Frazier Life Sciences Management L.P. Sells 1,561,622 Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Frazier Life Sciences Management L.P. decreased its stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) by 55.1% in the 4th quarter, Holdings Channel.com reports. The fund owned 1,271,245 shares of the company’s stock after selling 1,561,622 shares during the quarter. Edgewise Therapeutics makes up 1.4% of Frazier Life Sciences Management L.P.’s holdings, making the stock its 18th largest holding. Frazier Life Sciences Management L.P.’s holdings in Edgewise Therapeutics were worth $33,942,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently modified their holdings of the company. Barclays PLC grew its holdings in 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 purchasing an additional 88,826 shares during the period. Moody Aldrich Partners LLC boosted its holdings in shares of Edgewise Therapeutics by 24.3% during the fourth quarter. Moody Aldrich Partners LLC now owns 187,932 shares of the company’s stock worth $5,018,000 after acquiring an additional 36,775 shares during the period. China Universal Asset Management Co. Ltd. boosted its holdings in shares of Edgewise Therapeutics by 11.3% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 20,077 shares of the company’s stock worth $536,000 after acquiring an additional 2,042 shares during the period. Rhumbline Advisers boosted its holdings in shares of Edgewise Therapeutics by 1.5% during the fourth quarter. Rhumbline Advisers now owns 102,397 shares of the company’s stock worth $2,734,000 after acquiring an additional 1,525 shares during the period. Finally, AlphaCentric Advisors LLC acquired a new stake in shares of Edgewise Therapeutics in the fourth quarter valued at approximately $275,000.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Piper Sandler reiterated an “overweight” rating and issued a $51.00 price target on shares of Edgewise Therapeutics in a research report on Wednesday, April 2nd. Royal Bank of Canada dropped their price target 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. Wedbush reiterated an “outperform” rating and issued a $43.00 price target on shares of Edgewise Therapeutics in a research report on Monday, April 21st. Scotiabank downgraded shares of Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and lowered their price objective for the company from $50.00 to $14.00 in a research report on Wednesday, April 2nd. Finally, Stifel Nicolaus started coverage on shares of Edgewise Therapeutics in a research report on Wednesday, January 22nd. They set a “hold” rating and a $30.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Edgewise Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $40.22.

Insider Buying and Selling at Edgewise Therapeutics

In related news, Director Orbimed Advisors Llc purchased 496,771 shares of the firm’s stock in a transaction dated Thursday, April 3rd. The stock was bought at an average price of $20.13 per share, for a total transaction of $10,000,000.23. Following the purchase, the director now directly owns 14,809,075 shares in the company, valued at approximately $298,106,679.75. This trade represents a 3.47% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel John R. Moore sold 1,930 shares of the firm’s stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $16.45, for a total transaction of $31,748.50. Following the sale, the general counsel now owns 6,531 shares of the company’s stock, valued at approximately $107,434.95. The trade was a 22.81% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 14,258 shares of company stock worth $234,544. Insiders own 23.20% of the company’s stock.

Edgewise Therapeutics Stock Performance

Shares of NASDAQ EWTX opened at $14.87 on Wednesday. Edgewise Therapeutics, Inc. has a fifty-two week low of $10.60 and a fifty-two week high of $38.12. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of -9.91 and a beta of 0.36. The firm’s 50-day simple moving average is $16.55 and its 200 day simple moving average is $24.62.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.43) EPS for the quarter, beating the consensus estimate of ($0.45) by $0.02. On average, sell-side analysts predict 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.