Edgewise Therapeutics (NASDAQ:EWTX) Earns Outperform Rating from Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of Edgewise Therapeutics (NASDAQ:EWTX) in a report published on Tuesday, Benzinga reports. They currently have a $32.00 price objective on the stock.

EWTX has been the topic of a number of other reports. JPMorgan Chase & Co. boosted their target price on shares of Edgewise Therapeutics from $30.00 to $31.00 and gave the company an overweight rating in a research note on Monday, August 12th. Wedbush reissued an outperform rating and issued a $31.00 price target on shares of Edgewise Therapeutics in a research report on Friday, August 16th. Finally, Piper Sandler reissued an overweight rating and issued a $48.00 price target on shares of Edgewise Therapeutics in a research report on Monday, July 1st. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Edgewise Therapeutics has an average rating of Buy and an average price target of $35.00.

Edgewise Therapeutics Stock Up 54.7 %

EWTX opened at $29.50 on Tuesday. The stock has a market cap of $2.76 billion, a price-to-earnings ratio of -19.03 and a beta of 0.15. Edgewise Therapeutics has a twelve month low of $5.12 and a twelve month high of $30.00. The company’s 50-day moving average price is $18.73 and its two-hundred day moving average price is $17.96.

Edgewise Therapeutics (NASDAQ:EWTX) last released its earnings results on Thursday, August 8th. The company reported ($0.34) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.02. As a group, sell-side analysts anticipate that Edgewise Therapeutics will post -1.48 earnings per share for the current year.

Institutional Trading of Edgewise Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the business. Quest Partners LLC raised its position in shares of Edgewise Therapeutics by 156.9% in the second quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock valued at $31,000 after purchasing an additional 1,064 shares during the period. Meeder Asset Management Inc. bought a new stake in Edgewise Therapeutics during the 2nd quarter worth approximately $35,000. Ameritas Investment Partners Inc. increased its holdings in Edgewise Therapeutics by 37.3% during the 1st quarter. Ameritas Investment Partners Inc. now owns 5,751 shares of the company’s stock worth $105,000 after acquiring an additional 1,561 shares during the period. Arizona State Retirement System bought a new stake in Edgewise Therapeutics during the 2nd quarter worth approximately $188,000. Finally, Dark Forest Capital Management LP bought a new stake in Edgewise Therapeutics during the 2nd quarter worth approximately $193,000.

About Edgewise Therapeutics

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.