Truist analyst Srikripa Devarakonda raised the firm’s price target on Edgewise Therapeutics to $33 from $25 and keeps a Buy rating on the shares. The analyst gives the company credit for its hypertrophic cardiomyopathy program after it reported data from EDG-7500. While still early and behind the cardiac myosin inhibitors, EDG-7500 has activity and is a differentiated mechanism of action, the analyst tells investors in a research note. The firm assigns peak adjusted sales of $500M versus the consensus estimate of $700M.
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