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Investing.com - RBC Capital maintained its Outperform rating and $48.00 price target on Edgewise Therapeutics (NASDAQ:EWTX) stock on Friday, highlighting the company’s progress with its sevasemten drug candidate. The $1.39 billion market cap company currently trades at $13.25, with analyst targets ranging from $14 to $51.
The research firm expressed continued bullishness on sevasemten’s potential in Becker Muscular Dystrophy (BMD), noting a clear registrational path to become the first-ever approved therapy for the condition, though without accelerated approval. According to InvestingPro data, the company maintains a strong financial position with more cash than debt and a remarkable current ratio of 20.99x.
RBC Capital pointed to sevasemten demonstrating sustained disease stabilization in BMD patients for up to three years in the MESA study, while management remains confident the drug is active in Duchenne Muscular Dystrophy (DMD), though phase III plans are still being finalized.
The firm acknowledged some expected downside from the update’s optics but maintained its positive outlook on sevasemten’s potential to succeed in BMD with optionality in DMD, citing clean safety and signals of efficacy.
RBC Capital recommended buying on weakness, citing high probability of success for the GRAND CANYON trial in 2026 and expressing conviction in the parallel hypertrophic cardiomyopathy (HCM) development program for the company’s ’7500 drug candidate. With the stock down over 50% in the past six months, InvestingPro subscribers can access 8 additional key insights and a comprehensive Pro Research Report to make informed investment decisions.
In other recent news, Edgewise Therapeutics has been in the spotlight due to developments surrounding its drug sevasemten, aimed at treating muscular dystrophies. The company reported that the FDA found its CANYON trial data insufficient for accelerated approval for Becker muscular dystrophy, suggesting a traditional approval pathway instead. Despite this setback, Edgewise highlighted positive results from its MESA open-label extension trial, showing sustained disease stabilization for up to three years in patients. The FDA has expressed support for the ongoing GRAND CANYON pivotal trial, with results expected in late 2026. Meanwhile, Edgewise also announced encouraging data from its Phase 2 Duchenne muscular dystrophy trials, identifying an optimal dose for future studies. Analyst firms have weighed in on these developments, with Piper Sandler maintaining an Overweight rating and RBC Capital keeping an Outperform rating on Edgewise stock. Piper Sandler expressed optimism about potential FDA approval for sevasemten in BMD by 2025, while RBC Capital analysts believe in the drug’s benefits but view accelerated approval as unlikely. Both firms see potential for significant market impact depending on regulatory outcomes.
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