Edgewise Therapeutics’ (EWTX) “Outperform” Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of Edgewise Therapeutics (NASDAQ:EWTX) in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has a $56.00 price target on the stock.

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

Edgewise Therapeutics Trading Up 5.3 %

Shares of EWTX stock opened at $28.13 on Tuesday. The company has a market capitalization of $2.68 billion, a PE ratio of -18.75 and a beta of 0.22. The firm has a fifty day simple moving average of $26.78 and a 200-day simple moving average of $27.76. Edgewise Therapeutics has a twelve month low of $14.90 and a twelve month high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its earnings results 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). Equities research analysts predict that Edgewise Therapeutics will post -1.45 EPS for the current year.

Insiders Place Their Bets

In other news, insider Alan J. Russell sold 100,000 shares of the firm’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $27.37, for a total transaction 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 trade represents a 87.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kevin Koch sold 8,636 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $30.03, for a total value of $259,339.08. Following the transaction, the chief executive officer now owns 14,478 shares of the company’s stock, valued at $434,774.34. This trade represents a 37.36 % 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 worth $4,605,305 in the last 90 days. Company insiders own 24.11% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the company. Baker BROS. Advisors LP grew its stake in shares of Edgewise Therapeutics by 5.4% during the 4th quarter. Baker BROS. Advisors LP now owns 6,155,940 shares of the company’s stock worth $164,364,000 after acquiring an additional 315,881 shares during the period. Janus Henderson Group PLC increased its position in shares of Edgewise Therapeutics by 9.3% during the 4th quarter. Janus Henderson Group PLC now owns 4,983,940 shares of the company’s stock valued at $133,044,000 after purchasing an additional 425,421 shares during the last quarter. Paradigm Biocapital Advisors LP increased its position in shares of Edgewise Therapeutics by 61.1% during the 4th 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 last quarter. Braidwell LP increased its position in shares of Edgewise Therapeutics by 19.1% during the 4th quarter. Braidwell LP now owns 2,332,196 shares of the company’s stock valued at $62,270,000 after purchasing an additional 373,886 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C grew its position in Edgewise Therapeutics by 16.7% during the 4th quarter. Deerfield Management Company L.P. Series C now owns 2,078,509 shares of the company’s stock worth $55,496,000 after acquiring an additional 297,503 shares during 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.