Edgewise Therapeutics (EWTX) PT Lowered to $48 at RBC Capital

RBC Capital analyst Leonid Timashev lowered the price target on Edgewise Therapeutics (NASDAQ: EWTX) to $48.00 (from $50.00) while maintaining an Outperform rating.

The analyst commented: "Following the announced sale of sevasemten to Servier, we had a chance to catch up with the team. Our sense was that the deal was a prudent business decision, reflecting both the challenges of advancing disparate programs as a small biotech and the confidence in the future cardiology opportunity. Overall, we continue to believe the deal makes sense, as it streamlines the business, removes major clinical risk, and supports development of a program that had been the focus for most investors anyway. We are updating our model to reflect the new business, and the balance of the changes takes our price target to $48."

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