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

Royal Bank of Canada restated their outperform rating on shares of Edgewise Therapeutics (NASDAQ:EWTX) in a research report report published on Tuesday, Benzinga reports. The brokerage currently has a $32.00 price objective on the stock.

A number of other brokerages have also commented on EWTX. Piper Sandler reissued an overweight rating and issued a $48.00 price target on shares of Edgewise Therapeutics in a report on Monday, July 1st. JPMorgan Chase & Co. increased their price target on shares of Edgewise Therapeutics from $30.00 to $31.00 and gave the stock an overweight rating in a report on Monday, August 12th. Finally, Wedbush reissued an outperform rating and issued a $31.00 price target on shares of Edgewise Therapeutics in a report on Friday, August 16th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of Buy and a consensus target price of $35.00.

Edgewise Therapeutics Price Performance

Shares of NASDAQ:EWTX opened at $29.50 on Tuesday. The company’s fifty day moving average price is $18.73 and its 200-day moving average price is $17.96. The firm has a market capitalization of $2.76 billion, a price-to-earnings ratio of -19.03 and a beta of 0.15. Edgewise Therapeutics has a one year low of $5.12 and a one year high of $30.00.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.34) EPS for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.02. As a group, equities research analysts expect that Edgewise Therapeutics will post -1.48 EPS for the current year.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of institutional investors have recently made changes to their positions in EWTX. RA Capital Management L.P. purchased a new stake in shares of Edgewise Therapeutics in the 1st quarter valued at $162,502,000. Novo Holdings A S purchased a new stake in Edgewise Therapeutics during the 2nd quarter valued at $114,263,000. Baker BROS. Advisors LP boosted its position in Edgewise Therapeutics by 87.6% during the 1st quarter. Baker BROS. Advisors LP now owns 5,840,059 shares of the company’s stock valued at $106,523,000 after buying an additional 2,727,273 shares during the period. Vanguard Group Inc. boosted its position in Edgewise Therapeutics by 89.0% during the 1st quarter. Vanguard Group Inc. now owns 4,017,433 shares of the company’s stock valued at $73,278,000 after buying an additional 1,892,053 shares during the period. Finally, Frazier Life Sciences Management L.P. boosted its position in Edgewise Therapeutics by 214.2% during the 4th quarter. Frazier Life Sciences Management L.P. now owns 2,667,203 shares of the company’s stock valued at $29,179,000 after buying an additional 1,818,181 shares during the period.

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.