The Manufacturers Life Insurance Company Acquires New Position in Edgewise Therapeutics, Inc. $EWTX

The Manufacturers Life Insurance Company acquired a new position in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 40,757 shares of the company’s stock, valued at approximately $1,656,000.

A number of other large investors have also recently bought and sold shares of EWTX. Optimize Financial Inc boosted its stake in Edgewise Therapeutics by 1.5% in the fourth quarter. Optimize Financial Inc now owns 27,679 shares of the company’s stock valued at $687,000 after acquiring an additional 396 shares during the period. Parallel Advisors LLC raised its position in shares of Edgewise Therapeutics by 64.9% during the 1st quarter. Parallel Advisors LLC now owns 1,032 shares of the company’s stock worth $33,000 after purchasing an additional 406 shares during the period. Steward Partners Investment Advisory LLC raised its position in shares of Edgewise Therapeutics by 23.9% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,854 shares of the company’s stock worth $71,000 after purchasing an additional 550 shares during the period. California State Teachers Retirement System lifted its holdings in shares of Edgewise Therapeutics by 2.4% in the 2nd quarter. California State Teachers Retirement System now owns 36,878 shares of the company’s stock worth $483,000 after purchasing an additional 850 shares during the last quarter. Finally, AlphaCentric Advisors LLC lifted its holdings in shares of Edgewise Therapeutics by 6.2% in the 1st quarter. AlphaCentric Advisors LLC now owns 15,615 shares of the company’s stock worth $492,000 after purchasing an additional 912 shares during the last quarter.

Edgewise Therapeutics Trading Down 0.1%

Edgewise Therapeutics stock opened at $41.95 on Friday. Edgewise Therapeutics, Inc. has a 52 week low of $13.69 and a 52 week high of $48.40. The stock has a market cap of $4.56 billion, a price-to-earnings ratio of -22.68 and a beta of 0.32. The company’s 50-day moving average price is $42.17 and its two-hundred day moving average price is $36.07.

Edgewise Therapeutics (NASDAQ:EWTX) last issued 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). Research analysts expect that Edgewise Therapeutics, Inc. will post -2.09 earnings per share for the current fiscal year.

Insider Transactions at Edgewise Therapeutics

In other news, CEO Kevin Koch sold 17,971 shares of the company’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $43.68, for a total value of $784,973.28. Following the completion of the sale, the chief executive officer owned 52,488 shares in the company, valued at $2,292,675.84. This represents a 25.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CMO Joanne M. Donovan sold 6,522 shares of Edgewise Therapeutics stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $43.85, for a total value of $285,989.70. Following the transaction, the chief marketing officer directly owned 11,544 shares in the company, valued at approximately $506,204.40. The trade was a 36.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 238,329 shares of company stock valued at $9,557,529. Company insiders own 21.30% of the company’s stock.

Analyst Ratings Changes

EWTX has been the subject of a number of recent research reports. HC Wainwright restated a “buy” rating and set a $45.00 price objective on shares of Edgewise Therapeutics in a research note on Tuesday, June 16th. The Goldman Sachs Group raised their target price on Edgewise Therapeutics from $32.00 to $36.00 and gave the company a “neutral” rating in a research note on Tuesday, August 11th. JPMorgan Chase & Co. upped their price target on shares of Edgewise Therapeutics from $53.00 to $60.00 and gave the stock an “overweight” rating in a research report on Thursday, August 20th. Royal Bank Of Canada increased their price objective on shares of Edgewise Therapeutics from $48.00 to $59.00 and gave the stock an “outperform” rating in a report on Wednesday, June 17th. Finally, Evercore reiterated an “outperform” rating and issued a $55.00 price objective on shares of Edgewise Therapeutics in a research report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.33.

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.