Royal Bank of Canada Lowers Edgewise Therapeutics (NASDAQ:EWTX) Price Target to $52.00

Edgewise Therapeutics (NASDAQ:EWTX) had its target price dropped by stock analysts at Royal Bank of Canada from $56.00 to $52.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would indicate a potential upside of 306.25% from the company’s previous close.

Several other research firms also recently issued reports on EWTX. Piper Sandler reaffirmed an “overweight” rating and set a $51.00 price target on shares of Edgewise Therapeutics in a research note on Wednesday. Evercore ISI upped their price target on shares of Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, December 17th. Scotiabank lowered shares of Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and lowered their price target for the company from $50.00 to $14.00 in a research report on Wednesday. Finally, Stifel Nicolaus started coverage on Edgewise Therapeutics in a research report on Wednesday, January 22nd. They set a “hold” rating and a $30.00 price objective for the company. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Edgewise Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $40.38.

Edgewise Therapeutics Stock Down 17.5 %

Shares of NASDAQ EWTX traded down $2.72 during midday trading on Thursday, hitting $12.80. The company had a trading volume of 2,630,513 shares, compared to its average volume of 1,040,302. The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of -8.53 and a beta of 0.22. Edgewise Therapeutics has a twelve month low of $12.18 and a twelve month high of $38.12. The business has a 50-day simple moving average of $25.81 and a two-hundred day simple moving average of $28.55.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings results on Monday, March 3rd. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.39) by ($0.03). On average, equities analysts forecast that Edgewise Therapeutics will post -1.45 EPS for the current year.

Insider Transactions at Edgewise Therapeutics

In other news, insider Alan J. Russell sold 1,200 shares of the business’s stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $30.13, for a total transaction of $36,156.00. Following the completion of the sale, the insider now directly owns 14,863 shares of the company’s stock, valued at $447,822.19. The trade was a 7.47 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CMO Joanne M. Donovan sold 25,000 shares of the company’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $27.63, for a total value of $690,750.00. Following the sale, the chief marketing officer now owns 16,358 shares of the company’s stock, valued at approximately $451,971.54. The trade was a 60.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,836 shares of company stock worth $986,245 over the last quarter. 24.11% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Diadema Partners LP purchased a new stake in shares of Edgewise Therapeutics during the 4th quarter worth about $36,000. GF Fund Management CO. LTD. acquired a new position in Edgewise Therapeutics during the fourth quarter valued at approximately $53,000. Aquatic Capital Management LLC purchased a new stake in Edgewise Therapeutics during the fourth quarter worth approximately $77,000. Tower Research Capital LLC TRC increased its position in shares of Edgewise Therapeutics by 1,097.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 3,676 shares of the company’s stock worth $98,000 after acquiring an additional 3,369 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new position in shares of Edgewise Therapeutics in the 4th quarter valued at $103,000.

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.