Edgewise Therapeutics (NASDAQ:EWTX) Price Target Cut to $52.00 by Analysts at Royal Bank of Canada

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) had its target price cut by equities research analysts at Royal Bank of Canada from $56.00 to $52.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Royal Bank of Canada's target price would indicate a potential upside of 364.91% from the stock's previous close.

A number of other equities analysts have also commented on the stock. Evercore ISI raised their target price on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an "outperform" rating in a research report on Tuesday, December 17th. Piper Sandler restated an "overweight" rating and set a $51.00 price target on shares of Edgewise Therapeutics in a research note on Wednesday, April 2nd. Stifel Nicolaus initiated coverage on shares of Edgewise Therapeutics in a research note on Wednesday, January 22nd. They issued a "hold" rating and a $30.00 price objective for the company. Finally, Scotiabank downgraded shares of Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and cut their target price for the company from $50.00 to $14.00 in a research report on Wednesday, April 2nd. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $40.38.

Edgewise Therapeutics Price Performance

Shares of EWTX traded down $0.65 during mid-day trading on Thursday, reaching $11.19. 1,225,064 shares of the company's stock traded hands, compared to its average volume of 1,093,719. The stock's 50-day moving average is $24.88 and its two-hundred day moving average is $28.42. Edgewise Therapeutics has a 12 month low of $10.60 and a 12 month high of $38.12. The stock has a market cap of $1.17 billion, a P/E ratio of -7.45 and a beta of 0.32.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last announced its quarterly earnings data on Monday, March 3rd. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.39) by ($0.03). Research analysts predict that Edgewise Therapeutics will post -1.45 earnings per share for the current year.

Insiders Place Their Bets

In other Edgewise Therapeutics news, insider Alan J. Russell sold 1,200 shares of the company's stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $30.13, for a total transaction of $36,156.00. Following the transaction, the insider now owns 14,863 shares in the company, valued at approximately $447,822.19. This represents a 7.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Kevin Koch sold 8,636 shares of the firm's 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 completion of the transaction, the chief executive officer now directly owns 14,478 shares of the company's stock, valued at approximately $434,774.34. This represents a 37.36 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,836 shares of company stock valued at $986,245. 24.11% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Edgewise Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. Summit Investment Advisors Inc. boosted its holdings in shares of Edgewise Therapeutics by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 7,594 shares of the company's stock valued at $203,000 after acquiring an additional 482 shares during the last quarter. Alliancebernstein L.P. grew its position in Edgewise Therapeutics by 1.7% during the 4th quarter. Alliancebernstein L.P. now owns 77,260 shares of the company's stock worth $2,063,000 after purchasing an additional 1,300 shares during the period. Diadema Partners LP acquired a new position in shares of Edgewise Therapeutics in the 4th quarter valued at about $36,000. Rhumbline Advisers boosted its stake in shares of Edgewise Therapeutics by 1.5% in the fourth quarter. Rhumbline Advisers now owns 102,397 shares of the company's stock worth $2,734,000 after buying an additional 1,525 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Edgewise Therapeutics by 4.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,313 shares of the company's stock worth $1,103,000 after acquiring an additional 1,595 shares during the period.

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.