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

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report)'s stock had its "outperform" rating reissued by equities research analysts at Royal Bank of Canada in a research report issued on Tuesday,Benzinga reports. They currently have a $56.00 target price on the stock. Royal Bank of Canada's target price points to a potential upside of 99.93% from the stock's previous close.

A number of other brokerages have also recently weighed in on EWTX. Evercore ISI upped their price objective on Edgewise Therapeutics from $45.00 to $50.00 and gave the stock an "outperform" rating in a research note on Tuesday, December 17th. Truist Financial upped their price objective on Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday, November 27th. Stifel Nicolaus assumed coverage on Edgewise Therapeutics in a research note on Wednesday, January 22nd. They set a "hold" rating and a $30.00 price objective for the company. Finally, Wedbush upped their target price on Edgewise Therapeutics from $44.00 to $45.00 and gave the company an "outperform" rating in a research report on Friday, November 8th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $45.38.

Edgewise Therapeutics Price Performance

Shares of EWTX stock traded down $0.12 during mid-day trading on Tuesday, hitting $28.01. The stock had a trading volume of 2,167,322 shares, compared to its average volume of 1,044,137. The firm has a market capitalization of $2.67 billion, a P/E ratio of -18.67 and a beta of 0.22. Edgewise Therapeutics has a 12-month low of $14.90 and a 12-month high of $38.12. The firm's 50-day moving average is $26.78 and its two-hundred day moving average is $27.76.

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

Insider Activity at Edgewise Therapeutics

In other news, insider Marc Semigran sold 29,709 shares of the stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $29.69, for a total value of $882,060.21. Following the transaction, the insider now directly owns 6,716 shares of the company's stock, valued at approximately $199,398.04. This represents a 81.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Alan J. Russell sold 100,000 shares of the stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $27.37, for a total value of $2,737,000.00. Following the completion of the transaction, the insider now directly owns 14,863 shares in the company, valued at $406,800.31. This represents a 87.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 164,545 shares of company stock valued at $4,605,305 in the last ninety days. Corporate insiders own 24.11% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of EWTX. Braidwell LP acquired a new position in shares of Edgewise Therapeutics in the third quarter valued at about $52,267,000. Janus Henderson Group PLC increased its holdings in shares of Edgewise Therapeutics by 74.8% in the third quarter. Janus Henderson Group PLC now owns 4,558,519 shares of the company's stock valued at $121,616,000 after purchasing an additional 1,951,220 shares during the period. Paradigm Biocapital Advisors LP increased its holdings in shares of Edgewise Therapeutics by 61.1% in the fourth quarter. Paradigm Biocapital Advisors LP now owns 4,493,929 shares of the company's stock valued at $119,988,000 after purchasing an additional 1,704,757 shares during the period. First Light Asset Management LLC acquired a new position in shares of Edgewise Therapeutics in the fourth quarter valued at about $20,843,000. Finally, Foresite Capital Management VI LLC acquired a new position in shares of Edgewise Therapeutics in the fourth quarter valued at about $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.