10 Best Hot Stocks To Buy Right Now

5. Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Number of Hedge Fund Holders: 30

Year-to-Date Share Price Gains: 148.27%

Average Price Target Upside: 53.79%

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) is a biopharmaceutical company focused on developing new treatments for muscle diseases, including muscular dystrophies and severe heart conditions. Its lead drug, Sevasemten, is an oral skeletal myosin inhibitor in advanced trials for Becker and Duchenne muscular dystrophies.

Another key drug, EDG-7500, is being developed for heart conditions like hypertrophic cardiomyopathy and is currently in Phase 2 trials. The company recently announced promising results from the Phase 1 and Phase 2 trials of EDG-7500.

In the Phase 1 trial with healthy participants, EDG-7500 was well tolerated, with no significant side effects on heart function. In the Phase 2 CIRRUS-HCM trial, patients with obstructive HCM showed significant reductions in heart pressure and a key heart failure biomarker without affecting their heart’s pumping ability.

Edgewise’s (NASDAQ:EWTX) early data on EDG-7500 has made the analysts quite bullish on the company. On September 19, TipRanks reported that Leerink Partners analyst Joseph Schwartz reaffirmed a Buy rating on the company stock with a $42 price target.

The analyst believes that EDG-7500 shows promise for treating hypertrophic cardiomyopathy (HCM). Early results indicate that EDG-7500 is well-tolerated and does not significantly affect left ventricular ejection fraction (LVEF), which is an advantage over other heart medications.

Schwartz pointed out that EDG-7500 effectively lowers the left ventricular outflow tract gradient without reducing LVEF, making it a safer and potentially better option. The analyst believes that there is an increased likelihood of success for EDG-7500 in treating obstructive HCM and expects more positive data to further improve the company’s value.

On September 20, RBC Capital analyst Leonid Timashev maintained an Outperform rating on Edgewise (NASDAQ:EWTX) and raised the price target to by $10 to $42. Timashev believes the early data for EDG-7500 is very encouraging, showing effectiveness and no safety issues, with the potential for the drug to get even better over time.

He is also positive about upcoming developments in the next six months, including data on Becker muscular dystrophy, Duchenne muscular dystrophy, and the multiple-dose trial of EDG-7500, which could help increase the stock’s value even more.

With average price target upside of  53.79%, Edgewise (NASDAQ:EWTX) is one of the best hot stocks to buy now.