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

Edgewise Therapeutics (NASDAQ:EWTX) had its price target boosted by analysts at Royal Bank of Canada from $28.00 to $32.00 in a report issued on Monday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective would suggest a potential upside of 104.47% from the stock’s current price.

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

Edgewise Therapeutics Trading Up 3.8 %

EWTX stock opened at $15.65 on Monday. The stock has a 50-day moving average price of $16.90 and a two-hundred day moving average price of $12.20. The stock has a market cap of $1.46 billion, a PE ratio of -9.91 and a beta of 0.14. Edgewise Therapeutics has a 1 year low of $5.12 and a 1 year high of $20.69.

Edgewise Therapeutics (NASDAQ:EWTX) last released its 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). On average, analysts forecast that Edgewise Therapeutics will post -1.76 earnings per share for the current fiscal year.

Insider Activity

In other news, General Counsel John R. Moore sold 8,029 shares of the firm’s stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, General Counsel John R. Moore sold 8,029 shares of the firm’s stock in a transaction dated Friday, February 9th. The shares were 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 can be accessed through the SEC website. Also, insider Behrad Derakhshan sold 4,600 shares of the firm’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $20.01, for a total transaction 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 disclosure for this sale can be found here. Insiders sold 30,622 shares of company stock worth $612,566 in the last quarter. Corporate insiders own 31.95% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Several hedge funds have recently bought and sold shares of the company. Denali Advisors LLC acquired a new stake in Edgewise Therapeutics in the 1st quarter valued at about $350,000. Virtu Financial LLC acquired a new stake in Edgewise Therapeutics in the 4th quarter valued at about $263,000. Perceptive Advisors LLC acquired a new stake in Edgewise Therapeutics in the 4th quarter valued at about $6,078,000. Parkman Healthcare Partners LLC lifted its position in Edgewise Therapeutics by 37.7% during the fourth quarter. Parkman Healthcare Partners LLC now owns 651,625 shares of the company’s stock worth $7,129,000 after acquiring an additional 178,313 shares during the last quarter. Finally, Frazier Life Sciences Management L.P. boosted its holdings in shares of Edgewise Therapeutics by 214.2% during the fourth quarter. Frazier Life Sciences Management L.P. now owns 2,667,203 shares of the company’s stock worth $29,179,000 after acquiring an additional 1,818,181 shares during the period.

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.