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

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

A number of other research firms have also commented on EWTX. Guggenheim assumed coverage on Edgewise Therapeutics in a research report on Wednesday, April 30th. They issued a "buy" rating and a $41.00 price target on the stock. Piper Sandler reaffirmed an "overweight" rating and issued a $51.00 price objective on shares of Edgewise Therapeutics in a research note on Wednesday, April 2nd. Wedbush restated an "outperform" rating and set a $43.00 price objective on shares of Edgewise Therapeutics in a research note on Monday, April 21st. Finally, Scotiabank cut shares of Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and dropped their target price for the stock from $50.00 to $14.00 in a research report on Wednesday, April 2nd. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $39.78.

Edgewise Therapeutics Stock Up 2.3%

Shares of EWTX traded up $0.33 during trading hours on Thursday, hitting $14.82. The company had a trading volume of 699,668 shares, compared to its average volume of 1,191,450. The firm has a market cap of $1.56 billion, a price-to-earnings ratio of -9.88 and a beta of 0.28. The business has a fifty day moving average of $14.25 and a 200-day moving average of $23.04. Edgewise Therapeutics has a 12 month low of $10.60 and a 12 month high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.43) EPS for the quarter, beating the consensus estimate of ($0.45) by $0.02. On average, equities analysts expect that Edgewise Therapeutics will post -1.45 EPS for the current fiscal year.

Insider Transactions at Edgewise Therapeutics

In related news, insider Alan J. Russell sold 1,551 shares of the stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $16.45, for a total value of $25,513.95. Following the transaction, the insider now owns 18,521 shares of the company's stock, valued at $304,670.45. This represents a 7.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kevin Koch sold 4,276 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $16.45, for a total transaction of $70,340.20. Following the transaction, the chief executive officer now owns 20,619 shares in the company, valued at approximately $339,182.55. The trade was a 17.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 14,258 shares of company stock worth $234,544 in the last quarter. Company insiders own 23.20% of the company's stock.

Institutional Trading of Edgewise Therapeutics

A number of institutional investors have recently modified their holdings of EWTX. Barclays PLC lifted its position in Edgewise Therapeutics by 291.0% during the 3rd quarter. Barclays PLC now owns 119,350 shares of the company's stock worth $3,186,000 after acquiring an additional 88,826 shares during the period. Rhumbline Advisers raised its holdings in shares of Edgewise Therapeutics by 1.5% during the fourth quarter. Rhumbline Advisers now owns 102,397 shares of the company's stock valued at $2,734,000 after acquiring an additional 1,525 shares during the last quarter. AlphaCentric Advisors LLC acquired a new stake in shares of Edgewise Therapeutics in the fourth quarter valued at about $275,000. New York State Common Retirement Fund raised its holdings in Edgewise Therapeutics by 6.4% in the 4th quarter. New York State Common Retirement Fund now owns 71,366 shares of the company's stock valued at $1,905,000 after acquiring an additional 4,284 shares during the last quarter. Finally, Handelsbanken Fonder AB acquired a new stake in shares of Edgewise Therapeutics in the fourth quarter valued at approximately $582,000.

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.