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

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

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

Edgewise Therapeutics Price Performance

EWTX stock opened at $18.73 on Thursday. The company’s 50 day simple moving average is $18.72 and its 200-day simple moving average is $17.38. Edgewise Therapeutics has a 12 month low of $5.12 and a 12 month high of $23.50. The firm has a market capitalization of $1.75 billion, a PE ratio of -12.08 and a beta of 0.14.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its earnings results on Thursday, May 9th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.06. As a group, sell-side analysts anticipate that Edgewise Therapeutics will post -1.59 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Kevin Koch sold 3,152 shares of the company’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 transaction of $59,604.32. Following the completion of the transaction, the chief executive officer now owns 14,478 shares of the company’s stock, valued at $273,778.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related 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 value of $59,604.32. Following 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Behrad Derakhshan sold 1,718 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 value of $32,487.38. Following the sale, the insider now owns 13,422 shares of the company’s stock, valued at $253,810.02. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,665 shares of company stock valued at $239,495. Insiders own 24.11% of the company’s stock.

Institutional Inflows and Outflows

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