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

Royal Bank of Canada restated their outperform rating on shares of Edgewise Therapeutics (NASDAQ:EWTX) in a research report sent to investors on Thursday, Benzinga reports. Royal Bank of Canada currently has a $32.00 target price on the stock.

A number of other equities analysts have also commented on the stock. Truist Financial restated a buy rating and issued a $25.00 price target on shares of Edgewise Therapeutics in a research report on Wednesday, April 17th. JPMorgan Chase & Co. increased their price target on Edgewise Therapeutics from $27.00 to $30.00 and gave the stock an overweight rating in a research report on Tuesday, July 9th. Piper Sandler reaffirmed an overweight rating and set a $48.00 price target on shares of Edgewise Therapeutics in a report on Monday, July 1st. Finally, Wedbush reissued an outperform rating and issued a $31.00 price objective on shares of Edgewise Therapeutics in a research note on Wednesday, June 26th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Edgewise Therapeutics has a consensus rating of Buy and an average target price of $33.20.

Edgewise Therapeutics Stock Down 11.6 %

NASDAQ EWTX opened at $18.73 on Thursday. The stock has a market cap of $1.75 billion, a P/E ratio of -12.08 and a beta of 0.14. Edgewise Therapeutics has a twelve month low of $5.12 and a twelve month high of $23.50. The company’s 50-day simple moving average is $18.72 and its 200 day simple moving average is $17.38.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.39) by $0.06. Research analysts anticipate that Edgewise Therapeutics will post -1.59 earnings per share for the current year.

Insider Activity

In related news, CFO R Michael Carruthers sold 2,157 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $18.91, for a total value of $40,788.87. Following the completion of the transaction, the chief financial officer now owns 35,230 shares in the company, valued at approximately $666,199.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO R Michael Carruthers sold 2,157 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total value of $40,788.87. Following the transaction, the chief financial officer now owns 35,230 shares in the company, valued at $666,199.30. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel John R. Moore sold 1,956 shares of the business’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $18.91, for a total value of $36,987.96. Following the sale, the general counsel now directly owns 3,252 shares of the company’s stock, valued at $61,495.32. The disclosure for this sale can be found here. Insiders have sold 12,665 shares of company stock valued at $239,495 over the last three months. 24.11% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. RA Capital Management L.P. bought a new position in Edgewise Therapeutics during the 1st quarter worth approximately $162,502,000. Baker BROS. Advisors LP boosted its position in shares of Edgewise Therapeutics by 87.6% during the first quarter. Baker BROS. Advisors LP now owns 5,840,059 shares of the company’s stock worth $106,523,000 after purchasing an additional 2,727,273 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Edgewise Therapeutics by 89.0% in the 1st quarter. Vanguard Group Inc. now owns 4,017,433 shares of the company’s stock valued at $73,278,000 after buying an additional 1,892,053 shares during the period. Frazier Life Sciences Management L.P. increased its position 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 buying an additional 1,818,181 shares in the last quarter. Finally, Janus Henderson Group PLC raised its stake in Edgewise Therapeutics by 48.6% during the 1st quarter. Janus Henderson Group PLC now owns 1,805,312 shares of the company’s stock worth $32,898,000 after buying an additional 590,299 shares during the period.

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.