Royal Bank of Canada Boosts Edgewise Therapeutics (NASDAQ:EWTX) Price Target to $32.00

Edgewise Therapeutics (NASDAQ:EWTX) had its price target hoisted by Royal Bank of Canada from $28.00 to $32.00 in a report issued on Monday, Benzinga reports. They currently have an outperform rating on the stock.

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

Edgewise Therapeutics Price Performance

NASDAQ EWTX opened at $16.11 on Monday. The firm has a market capitalization of $1.50 billion, a P/E ratio of -10.20 and a beta of 0.14. Edgewise Therapeutics has a 1-year low of $5.12 and a 1-year high of $20.69. The business’s 50-day simple moving average is $16.86 and its 200-day simple moving average is $12.23.

Edgewise Therapeutics (NASDAQ:EWTX) last released 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). On average, equities research analysts expect that Edgewise Therapeutics will post -1.76 EPS for the current fiscal year.

Insider Activity

In other news, General Counsel John R. Moore sold 17,993 shares of the company’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $20.00, for a total transaction of $359,860.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, General Counsel John R. Moore sold 17,993 shares of the company’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $20.00, for a total transaction of $359,860.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Behrad Derakhshan sold 4,600 shares of the company’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 directly owns 7,020 shares in the company, valued at $140,470.20. The disclosure for this sale can be found here. Insiders sold a total of 30,622 shares of company stock valued at $612,566 over the last three months. Insiders own 31.95% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of EWTX. New York State Common Retirement Fund increased its holdings in shares of Edgewise Therapeutics by 228.6% during the 3rd quarter. New York State Common Retirement Fund now owns 43,871 shares of the company’s stock valued at $251,000 after acquiring an additional 30,522 shares during the last quarter. Schonfeld Strategic Advisors LLC lifted its position in shares of Edgewise Therapeutics by 3.5% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 116,900 shares of the company’s stock worth $670,000 after buying an additional 3,900 shares during the period. SG Americas Securities LLC bought a new position in shares of Edgewise Therapeutics during the 3rd quarter worth approximately $107,000. China Universal Asset Management Co. Ltd. lifted its position in shares of Edgewise Therapeutics by 349.1% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 7,338 shares of the company’s stock worth $80,000 after buying an additional 5,704 shares during the period. Finally, Vontobel Holding Ltd. acquired a new stake in Edgewise Therapeutics during the 4th quarter valued at $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.