Royal Bank of Canada Boosts Edgewise Therapeutics (NASDAQ:EWTX) Price Target to $32.00

Edgewise Therapeutics (NASDAQ:EWTX) had its price target increased by investment analysts at Royal Bank of Canada from $28.00 to $32.00 in a research note issued on Monday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s target price points to a potential upside of 110.94% from the stock’s current price.

EWTX has been the topic of several other research reports. Truist Financial reissued a “buy” rating and issued a $25.00 price objective on shares of Edgewise Therapeutics in a research report on Wednesday, April 17th. Piper Sandler assumed coverage on Edgewise Therapeutics in a research report on Thursday, March 7th. They issued an “overweight” rating and a $48.00 price objective on the stock. Finally, Wedbush restated an “outperform” rating and issued a $26.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday, April 16th. Five analysts have rated the stock with a buy rating, According to MarketBeat, Edgewise Therapeutics presently has a consensus rating of “Buy” and a consensus price target of $31.20.

Edgewise Therapeutics Stock Down 0.4 %

EWTX stock traded down $0.06 during midday trading on Monday, hitting $15.17. The company’s stock had a trading volume of 100,560 shares, compared to its average volume of 928,711. The stock’s 50-day moving average price is $17.04 and its 200 day moving average price is $12.08. Edgewise Therapeutics has a 1 year low of $5.12 and a 1 year high of $20.69. The stock has a market cap of $1.41 billion, a price-to-earnings ratio of -9.60 and a beta of 0.14.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Thursday, February 22nd. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.44) by ($0.03). As a group, equities analysts forecast that Edgewise Therapeutics will post -1.76 earnings per share for the current fiscal year.

Insider Buying and Selling at Edgewise Therapeutics

In other Edgewise Therapeutics news, CFO R Michael Carruthers sold 90,000 shares of the business’s stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $15.78, for a total value of $1,420,200.00. Following the sale, the chief financial officer now directly owns 29,024 shares in the company, valued at $457,998.72. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CFO R Michael Carruthers sold 90,000 shares of the business’s stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $15.78, for a total transaction of $1,420,200.00. Following the sale, the chief financial officer now directly owns 29,024 shares in the company, valued at approximately $457,998.72. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Behrad Derakhshan sold 4,600 shares of the business’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $20.01, for a total value of $92,046.00. Following the sale, the insider now owns 7,020 shares in the company, valued at $140,470.20. The disclosure for this sale can be found here. Insiders have sold a total of 120,622 shares of company stock worth $2,032,766 over the last ninety days. 31.95% of the stock is currently owned by company insiders.

Institutional Trading of Edgewise Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. New York State Common Retirement Fund raised its stake in shares of Edgewise Therapeutics by 228.6% during the 3rd quarter. New York State Common Retirement Fund now owns 43,871 shares of the company’s stock valued at $251,000 after purchasing an additional 30,522 shares during the period. Schonfeld Strategic Advisors LLC raised its stake in shares of Edgewise Therapeutics by 3.5% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 116,900 shares of the company’s stock valued at $670,000 after purchasing an additional 3,900 shares during the period. SG Americas Securities LLC bought a new stake in shares of Edgewise Therapeutics during the 3rd quarter valued at $107,000. China Universal Asset Management Co. Ltd. raised its stake in shares of Edgewise Therapeutics by 349.1% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 7,338 shares of the company’s stock valued at $80,000 after purchasing an additional 5,704 shares during the period. Finally, Vontobel Holding Ltd. bought a new position in Edgewise Therapeutics in the 4th quarter worth about $3,586,000.

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.