Edgewise Therapeutics (NASDAQ:EWTX) Given New $32.00 Price Target at Royal Bank of Canada

Edgewise Therapeutics (NASDAQ:EWTX) had its price objective hoisted by Royal Bank of Canada from $28.00 to $32.00 in a report released on Monday morning, Benzinga reports. The brokerage currently has an outperform rating on the stock.

Other equities research analysts have also recently issued reports about the company. Truist Financial reiterated a buy rating and set a $25.00 price target on shares of Edgewise Therapeutics in a research report on Wednesday, April 17th. Piper Sandler started coverage on Edgewise Therapeutics in a research report on Thursday, March 7th. They set an overweight rating and a $48.00 price target on the stock. Finally, Wedbush restated an outperform rating and issued a $26.00 price objective on shares of Edgewise Therapeutics in a research report on Tuesday, April 16th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of Buy and a consensus price target of $31.20.

Edgewise Therapeutics Stock Down 1.1 %

Shares of EWTX opened at $15.94 on Monday. The business’s 50-day moving average price is $16.81 and its 200-day moving average price is $12.25. Edgewise Therapeutics has a twelve month low of $5.12 and a twelve month high of $20.69. The stock has a market cap of $1.48 billion, a PE ratio of -10.09 and a beta of 0.14.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings results on Thursday, February 22nd. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.44) by ($0.03). Analysts expect that Edgewise Therapeutics will post -1.76 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Edgewise Therapeutics news, insider Behrad Derakhshan sold 4,600 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $20.01, for a total value of $92,046.00. Following the completion of the sale, the insider now owns 7,020 shares of the company’s stock, valued at $140,470.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Edgewise Therapeutics news, General Counsel John R. Moore sold 8,029 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $20.01, for a total value of $160,660.29. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Behrad Derakhshan sold 4,600 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $20.01, for a total value of $92,046.00. Following the completion of the sale, the insider now directly owns 7,020 shares of the company’s stock, valued at approximately $140,470.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 30,622 shares of company stock worth $612,566. Insiders own 31.95% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

Institutional investors have recently made changes to their positions in the stock. China Universal Asset Management Co. Ltd. boosted its stake in shares of Edgewise Therapeutics by 349.1% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 7,338 shares of the company’s stock valued at $80,000 after purchasing an additional 5,704 shares during the period. AJOVista LLC purchased a new stake in shares of Edgewise Therapeutics during the fourth quarter valued at approximately $84,000. Pale Fire Capital SE purchased a new stake in shares of Edgewise Therapeutics during the third quarter valued at approximately $90,000. Corton Capital Inc. purchased a new stake in shares of Edgewise Therapeutics during the third quarter valued at approximately $98,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Edgewise Therapeutics during the third quarter valued at approximately $107,000.

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.