Glenmede Trust Co. NA Purchases New Position in Edgewise Therapeutics, Inc. $EWTX

Glenmede Trust Co. NA bought a new position in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 19,224 shares of the company’s stock, valued at approximately $606,000.

Other hedge funds also recently made changes to their positions in the company. Janus Henderson Group PLC increased its holdings in Edgewise Therapeutics by 29.5% during the 1st quarter. Janus Henderson Group PLC now owns 5,915,556 shares of the company’s stock worth $186,289,000 after acquiring an additional 1,348,706 shares during the period. Ally Bridge Group NY LLC boosted its holdings in Edgewise Therapeutics by 392.7% in the 1st quarter. Ally Bridge Group NY LLC now owns 161,000 shares of the company’s stock valued at $5,072,000 after purchasing an additional 216,000 shares during the period. California State Teachers Retirement System grew its position in shares of Edgewise Therapeutics by 45.7% during the 1st quarter. California State Teachers Retirement System now owns 73,419 shares of the company’s stock valued at $2,313,000 after purchasing an additional 23,027 shares in the last quarter. Quantinno Capital Management LP purchased a new position in shares of Edgewise Therapeutics during the 1st quarter valued at $235,000. Finally, Sei Investments Co. increased its holdings in shares of Edgewise Therapeutics by 57.1% in the first quarter. Sei Investments Co. now owns 49,082 shares of the company’s stock worth $1,546,000 after purchasing an additional 17,832 shares during the period.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research report on Friday, July 17th. HC Wainwright restated a “buy” rating and issued a $45.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday, June 16th. Oppenheimer assumed coverage on Edgewise Therapeutics in a report on Thursday, July 9th. They issued an “outperform” rating and a $51.00 price target on the stock. Guggenheim lifted their price target on Edgewise Therapeutics from $41.00 to $51.00 and gave the company a “buy” rating in a research report on Monday, July 6th. Finally, The Goldman Sachs Group boosted their price objective on Edgewise Therapeutics from $20.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, June 17th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has issued 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 an average target price of $48.75.

Insider Activity at Edgewise Therapeutics

In related news, insider Alan J. Russell sold 200,000 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $39.41, for a total transaction of $7,882,000.00. Following the transaction, the insider directly owned 24,555 shares of the company’s stock, valued at approximately $967,712.55. This trade represents a 89.07% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 21.30% of the company’s stock.

Edgewise Therapeutics Stock Down 2.0%

EWTX opened at $43.52 on Friday. The stock has a market cap of $4.68 billion, a PE ratio of -23.52 and a beta of 0.30. Edgewise Therapeutics, Inc. has a 52 week low of $12.30 and a 52 week high of $48.40. The business’s fifty day simple moving average is $39.45 and its 200 day simple moving average is $34.09.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.53) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.06). As a group, equities analysts anticipate that Edgewise Therapeutics, Inc. will post -2.01 earnings per share for the current year.

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.