Royal Bank of Canada Reaffirms Outperform Rating for Edgewise Therapeutics (NASDAQ:EWTX)

Royal Bank of Canada reiterated their outperform rating on shares of Edgewise Therapeutics (NASDAQ:EWTX) in a research note published on Thursday morning, Benzinga reports. The brokerage currently has a $32.00 price target on the stock.

Several other research analysts have also issued reports on the stock. Truist Financial reissued a buy rating and set a $25.00 target price on shares of Edgewise Therapeutics in a research note on Wednesday, April 17th. Wedbush restated an outperform rating and set a $31.00 price objective on shares of Edgewise Therapeutics in a report on Wednesday, June 26th. Piper Sandler restated an overweight rating and set a $48.00 price objective on shares of Edgewise Therapeutics in a report on Monday, July 1st. Finally, JPMorgan Chase & Co. upped their price objective on shares of Edgewise Therapeutics from $27.00 to $30.00 and gave the stock an overweight rating in a report on Tuesday, July 9th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Edgewise Therapeutics presently has an average rating of Buy and an average price target of $33.20.

Edgewise Therapeutics Stock Performance

NASDAQ:EWTX opened at $18.98 on Thursday. The firm’s fifty day moving average is $18.74 and its 200-day moving average is $17.52. Edgewise Therapeutics has a 52 week low of $5.12 and a 52 week high of $23.50. The firm has a market cap of $1.77 billion, a P/E ratio of -12.25 and a beta of 0.14.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($0.33) EPS for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.06. As a group, sell-side analysts anticipate that Edgewise Therapeutics will post -1.59 earnings per share for the current year.

Insider Activity

In other news, General Counsel John R. Moore sold 1,956 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $18.91, for a total value of $36,987.96. Following the completion of the sale, the general counsel now owns 3,252 shares in the company, valued at $61,495.32. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, General Counsel John R. Moore sold 1,956 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $18.91, for a total value of $36,987.96. Following the completion of the sale, the general counsel now owns 3,252 shares in the company, valued at $61,495.32. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO R Michael Carruthers sold 2,157 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $18.91, for a total transaction of $40,788.87. Following the completion of the sale, the chief financial officer now owns 35,230 shares of the company’s stock, valued at approximately $666,199.30. The disclosure for this sale can be found here. Insiders sold a total of 12,665 shares of company stock worth $239,495 over the last quarter. Insiders own 24.11% of the company’s stock.

Institutional Trading of Edgewise Therapeutics

Large investors have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. increased its holdings in Edgewise Therapeutics by 37.3% during the first quarter. Ameritas Investment Partners Inc. now owns 5,751 shares of the company’s stock worth $105,000 after buying an additional 1,561 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its holdings in Edgewise Therapeutics by 349.1% during the fourth 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 last quarter. AJOVista LLC purchased a new stake in Edgewise Therapeutics during the fourth quarter worth about $84,000. Entropy Technologies LP purchased a new stake in Edgewise Therapeutics during the first quarter worth about $231,000. Finally, Simplicity Wealth LLC purchased a new stake in Edgewise Therapeutics during the second quarter worth about $274,000.

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.