Edgewise Therapeutics (NASDAQ:EWTX) Receives “Outperform” Rating from Royal Bank of Canada

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

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

Edgewise Therapeutics Stock Up 0.4 %

NASDAQ:EWTX opened at $22.42 on Wednesday. The firm has a market capitalization of $2.09 billion, a PE ratio of -14.46 and a beta of 0.14. Edgewise Therapeutics has a twelve month low of $5.12 and a twelve month high of $23.23. The stock’s 50-day simple moving average is $18.30 and its 200 day simple moving average is $16.71.

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 analysts’ consensus estimates of ($0.39) by $0.06. On average, analysts anticipate that Edgewise Therapeutics will post -1.59 EPS for the current fiscal year.

Insiders Place Their Bets

In other Edgewise Therapeutics news, CFO R Michael Carruthers sold 2,157 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $18.91, for a total transaction of $40,788.87. Following the sale, the chief financial officer now owns 35,230 shares of the company’s stock, valued at $666,199.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Behrad Derakhshan sold 1,718 shares of the company’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 $32,487.38. Following the transaction, the insider now owns 13,422 shares in the company, valued at $253,810.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO R Michael Carruthers sold 2,157 shares of the 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 transaction, 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 insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. China Universal Asset Management Co. Ltd. increased its holdings in shares of Edgewise Therapeutics by 349.1% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 7,338 shares of the company’s stock valued at $80,000 after acquiring an additional 5,704 shares in the last quarter. AJOVista LLC bought a new stake in Edgewise Therapeutics during the 4th quarter valued at $84,000. Ameritas Investment Partners Inc. raised its holdings in Edgewise Therapeutics by 37.3% during the first quarter. Ameritas Investment Partners Inc. now owns 5,751 shares of the company’s stock worth $105,000 after buying an additional 1,561 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Edgewise Therapeutics by 29.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 20,833 shares of the company’s stock valued at $228,000 after buying an additional 4,785 shares in the last quarter. Finally, Entropy Technologies LP acquired a new position in shares of Edgewise Therapeutics during the first quarter valued at about $231,000.

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.