Edgewise Therapeutics’ (EWTX) “Outperform” Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of Edgewise Therapeutics (NASDAQ:EWTX) in a report released on Tuesday, Benzinga reports. They currently have a $32.00 price target on the stock.

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

Edgewise Therapeutics Price Performance

NASDAQ EWTX opened at $18.08 on Tuesday. Edgewise Therapeutics has a one year low of $5.12 and a one year high of $23.50. The business has a 50 day simple moving average of $18.78 and a 200 day simple moving average of $17.95. The stock has a market capitalization of $1.69 billion, a P/E ratio of -11.66 and a beta of 0.15.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.34) EPS for the quarter, topping the consensus estimate of ($0.36) by $0.02. Equities analysts expect that Edgewise Therapeutics will post -1.48 earnings per share for the current year.

Hedge Funds Weigh In On Edgewise Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. RA Capital Management L.P. purchased a new stake in shares of Edgewise Therapeutics in the first quarter worth approximately $162,502,000. Novo Holdings A S bought a new stake in Edgewise Therapeutics during the second quarter worth $114,263,000. Baker BROS. Advisors LP raised its position in Edgewise Therapeutics by 87.6% in the 1st quarter. Baker BROS. Advisors LP now owns 5,840,059 shares of the company’s stock valued at $106,523,000 after buying an additional 2,727,273 shares during the last quarter. Vanguard Group Inc. lifted its stake in Edgewise Therapeutics by 89.0% during the 1st quarter. Vanguard Group Inc. now owns 4,017,433 shares of the company’s stock valued at $73,278,000 after acquiring an additional 1,892,053 shares in the last quarter. Finally, Frazier Life Sciences Management L.P. boosted its holdings in Edgewise Therapeutics by 12.9% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 3,731,067 shares of the company’s stock worth $67,197,000 after acquiring an additional 427,500 shares during the last quarter.

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.