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

Edgewise Therapeutics (NASDAQ:EWTX) had its price objective upped by Royal Bank of Canada from $28.00 to $32.00 in a research note published on Monday morning, Benzinga reports. They currently have an outperform rating on the stock.

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

Edgewise Therapeutics Price Performance

NASDAQ:EWTX opened at $15.94 on Monday. Edgewise Therapeutics has a 1 year low of $5.12 and a 1 year high of $20.69. The stock’s 50 day simple moving average is $16.81 and its two-hundred day simple moving average is $12.25. The company has a market cap of $1.48 billion, a price-to-earnings ratio of -10.09 and a beta of 0.14.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings data 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, analysts anticipate that Edgewise Therapeutics will post -1.76 EPS for the current year.

Insider Activity at Edgewise Therapeutics

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

Institutional Investors Weigh In On Edgewise Therapeutics

Several hedge funds have recently made changes to their positions in the company. Frazier Life Sciences Management L.P. lifted its stake in shares of Edgewise Therapeutics by 214.2% during the 4th quarter. Frazier Life Sciences Management L.P. now owns 2,667,203 shares of the company’s stock worth $29,179,000 after purchasing an additional 1,818,181 shares during the last quarter. Parkman Healthcare Partners LLC increased its position in Edgewise Therapeutics by 37.7% during the 4th quarter. Parkman Healthcare Partners LLC now owns 651,625 shares of the company’s stock valued at $7,129,000 after buying an additional 178,313 shares in the last quarter. Perceptive Advisors LLC acquired a new position in Edgewise Therapeutics during the 4th quarter valued at about $6,078,000. Vontobel Holding Ltd. acquired a new position in Edgewise Therapeutics during the 4th quarter valued at about $3,586,000. Finally, Sectoral Asset Management Inc. acquired a new position in Edgewise Therapeutics during the 4th quarter valued at about $3,586,000.

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.