CIRRUS Preview: Why We Think This Remains A Positive Setup Into Data

研报英文原文证据摘录

CIRRUS Preview: Why We Think This Remains A Positive Setup Into Data

Quick Note

May 26, 2026 Edgewise Therapeutics (EWTX)

Rating: CIRRUS Preview: Why We Think This Remains A PositiveOUTPERFORM Setup Into DataPrice:

$32.70

12-Month Price Target: The Wedbush View: Remain Outperform rated on EWTX. Upcoming Phase 2

$46.00 CIRRUS Part D EDG-7500 data arrives in 2Q26. Below, we review CIRRUS readout

scenarios. Our CIRRUS base case assumes Part D replicates efficacy previously seen,

with no incidence of LVEF<50% and single-digit AFib rates (upside ~$45/sh). Upside

Analysts to high-$50s/sh unlocks with clean safety and better than anticipated efficacy,

Laura Chico, Ph.D. while we see downside risk to low-$20s/sh should efficacy wane and/or safety(212) 668-9868

Laura.Chico@wedbush.com signals emerge. Following the recent ACACIA data, we continue to see potential

Thomas Yip for EDG-7500 differentiation in nHCM on efficacy/safety. While the data readout

(707) 521-2281 itself represents an important catalyst, we also see FDA feedback on the EDG-7500

thomas.yip@wedbush.com Phase 3 design as an underappreciated catalyst for EWTX in 2H26. Phase 3 design

regulatory feedback could offer further potential upside if it is suggestive of a label

that avoids/limits ECHO-guided titrations and/or a REMS for EDG-7500. Pairing the

setup with cash runway through 2028, and we remain Outperform rated on EWTX

ahead of the readout.

● BASE CASE (probability: 50%, upside mid-$40s/share). Our CIRRUS base case

assumes EDG-7500 demonstrates comparable efficacy vs. Parts B and C in both

oHCM and nHCM. We also assume no LVEF<50% and AFib rates remain under

10%. This would be competitive vs. Phase 2 aficamten and mavacamten data

which is likely the most relevant comparator at this stage. Comparable efficacy