Royal Bank of Canada Reiterates Outperform Rating for Edgewise Therapeutics (NASDAQ:EWTX)

Edgewise Therapeutics (NASDAQ:EWTX)‘s stock had its “outperform” rating reissued by research analysts at Royal Bank of Canada in a report released on Tuesday,Benzinga reports. They presently have a $56.00 target price on the stock. Royal Bank of Canada’s price target indicates a potential upside of 120.48% from the stock’s previous close.

Several other brokerages also recently weighed in on EWTX. Wedbush boosted their target price on shares of Edgewise Therapeutics from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Stifel Nicolaus began coverage on Edgewise Therapeutics in a research report on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 price objective for the company. Truist Financial raised their price target on Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Finally, Evercore ISI lifted their price objective on Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, December 17th. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Edgewise Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $44.71.

Edgewise Therapeutics Price Performance

Shares of EWTX stock traded down $0.13 during midday trading on Tuesday, reaching $25.40. 77,347 shares of the company traded hands, compared to its average volume of 971,670. The firm has a market cap of $2.41 billion, a PE ratio of -16.73 and a beta of 0.20. The firm’s 50 day simple moving average is $26.98 and its two-hundred day simple moving average is $27.72. Edgewise Therapeutics has a 1-year low of $14.90 and a 1-year high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last announced 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). As a group, research analysts anticipate that Edgewise Therapeutics will post -1.45 earnings per share for the current fiscal year.

Insider Activity

In other Edgewise Therapeutics news, CEO Kevin Koch sold 8,636 shares of Edgewise Therapeutics stock in a transaction on Wednesday, February 5th. The stock was 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 of the company’s stock, valued at $434,774.34. The trade was a 37.36 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Marc Semigran sold 29,709 shares of the stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $29.69, for a total value of $882,060.21. Following the completion of the transaction, the insider now directly owns 6,716 shares of the company’s stock, valued at approximately $199,398.04. The trade was a 81.56 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 164,545 shares of company stock worth $4,605,305. 24.11% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

Several institutional investors have recently bought and sold shares of the stock. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Edgewise Therapeutics during the 4th quarter worth about $2,404,000. GF Fund Management CO. LTD. acquired a new position in shares of Edgewise Therapeutics during the fourth quarter valued at approximately $53,000. Neo Ivy Capital Management bought a new stake in Edgewise Therapeutics during the fourth quarter worth approximately $259,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Edgewise Therapeutics by 231.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 279,125 shares of the company’s stock valued at $7,453,000 after purchasing an additional 194,831 shares in the last quarter. Finally, Woodline Partners LP raised its stake in shares of Edgewise Therapeutics by 7.5% in the 4th quarter. Woodline Partners LP now owns 567,218 shares of the company’s stock worth $15,145,000 after buying an additional 39,379 shares in the last quarter.

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.