issued a $31.00 price objective on shares of Edgewise Therapeutics in a research report on Wednesday, June 26th. JPMorgan Chase & Co. increased their price target on shares of Edgewise Therapeutics from $27.00 to $30.00 and gave the company an overweight rating in a report on Tuesday. Truist Financial restated a buy rating and set a $25.00 price objective on shares of Edgewise Therapeutics in a report on Wednesday, April 17th. Finally, Piper Sandler reiterated an overweight rating and issued a $48.00 target price on shares of Edgewise Therapeutics in a research note on Monday, July 1st. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of Buy and an average target price of $33.20.

Edgewise Therapeutics Trading Up 0.4 %

NASDAQ EWTX opened at $22.42 on Wednesday. The company has a market cap of $2.09 billion, a P/E ratio of -14.46 and a beta of 0.14. Edgewise Therapeutics has a 1 year low of $5.12 and a 1 year high of $23.23. The company has a fifty day simple moving average of $18.30 and a 200 day simple moving average of $16.71.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.39) by $0.06. Equities research analysts forecast that Edgewise Therapeutics will post -1.59 EPS for the current fiscal year.

Insider Activity

In other Edgewise Therapeutics news, CEO Kevin Koch sold 3,152 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $18.91, for a total transaction of $59,604.32. Following the completion of the transaction, the chief executive officer now owns 14,478 shares in the company, valued at $273,778.98. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Edgewise Therapeutics news, CEO Kevin Koch sold 3,152 shares of Edgewise Therapeutics stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total transaction of $59,604.32. Following the completion of the transaction, the chief executive officer now directly owns 14,478 shares of the company’s stock, valued at $273,778.98. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO R Michael Carruthers sold 2,157 shares of the company’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total transaction of $40,788.87. Following the completion of the sale, the chief financial officer now directly owns 35,230 shares in the company, valued at approximately $666,199.30. The disclosure for this sale can be found here. In the last 90 days, insiders sold 12,665 shares of company stock worth $239,495. 24.11% of the stock is currently owned by corporate insiders.

Institutional Trading of Edgewise Therapeutics

Several hedge funds have recently modified their holdings of EWTX. Pale Fire Capital SE increased its position in Edgewise Therapeutics by 529.3% in the 4th quarter. Pale Fire Capital SE now owns 98,449 shares of the company’s stock valued at $1,077,000 after acquiring an additional 82,804 shares in the last quarter. Perceptive Advisors LLC acquired a new stake in shares of Edgewise Therapeutics in the fourth quarter valued at approximately $6,078,000. Trexquant Investment LP bought a new position in Edgewise Therapeutics in the 4th quarter worth approximately $608,000. Frazier Life Sciences Management L.P. lifted 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 buying an additional 1,818,181 shares in the last quarter. Finally, Jump Financial LLC bought a new position in Edgewise Therapeutics in the 4th quarter valued at $515,000.

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.