Edgewise Therapeutics (NASDAQ:EWTX) Given New $49.00 Price Target at Royal Bank Of Canada

Key Points

• Edgewise Therapeutics' price target was raised by the Royal Bank of Canada from $48.00 to $49.00, suggesting a potential upside of 283.86% from its previous close.
• The company reported earnings of ($0.34) per share, exceeding analyst expectations, with a consensus forecast of -1.45 EPS for the fiscal year.
• Multiple analysts have rated Edgewise Therapeutics with a consensus of "Moderate Buy," with target prices from $41.00 to $46.00 among various brokerage firms.

Edgewise Therapeutics (NASDAQ:EWTX - Free Report) had its price target increased by Royal Bank Of Canada from $48.00 to $49.00 in a research report report published on Friday,Benzinga reports. Royal Bank Of Canada currently has an outperform rating on the stock.

Other equities analysts have also issued research reports about the company. Raymond James Financial began coverage on Edgewise Therapeutics in a research note on Wednesday, July 30th. They set a "strong-buy" rating and a $46.00 price objective on the stock. HC Wainwright began coverage on Edgewise Therapeutics in a research note on Monday, June 30th. They set a "buy" rating and a $42.00 price objective on the stock. 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, Guggenheim began coverage on Edgewise Therapeutics in a research note on Wednesday, April 30th. They set a "buy" rating and a $41.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Edgewise Therapeutics has an average rating of "Moderate Buy" and an average target price of $41.60.

Edgewise Therapeutics Price Performance

Edgewise Therapeutics stock traded up $0.34 during mid-day trading on Friday, reaching $13.73. 83,119 shares of the company were exchanged, compared to its average volume of 1,241,174. The company has a fifty day simple moving average of $13.96 and a 200-day simple moving average of $17.92. Edgewise Therapeutics has a 12 month low of $10.60 and a 12 month high of $38.12. The firm has a market cap of $1.45 billion, a PE ratio of -8.85 and a beta of 0.26.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.34) EPS for the quarter, topping analysts' consensus estimates of ($0.42) by $0.08. Sell-side analysts anticipate that Edgewise Therapeutics will post -1.45 earnings per share for the current year.

Institutional Investors Weigh In On Edgewise Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of EWTX. Diadema Partners LP bought a new stake in Edgewise Therapeutics during the 4th quarter worth $36,000. Jones Financial Companies Lllp bought a new stake in Edgewise Therapeutics during the 1st quarter worth $47,000. GF Fund Management CO. LTD. bought a new stake in Edgewise Therapeutics during the 4th quarter worth $53,000. Mirae Asset Global Investments Co. Ltd. grew its position in Edgewise Therapeutics by 28.2% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,062 shares of the company's stock worth $53,000 after acquiring an additional 894 shares during the last quarter. Finally, Allostery Investments LP bought a new stake in Edgewise Therapeutics during the 1st quarter worth $66,000.

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.