Royal Bank Of Canada Raises Edgewise Therapeutics (NASDAQ:EWTX) Price Target to $50.00

Edgewise Therapeutics (NASDAQ:EWTX) had its price target increased by equities researchers at Royal Bank Of Canada from $49.00 to $50.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price objective points to a potential upside of 191.38% from the stock’s current price.

A number of other brokerages also recently issued reports on EWTX. The Goldman Sachs Group assumed coverage on shares of Edgewise Therapeutics in a research report on Thursday, September 25th. They issued a “neutral” rating and a $20.00 price objective for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Wednesday, October 8th. Raymond James Financial started coverage on Edgewise Therapeutics in a research report on Wednesday, July 30th. They set a “strong-buy” rating and a $46.00 price target for the company. JPMorgan Chase & Co. cut their price objective on Edgewise Therapeutics from $40.00 to $30.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 19th. Finally, Wedbush reduced their price objective on Edgewise Therapeutics from $35.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday. One 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $38.00.

Edgewise Therapeutics Price Performance

Shares of EWTX traded up $0.07 during trading hours on Friday, hitting $17.16. The stock had a trading volume of 745,820 shares, 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 market capitalization of $1.81 billion, a P/E ratio of -11.07 and a beta of 0.30. The firm has a 50 day simple moving average of $15.46 and a 200-day simple moving average of $14.70.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.39) EPS for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.01. Equities analysts predict that Edgewise Therapeutics will post -1.45 EPS for the current fiscal year.

Insider Transactions at Edgewise Therapeutics

In other news, CEO Kevin Koch sold 7,972 shares of the stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $13.39, for a total transaction of $106,745.08. Following the completion of the transaction, the chief executive officer owned 30,615 shares in the company, valued at approximately $409,934.85. This represents a 20.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CMO Joanne M. Donovan sold 2,862 shares of Edgewise Therapeutics stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $13.39, for a total value of $38,322.18. Following the completion of the sale, the chief marketing officer directly owned 25,361 shares of the company’s stock, valued at approximately $339,583.79. This trade represents a 10.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 116,267 shares of company stock valued at $1,677,815. Corporate insiders own 23.20% of the company’s stock.

Hedge Funds Weigh In On Edgewise Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Arizona State Retirement System increased its stake in shares of Edgewise Therapeutics by 12.3% in the first quarter. Arizona State Retirement System now owns 12,201 shares of the company’s stock worth $268,000 after purchasing an additional 1,338 shares in the last quarter. Jennison Associates LLC bought a new position in Edgewise Therapeutics in the 1st quarter worth approximately $2,832,000. Readystate Asset Management LP grew its stake in Edgewise Therapeutics by 1,591.0% in the 1st quarter. Readystate Asset Management LP now owns 361,233 shares of the company’s stock valued at $7,947,000 after buying an additional 339,871 shares in the last quarter. Skandinaviska Enskilda Banken AB publ bought a new stake in Edgewise Therapeutics during the 1st quarter valued at $827,000. Finally, TD Asset Management Inc bought a new stake in Edgewise Therapeutics during the 1st quarter valued at $730,000.

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.