Royal Bank of Canada Issues Pessimistic Forecast for Edgewise Therapeutics (NASDAQ:EWTX) Stock Price

Edgewise Therapeutics (NASDAQ:EWTX) had its target price lowered by Royal Bank of Canada from $56.00 to $52.00 in a research report released on Thursday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other equities research analysts have also recently issued reports on the stock. Stifel Nicolaus started coverage on shares of Edgewise Therapeutics in a research report on Wednesday, January 22nd. They set a “hold” rating and a $30.00 price objective on the stock. Evercore ISI lifted 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. Piper Sandler reissued an “overweight” rating and set a $51.00 price objective on shares of Edgewise Therapeutics in a report on Wednesday. Finally, Scotiabank cut Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and reduced their target price for the stock from $50.00 to $14.00 in a report on Wednesday. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $40.38.

Edgewise Therapeutics Stock Performance

Shares of Edgewise Therapeutics stock opened at $13.58 on Thursday. Edgewise Therapeutics has a fifty-two week low of $12.18 and a fifty-two week high of $38.12. The company has a market capitalization of $1.29 billion, a P/E ratio of -9.05 and a beta of 0.22. The company has a fifty day moving average of $25.54 and a 200 day moving average of $28.44.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings data on Monday, March 3rd. The company reported ($0.42) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.03). Analysts forecast that Edgewise Therapeutics will post -1.45 EPS for the current year.

Insider Buying and Selling

In other news, insider Alan J. Russell sold 1,200 shares of the firm’s stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $30.13, for a total value 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. This trade represents a 7.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CMO Joanne M. Donovan sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $27.63, for a total value of $690,750.00. Following the transaction, the chief marketing officer now directly owns 16,358 shares in the company, valued at approximately $451,971.54. This represents a 60.45 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 34,836 shares of company stock worth $986,245. Corporate insiders own 24.11% of the company’s stock.

Institutional Investors Weigh In On Edgewise Therapeutics

Institutional investors have recently made changes to their positions in the company. Diadema Partners LP purchased a new stake in Edgewise Therapeutics in the 4th quarter worth about $36,000. GF Fund Management CO. LTD. bought a new position in shares of Edgewise Therapeutics during the fourth quarter valued at approximately $53,000. Aquatic Capital Management LLC purchased a new stake in shares of Edgewise Therapeutics in the fourth quarter worth approximately $77,000. Tower Research Capital LLC TRC lifted its stake in shares of Edgewise Therapeutics by 1,097.4% during the 4th 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 during the last quarter. Finally, Quantbot Technologies LP purchased a new position in Edgewise Therapeutics during the 4th quarter valued at $103,000.

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.