Edgewise Therapeutics (EWTX – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Srikripa Devarakonda from Truist Financial maintained a Buy rating on the stock and has a $50.00 price target.
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Srikripa Devarakonda’s rating is based on several promising developments in Edgewise Therapeutics’ ongoing research and trials. The company has reported positive data from their Phase 2 study on Duchenne muscular dystrophy (DMD) and provided a regulatory update on Becker muscular dystrophy (BMD), which aligns with previous expectations. Despite the lack of an accelerated approval pathway for sevasemten in BMD, the FDA’s support for the Phase 3 GRAND CANYON trial suggests a positive outlook for future developments.
Furthermore, data from the open-label extension study in BMD shows disease stabilization and improvement in clinical measures, reinforcing the drug’s potential. The identification of a 10mg dose for Phase 3 trials in DMD also indicates progress in their research efforts. These factors combined suggest a strong potential for the company’s stock, making it a buying opportunity despite some regulatory challenges.
Devarakonda covers the Healthcare sector, focusing on stocks such as Nurix Therapeutics, Regeneron, and Scholar Rock Holding. According to TipRanks, Devarakonda has an average return of -3.1% and a 39.32% success rate on recommended stocks.
In another report released on June 11, Piper Sandler also maintained a Buy rating on the stock with a $51.00 price target.