Edgewise Therapeutics (NASDAQ:EWTX) Shares Gap Up After Analyst Upgrade

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares gapped up before the market opened on Monday after Royal Bank of Canada raised their price target on the stock from $28.00 to $32.00. The stock had previously closed at $15.23, but opened at $15.93. Royal Bank of Canada currently has an outperform rating on the stock. Edgewise Therapeutics shares last traded at $15.13, with a volume of 54,698 shares trading hands.

Several other equities analysts also recently weighed in on the company. Truist Financial reissued a “buy” rating and issued a $25.00 target price on shares of Edgewise Therapeutics in a research note on Wednesday, April 17th. Wedbush reissued an “outperform” rating and issued a $26.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday, April 16th. Finally, Piper Sandler began coverage on shares of Edgewise Therapeutics in a research note on Thursday, March 7th. They issued an “overweight” rating and a $48.00 target price on the stock. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $31.20.

Insiders Place Their Bets

In related news, insider Behrad Derakhshan sold 4,600 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $20.01, for a total transaction of $92,046.00. Following the sale, the insider now directly owns 7,020 shares in the company, valued at $140,470.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related 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 filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Behrad Derakhshan sold 4,600 shares of the stock in a transaction that occurred on Thursday, February 8th. The shares were 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 $140,470.20. The disclosure for this sale can be found here. Insiders have sold 120,622 shares of company stock worth $2,032,766 over the last three months. Company insiders own 31.95% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of EWTX. China Universal Asset Management Co. Ltd. lifted its stake in shares of Edgewise Therapeutics by 349.1% in the 4th 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 in the last quarter. AJOVista LLC purchased a new stake in shares of Edgewise Therapeutics during the 4th quarter valued at about $84,000. Pale Fire Capital SE purchased a new stake in shares of Edgewise Therapeutics during the 3rd quarter valued at about $90,000. Corton Capital Inc. purchased a new stake in shares of Edgewise Therapeutics during the 3rd quarter valued at about $98,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Edgewise Therapeutics during the 3rd quarter valued at about $107,000.

Edgewise Therapeutics Stock Performance

The firm has a fifty day simple moving average of $17.04 and a 200-day simple moving average of $12.08. The company has a market capitalization of $1.43 billion, a PE ratio of -9.60 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 (EPS) for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.03). As a group, research analysts anticipate that Edgewise Therapeutics, Inc. will post -1.76 EPS for the current fiscal year.

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.