Edgewise Therapeutics (NASDAQ:EWTX) Price Target Lowered to $52.00 at Royal Bank of Canada

Edgewise Therapeutics (NASDAQ:EWTX) had its target price lowered by stock analysts at Royal Bank of Canada from $56.00 to $52.00 in a report issued on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target indicates a potential upside of 306.25% from the stock’s previous close.

Several other research analysts have also recently commented on the company. Stifel Nicolaus began coverage on Edgewise Therapeutics in a research note on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 price target on the stock. Evercore ISI upped their target price on Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, December 17th. Piper Sandler reissued an “overweight” rating and set a $51.00 price target on shares of Edgewise Therapeutics in a research report on Wednesday. Finally, Scotiabank cut shares of Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and cut their price target for the company from $50.00 to $14.00 in a report on Wednesday. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $40.38.

Edgewise Therapeutics Trading Down 17.5 %

NASDAQ:EWTX traded down $2.72 during trading hours on Thursday, hitting $12.80. The stock had a trading volume of 2,630,513 shares, compared to its average volume of 1,040,302. The company has a market cap of $1.22 billion, a PE ratio of -8.53 and a beta of 0.22. The business has a 50 day simple moving average of $25.81 and a two-hundred day simple moving average of $28.55. Edgewise Therapeutics has a 1-year low of $12.18 and a 1-year high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings results on Monday, March 3rd. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.03). Research analysts expect that Edgewise Therapeutics will post -1.45 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Kevin Koch sold 8,636 shares of the stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $30.03, for a total transaction of $259,339.08. Following the sale, the chief executive officer now owns 14,478 shares in the company, valued at $434,774.34. This represents a 37.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Alan J. Russell sold 1,200 shares of the firm’s stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $30.13, for a total transaction of $36,156.00. Following the completion of the transaction, the insider now directly owns 14,863 shares in the company, valued at $447,822.19. This represents a 7.47 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,836 shares of company stock valued at $986,245 over the last 90 days. 24.11% of the stock is owned by company insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Several institutional investors have recently made changes to their positions in the stock. Glenmede Trust Co. NA acquired a new position in Edgewise Therapeutics during the 3rd quarter valued at approximately $483,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Edgewise Therapeutics by 5.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 84,294 shares of the company’s stock valued at $2,250,000 after acquiring an additional 4,426 shares during the period. Janus Henderson Group PLC grew its position in shares of Edgewise Therapeutics by 74.8% during the third quarter. Janus Henderson Group PLC now owns 4,558,519 shares of the company’s stock worth $121,616,000 after acquiring an additional 1,951,220 shares during the last quarter. State Street Corp lifted its position in Edgewise Therapeutics by 1.2% in the 3rd quarter. State Street Corp now owns 1,685,115 shares of the company’s stock valued at $44,976,000 after purchasing an additional 20,020 shares during the last quarter. Finally, XTX Topco Ltd acquired a new position in Edgewise Therapeutics during the 3rd quarter valued at about $755,000.

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.