Edgewise Therapeutics (NASDAQ:EWTX) Earns Outperform Rating from Royal Bank of Canada

Edgewise Therapeutics (NASDAQ:EWTX)‘s stock had its “outperform” rating restated by investment analysts at Royal Bank of Canada in a research note issued to investors on Tuesday, Benzinga reports. They presently have a $32.00 target price on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 72.88% from the stock’s previous close.

EWTX has been the subject of a number of other reports. Piper Sandler reiterated an “overweight” rating and set a $48.00 target price on shares of Edgewise Therapeutics in a research report on Monday, July 1st. JPMorgan Chase & Co. raised their price target on Edgewise Therapeutics from $30.00 to $31.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Finally, Wedbush restated an “outperform” rating and set a $31.00 price target on shares of Edgewise Therapeutics in a research note on Friday, August 16th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Edgewise Therapeutics presently has an average rating of “Buy” and a consensus target price of $33.40.

Edgewise Therapeutics Price Performance

Edgewise Therapeutics stock traded up $1.65 during mid-day trading on Tuesday, reaching $18.51. 2,168,768 shares of the company traded hands, compared to its average volume of 865,245. The firm’s 50 day moving average price is $18.87 and its 200 day moving average price is $17.94. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of -11.94 and a beta of 0.15. Edgewise Therapeutics has a 52-week low of $5.12 and a 52-week high of $23.50.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its earnings results on Thursday, August 8th. The company reported ($0.34) EPS for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.02. On average, sell-side analysts anticipate that Edgewise Therapeutics will post -1.48 EPS for the current year.

Hedge Funds Weigh In On Edgewise Therapeutics

Several large investors have recently modified their holdings of EWTX. Quest Partners LLC increased its holdings in Edgewise Therapeutics by 156.9% during the 2nd quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock worth $31,000 after purchasing an additional 1,064 shares during the period. Ameritas Investment Partners Inc. grew its stake in shares of Edgewise Therapeutics by 37.3% in the 1st quarter. Ameritas Investment Partners Inc. now owns 5,751 shares of the company’s stock valued at $105,000 after purchasing an additional 1,561 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of Edgewise Therapeutics in the second quarter valued at approximately $35,000. Quantum Private Wealth LLC boosted its stake in shares of Edgewise Therapeutics by 5.5% in the first quarter. Quantum Private Wealth LLC now owns 66,674 shares of the company’s stock valued at $1,216,000 after buying an additional 3,455 shares in the last quarter. Finally, ProShare Advisors LLC boosted its stake in shares of Edgewise Therapeutics by 51.6% in the first quarter. ProShare Advisors LLC now owns 16,885 shares of the company’s stock valued at $308,000 after buying an additional 5,748 shares in the last quarter.

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.