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

Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) gapped up prior to trading 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.

EWTX has been the topic of a number of other research reports. Piper Sandler initiated 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. Wedbush reaffirmed an “outperform” rating and set a $26.00 price target on shares of Edgewise Therapeutics in a research note on Tuesday, April 16th. Finally, Truist Financial reaffirmed a “buy” rating and set a $25.00 price target on shares of Edgewise Therapeutics in a research note on Wednesday, April 17th. 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 target price of $31.20.

Insider Buying and Selling

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

Institutional Investors Weigh In On Edgewise Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Frazier Life Sciences Management L.P. increased its position in shares of Edgewise Therapeutics by 214.2% in 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 boosted its holdings in shares of Edgewise Therapeutics by 37.7% in 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 during the period. Perceptive Advisors LLC acquired a new position in shares of Edgewise Therapeutics in the 4th quarter valued at about $6,078,000. Vontobel Holding Ltd. acquired a new position in shares of Edgewise Therapeutics in the 4th quarter valued at about $3,586,000. Finally, Sectoral Asset Management Inc. acquired a new position in shares of Edgewise Therapeutics in the 4th quarter valued at about $3,586,000.

Edgewise Therapeutics Stock Performance

The company’s fifty day moving average price is $16.96 and its 200 day moving average price is $12.14. The firm has a market capitalization of $1.40 billion, a price-to-earnings ratio of -9.54 and a beta of 0.14.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings results on Thursday, February 22nd. The company reported ($0.47) EPS for the quarter, missing the consensus estimate of ($0.44) by ($0.03). As a group, sell-side analysts expect that Edgewise Therapeutics, Inc. will post -1.76 earnings per share for the current year.

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.