Edgewise Therapeutics’ (EWTX) Outperform Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of Edgewise Therapeutics (NASDAQ:EWTX) in a research note issued to investors on Thursday morning,Benzinga reports. The brokerage currently has a $48.00 target price on the stock.

Several other research firms have also recently weighed in on EWTX. Scotiabank cut Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and reduced their price objective for the company from $50.00 to $14.00 in a research report on Wednesday, April 2nd. Wedbush reissued an “outperform” rating and issued a $43.00 price objective on shares of Edgewise Therapeutics in a research report on Monday, April 21st. Piper Sandler reissued an “overweight” rating and issued a $51.00 price objective on shares of Edgewise Therapeutics in a research report on Wednesday, April 2nd. Finally, Guggenheim assumed coverage on Edgewise Therapeutics in a research report on Wednesday, April 30th. They issued a “buy” rating and a $41.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $39.78.

Edgewise Therapeutics Stock Up 2.8%

Shares of Edgewise Therapeutics stock opened at $15.24 on Thursday. The stock has a market capitalization of $1.60 billion, a P/E ratio of -10.16 and a beta of 0.28. The stock has a 50 day moving average price of $14.15 and a two-hundred day moving average price of $22.86. Edgewise Therapeutics has a 12-month low of $10.60 and a 12-month high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its earnings results on Thursday, May 8th. The company reported ($0.43) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.02. Sell-side analysts anticipate that Edgewise Therapeutics will post -1.45 earnings per share for the current year.

Insider Buying and Selling

In related news, General Counsel John R. Moore sold 1,930 shares of the firm’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $16.45, for a total value of $31,748.50. Following the completion of the transaction, the general counsel now directly owns 6,531 shares of the company’s stock, valued at $107,434.95. This trade represents a 22.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Alan J. Russell sold 1,551 shares of the firm’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $16.45, for a total value of $25,513.95. Following the completion of the transaction, the insider now directly owns 18,521 shares of the company’s stock, valued at approximately $304,670.45. This trade represents a 7.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 14,258 shares of company stock valued at $234,544 over the last ninety days. 23.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in EWTX. Paradigm Biocapital Advisors LP lifted its holdings in shares of Edgewise Therapeutics by 61.1% during the fourth quarter. Paradigm Biocapital Advisors LP now owns 4,493,929 shares of the company’s stock valued at $119,988,000 after acquiring an additional 1,704,757 shares during the period. First Light Asset Management LLC lifted its holdings in shares of Edgewise Therapeutics by 137.3% during the first quarter. First Light Asset Management LLC now owns 1,852,290 shares of the company’s stock valued at $40,750,000 after acquiring an additional 1,071,651 shares during the period. Siren L.L.C. lifted its holdings in shares of Edgewise Therapeutics by 131.0% during the first quarter. Siren L.L.C. now owns 1,696,444 shares of the company’s stock valued at $37,322,000 after acquiring an additional 962,101 shares during the period. Cormorant Asset Management LP lifted its holdings in shares of Edgewise Therapeutics by 20.4% during the first quarter. Cormorant Asset Management LP now owns 4,101,992 shares of the company’s stock valued at $90,244,000 after acquiring an additional 695,458 shares during the period. Finally, Foresite Capital Management VI LLC bought a new position in shares of Edgewise Therapeutics during the fourth quarter valued at $15,620,000.

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.