Granahan Investment Management LLC Has $8.01 Million Stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Granahan Investment Management LLC reduced its position in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) by 41.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 300,013 shares of the company’s stock after selling 211,892 shares during the period. Granahan Investment Management LLC owned approximately 0.32% of Edgewise Therapeutics worth $8,010,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Barclays PLC lifted its holdings in shares of Edgewise Therapeutics by 291.0% during the third quarter. Barclays PLC now owns 119,350 shares of the company’s stock worth $3,186,000 after buying an additional 88,826 shares in the last quarter. Franklin Resources Inc. raised its stake in Edgewise Therapeutics by 84.2% in the 3rd quarter. Franklin Resources Inc. now owns 45,223 shares of the company’s stock worth $1,207,000 after purchasing an additional 20,674 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Edgewise Therapeutics by 146.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 158,506 shares of the company’s stock worth $4,231,000 after purchasing an additional 94,147 shares in the last quarter. Moody Aldrich Partners LLC boosted its holdings in Edgewise Therapeutics by 24.3% in the 4th quarter. Moody Aldrich Partners LLC now owns 187,932 shares of the company’s stock valued at $5,018,000 after purchasing an additional 36,775 shares during the period. Finally, China Universal Asset Management Co. Ltd. grew its position in shares of Edgewise Therapeutics by 11.3% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 20,077 shares of the company’s stock worth $536,000 after purchasing an additional 2,042 shares in the last quarter.

Insider Activity at Edgewise Therapeutics

In other news, insider Alan J. Russell sold 1,551 shares of Edgewise Therapeutics stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $16.45, for a total transaction of $25,513.95. Following the transaction, the insider now owns 18,521 shares in the company, valued at approximately $304,670.45. The trade was a 7.73 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Orbimed Advisors Llc acquired 496,771 shares of Edgewise Therapeutics stock in a transaction that occurred on Thursday, April 3rd. The stock was acquired at an average cost of $20.13 per share, for a total transaction of $10,000,000.23. Following the purchase, the director now owns 14,809,075 shares of the company’s stock, valued at $298,106,679.75. The trade was a 3.47 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 14,258 shares of company stock valued at $234,544 in the last 90 days. 24.11% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

EWTX has been the subject of several recent research reports. Wedbush reiterated an “outperform” rating and issued a $43.00 price target on shares of Edgewise Therapeutics in a research note on Monday, April 21st. Piper Sandler reiterated an “overweight” rating and set a $51.00 target price on shares of Edgewise Therapeutics in a research report on Wednesday, April 2nd. Guggenheim started coverage on Edgewise Therapeutics in a research report on Wednesday, April 30th. They issued a “buy” rating and a $41.00 price target on the stock. Royal Bank of Canada cut their price objective on shares of Edgewise Therapeutics from $56.00 to $52.00 and set an “outperform” rating for the company in a research report on Thursday, April 3rd. Finally, Scotiabank downgraded shares of Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and reduced their price objective for the stock from $50.00 to $14.00 in a research note on Wednesday, April 2nd. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $40.22.

Edgewise Therapeutics Trading Down 0.8 %

EWTX opened at $14.58 on Friday. The company has a market cap of $1.53 billion, a P/E ratio of -9.72 and a beta of 0.36. The company’s 50 day moving average is $18.25 and its 200-day moving average is $25.63. Edgewise Therapeutics, Inc. has a 1-year low of $10.60 and a 1-year high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its earnings results on Thursday, May 8th. The company reported ($0.43) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.02. On average, equities analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics, Inc, a biopharmaceutical company, discovers, develops, and commercializes therapies for the treatment of muscle disorders. Its lead product candidate, EDG-5506, an orally administered small molecule that is in Phase II clinical trials, designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy and Becker muscular dystrophy.