Edgewise Therapeutics, Inc. $EWTX Stock Position Lowered by Perceptive Advisors LLC

Perceptive Advisors LLC decreased its holdings in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) by 0.8% during the 1st quarter, HoldingsChannel.com reports. The fund owned 4,423,974 shares of the company’s stock after selling 34,000 shares during the period. Edgewise Therapeutics makes up about 2.7% of Perceptive Advisors LLC’s portfolio, making the stock its 9th biggest holding. Perceptive Advisors LLC’s holdings in Edgewise Therapeutics were worth $139,355,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Orbimed Advisors LLC raised its position in Edgewise Therapeutics by 3.3% in the second quarter. Orbimed Advisors LLC now owns 15,518,492 shares of the company’s stock valued at $203,447,000 after purchasing an additional 496,771 shares during the period. RA Capital Management L.P. boosted its position in shares of Edgewise Therapeutics by 5.3% in the third quarter. RA Capital Management L.P. now owns 10,428,437 shares of the company’s stock worth $169,149,000 after buying an additional 525,804 shares during the period. Paradigm Biocapital Advisors LP boosted its position in shares of Edgewise Therapeutics by 6.0% in the fourth quarter. Paradigm Biocapital Advisors LP now owns 6,541,210 shares of the company’s stock worth $162,320,000 after buying an additional 371,079 shares during the period. Janus Henderson Group PLC grew its stake in shares of Edgewise Therapeutics by 29.5% in the first quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company’s stock valued at $186,289,000 after buying an additional 1,348,706 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Edgewise Therapeutics by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 4,871,624 shares of the company’s stock valued at $120,889,000 after buying an additional 67,683 shares in the last quarter.

Analysts Set New Price Targets

EWTX has been the topic of several analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Friday, July 17th. Oppenheimer started coverage on shares of Edgewise Therapeutics in a research report on Thursday, July 9th. They issued an “outperform” rating and a $51.00 price objective for the company. Guggenheim lifted their price objective on shares of Edgewise Therapeutics from $41.00 to $51.00 and gave the company a “buy” rating in a research note on Monday, July 6th. Evercore reiterated an “outperform” rating and set a $55.00 price objective on shares of Edgewise Therapeutics in a research note on Monday, July 20th. Finally, Leerink Partners set a $52.00 target price on shares of Edgewise Therapeutics in a research report on Tuesday, June 16th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.75.

Edgewise Therapeutics Price Performance

Shares of Edgewise Therapeutics stock opened at $38.43 on Friday. Edgewise Therapeutics, Inc. has a 1-year low of $12.30 and a 1-year high of $48.40. The company has a market capitalization of $4.13 billion, a PE ratio of -23.15 and a beta of 0.27. The business has a 50-day moving average of $38.48 and a 200-day moving average of $33.49.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.46) EPS for the quarter, topping the consensus estimate of ($0.50) by $0.04. On average, equities analysts expect that Edgewise Therapeutics, Inc. will post -2.01 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Edgewise Therapeutics news, CMO Joanne M. Donovan sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $38.57, for a total value of $1,928,500.00. Following the transaction, the chief marketing officer directly owned 4,367 shares of the company’s stock, valued at $168,435.19. This represents a 91.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Alan J. Russell sold 200,000 shares of the stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $39.41, for a total value of $7,882,000.00. Following the transaction, the insider owned 24,555 shares of the company’s stock, valued at approximately $967,712.55. This trade represents a 89.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 255,230 shares of company stock valued at $9,974,147. 21.30% of the stock is owned by insiders.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics, Inc (NASDAQ: EWTX) is a clinical-stage biopharmaceutical company headquartered in Cambridge, Massachusetts, focused on the discovery and development of precision medicines for the treatment of rare diseases. The company leverages its expertise in small-molecule chemistry and ion channel biology to address severe, unmet medical needs, particularly in the areas of kidney disorders and neuromuscular diseases.

At the core of Edgewise’s pipeline is EWTX-101, a novel, orally available inhibitor of TRPC5, a calcium channel implicated in nephrotic syndromes such as focal segmental glomerulosclerosis (FSGS) and other proteinuric kidney diseases.