Edgewise Therapeutics (NASDAQ:EWTX) Given New $50.00 Price Target at Royal Bank Of Canada

Edgewise Therapeutics (NASDAQ:EWTX) had its price target hoisted by Royal Bank Of Canada from $49.00 to $50.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price target suggests a potential upside of 191.38% from the company’s previous close.

A number of other equities research analysts also recently weighed in on EWTX. Wedbush lowered their target price on shares of Edgewise Therapeutics from $35.00 to $32.00 and set an “outperform” rating on the stock in a research note on Friday. Raymond James Financial began coverage on shares of Edgewise Therapeutics in a report on Wednesday, July 30th. They issued a “strong-buy” rating and a $46.00 price target on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research report on Wednesday, October 8th. JPMorgan Chase & Co. cut their target price on shares of Edgewise Therapeutics from $40.00 to $30.00 and set an “overweight” rating for the company in a research report on Tuesday, August 19th. Finally, The Goldman Sachs Group assumed coverage on Edgewise Therapeutics in a research note on Thursday, September 25th. They issued a “neutral” rating and a $20.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $38.00.

Edgewise Therapeutics Trading Up 0.4%

Shares of EWTX traded up $0.07 during mid-day trading on Friday, reaching $17.16. 745,820 shares of the stock traded hands, compared to its average volume of 1,141,872. Edgewise Therapeutics has a 1 year low of $10.60 and a 1 year high of $38.12. The firm has a fifty day moving average price of $15.46 and a 200 day moving average price of $14.70. The company has a market cap of $1.81 billion, a price-to-earnings ratio of -11.07 and a beta of 0.30.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.39) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.01. On average, sell-side analysts anticipate that Edgewise Therapeutics will post -1.45 EPS for the current year.

Insider Buying and Selling at Edgewise Therapeutics

In other Edgewise Therapeutics news, CEO Kevin Koch sold 7,972 shares of the business’s stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $13.39, for a total value of $106,745.08. Following the completion of the sale, the chief executive officer directly owned 30,615 shares of the company’s stock, valued at $409,934.85. The trade was a 20.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Alan J. Russell sold 100,000 shares of the company’s stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $14.60, for a total transaction of $1,460,000.00. Following the sale, the insider owned 23,400 shares of the company’s stock, valued at approximately $341,640. The trade was a 81.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 116,267 shares of company stock worth $1,677,815 over the last 90 days. Company insiders own 23.20% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of EWTX. Orbimed Advisors LLC boosted its holdings in Edgewise Therapeutics by 3.3% during the 2nd quarter. Orbimed Advisors LLC now owns 15,518,492 shares of the company’s stock valued at $203,447,000 after acquiring an additional 496,771 shares during the period. Braidwell LP lifted its position in Edgewise Therapeutics by 111.9% in the second quarter. Braidwell LP now owns 5,210,831 shares of the company’s stock valued at $68,314,000 after purchasing an additional 2,752,023 shares during the last quarter. Cormorant Asset Management LP lifted its position in Edgewise Therapeutics by 20.4% in the first quarter. Cormorant Asset Management LP now owns 4,101,992 shares of the company’s stock valued at $90,244,000 after purchasing an additional 695,458 shares during the last quarter. Bellevue Group AG boosted its stake in shares of Edgewise Therapeutics by 94.3% during the second quarter. Bellevue Group AG now owns 2,775,997 shares of the company’s stock valued at $36,393,000 after purchasing an additional 1,347,068 shares during the period. Finally, First Light Asset Management LLC grew its holdings in shares of Edgewise Therapeutics by 137.3% in the first quarter. First Light Asset Management LLC now owns 1,852,290 shares of the company’s stock worth $40,750,000 after purchasing an additional 1,071,651 shares during the last quarter.

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.