Edgewise Therapeutics (NASDAQ:EWTX) Receives "Outperform" Rating from Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of Edgewise Therapeutics (NASDAQ:EWTX - Free Report) in a report issued on Thursday,Benzinga reports. The firm currently has a $48.00 price objective on the stock.

Other equities analysts have also issued reports about the company. Scotiabank lowered Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and reduced their price objective for the company from $50.00 to $14.00 in a research report on Wednesday, April 2nd. Piper Sandler reiterated an "overweight" rating and issued a $51.00 price objective on shares of Edgewise Therapeutics in a research report on Wednesday, April 2nd. Guggenheim started coverage on Edgewise Therapeutics in a research report on Wednesday, April 30th. They issued a "buy" rating and a $41.00 price objective on the stock. Finally, Wedbush reiterated an "outperform" rating and issued a $43.00 price objective on shares of Edgewise Therapeutics in a research report on Monday, April 21st. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, Edgewise Therapeutics has a consensus rating of "Moderate Buy" and an average target price of $39.78.

Edgewise Therapeutics Trading Up 2.8%

Edgewise Therapeutics stock traded up $0.42 during trading on Thursday, hitting $15.24. 1,196,793 shares of the company were exchanged, compared to its average volume of 1,198,604. The business's 50 day moving average is $14.15 and its 200 day moving average is $22.80. Edgewise Therapeutics has a 52 week low of $10.60 and a 52 week high of $38.12. The company has a market capitalization of $1.60 billion, a P/E ratio of -10.16 and a beta of 0.28.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.43) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.45) by $0.02. Equities analysts expect that Edgewise Therapeutics will post -1.45 EPS for the current year.

Insider Buying and Selling

In other Edgewise Therapeutics news, insider Alan J. Russell sold 1,551 shares of the business's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $16.45, for a total transaction of $25,513.95. Following the completion of the sale, the insider now owns 18,521 shares of the company's stock, valued at approximately $304,670.45. The trade was a 7.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Orbimed Advisors Llc purchased 496,771 shares of the business's stock in a transaction on Thursday, April 3rd. The shares were bought at an average cost of $20.13 per share, with a total value of $10,000,000.23. Following the acquisition, the director now directly owns 14,809,075 shares of the company's stock, valued at $298,106,679.75. This trade represents a 3.47% increase in their position. The disclosure for this purchase can be found here. Insiders sold 14,258 shares of company stock valued at $234,544 over the last 90 days. Company insiders own 23.20% of the company's stock.

Hedge Funds Weigh In On Edgewise Therapeutics

Several large investors have recently made changes to their positions in the business. Diadema Partners LP purchased a new stake in shares of Edgewise Therapeutics in the fourth quarter worth about $36,000. Jones Financial Companies Lllp purchased a new stake in shares of Edgewise Therapeutics in the first quarter worth about $47,000. GF Fund Management CO. LTD. purchased a new stake in shares of Edgewise Therapeutics in the fourth quarter worth about $53,000. Allostery Investments LP purchased a new stake in shares of Edgewise Therapeutics in the first quarter worth about $66,000. Finally, Caitong International Asset Management Co. Ltd lifted its position in shares of Edgewise Therapeutics by 55.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 3,194 shares of the company's stock worth $70,000 after buying an additional 1,141 shares in 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.