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 - Get Free Report) had its price objective boosted by stock analysts at Royal Bank Of Canada from $48.00 to $49.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Royal Bank Of Canada's price objective would suggest a potential upside of 283.86% from the company's previous close.

Several other equities research analysts also recently commented on EWTX. Raymond James Financial began coverage on Edgewise Therapeutics in a report on Wednesday, July 30th. They set a "strong-buy" rating and a $46.00 target price for the company. HC Wainwright began coverage on Edgewise Therapeutics in a research report on Monday, June 30th. They issued a "buy" rating and a $42.00 target price on the stock. Wedbush reaffirmed an "outperform" rating and issued a $43.00 target price on shares of Edgewise Therapeutics in a research report on Monday, April 21st. Finally, Guggenheim assumed coverage on Edgewise Therapeutics in a research report on Wednesday, April 30th. They issued a "buy" rating and a $41.00 target price on the stock. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $40.64.

Edgewise Therapeutics Stock Down 1.4%

EWTX stock traded down $0.19 during mid-day trading on Friday, reaching $12.77. The company had a trading volume of 240,854 shares, compared to its average volume of 1,252,512. Edgewise Therapeutics has a one year low of $10.60 and a one year high of $38.12. The stock has a market capitalization of $1.34 billion, a P/E ratio of -8.23 and a beta of 0.26. The stock's 50-day simple moving average is $14.06 and its two-hundred day simple moving average is $18.29.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The company reported ($0.34) earnings per share for the quarter, beating the consensus estimate of ($0.42) by $0.08. On average, research analysts forecast that Edgewise Therapeutics will post -1.45 EPS for the current fiscal year.

Hedge Funds Weigh In On Edgewise Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of EWTX. Summit Investment Advisors Inc. increased its holdings in Edgewise Therapeutics by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 7,594 shares of the company's stock valued at $203,000 after purchasing an additional 482 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Edgewise Therapeutics by 28.2% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,062 shares of the company's stock worth $53,000 after purchasing an additional 894 shares during the period. Caitong International Asset Management Co. Ltd grew its stake in shares of Edgewise Therapeutics by 55.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 3,194 shares of the company's stock worth $70,000 after purchasing an additional 1,141 shares during the period. Teacher Retirement System of Texas grew its stake in shares of Edgewise Therapeutics by 10.7% during the second quarter. Teacher Retirement System of Texas now owns 12,646 shares of the company's stock worth $166,000 after purchasing an additional 1,225 shares during the period. Finally, Alliancebernstein L.P. grew its stake in shares of Edgewise Therapeutics by 1.7% during the fourth quarter. Alliancebernstein L.P. now owns 77,260 shares of the company's stock worth $2,063,000 after purchasing an additional 1,300 shares during the period.

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.

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