Odyssean LLC acquired a new stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX – Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 17,867 shares of the company’s stock, valued at approximately $726,000.
A number of other institutional investors and hedge funds have also recently modified their holdings of EWTX. Parallel Advisors LLC boosted its position in Edgewise Therapeutics by 64.9% in the first quarter. Parallel Advisors LLC now owns 1,032 shares of the company’s stock valued at $33,000 after buying an additional 406 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in Edgewise Therapeutics during the 2nd quarter worth approximately $45,000. Jones Financial Companies Lllp acquired a new stake in Edgewise Therapeutics during the 1st quarter valued at approximately $47,000. KBC Group NV acquired a new stake in Edgewise Therapeutics during the 1st quarter valued at approximately $49,000. Finally, Seven Fleet Capital Management LP purchased a new stake in shares of Edgewise Therapeutics in the 4th quarter valued at $50,000.
Analyst Upgrades and Downgrades
EWTX has been the subject of several recent research reports. Royal Bank Of Canada raised their target price 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. 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. HC Wainwright reissued a “buy” rating and issued a $45.00 price objective on shares of Edgewise Therapeutics in a report on Tuesday, June 16th. Weiss Ratings restated a “sell (d-)” rating on shares of Edgewise Therapeutics in a research note on Friday, July 17th. Finally, The Goldman Sachs Group raised their target price on Edgewise Therapeutics from $32.00 to $36.00 and gave the stock a “neutral” rating in a report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Edgewise Therapeutics has an average rating of “Moderate Buy” and an average price target of $50.33.
Insider Activity
In other news, CEO Kevin Koch sold 17,971 shares of the stock in a transaction that occurred on Wednesday, August 12th. The shares were 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 of the company’s stock, valued at $2,292,675.84. This represents a 25.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel John R. Moore sold 5,016 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $43.82, for a total transaction of $219,801.12. Following the sale, the general counsel owned 17,697 shares of the company’s stock, valued at $775,482.54. This represents a 22.08% decrease in their position. 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. Insiders sold 238,329 shares of company stock valued at $9,557,529 over the last three months. 21.30% of the stock is currently owned by company insiders.
Edgewise Therapeutics Price Performance
Edgewise Therapeutics stock opened at $44.38 on Thursday. The stock has a market capitalization of $4.82 billion, a PE ratio of -23.99 and a beta of 0.30. The business has a 50 day simple moving average of $41.73 and a 200-day simple moving average of $35.55. Edgewise Therapeutics, Inc. has a 12 month low of $13.69 and a 12 month high of $48.40.
Edgewise Therapeutics (NASDAQ:EWTX – Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.53) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.06). On average, equities research analysts anticipate that Edgewise Therapeutics, Inc. will post -2.09 EPS for the current fiscal 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.
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