150,418 Shares in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Bought by abrdn plc

abrdn plc bought a new position in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) during the 4th quarter, HoldingsChannel reports. The institutional investor bought 150,418 shares of the company’s stock, valued at approximately $1,646,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in EWTX. New York State Common Retirement Fund raised its position in shares of Edgewise Therapeutics by 228.6% during the third quarter. New York State Common Retirement Fund now owns 43,871 shares of the company’s stock worth $251,000 after purchasing an additional 30,522 shares during the period. Schonfeld Strategic Advisors LLC increased its stake in Edgewise Therapeutics by 3.5% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 116,900 shares of the company’s stock worth $670,000 after purchasing an additional 3,900 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Edgewise Therapeutics during the 3rd quarter worth approximately $107,000. China Universal Asset Management Co. Ltd. lifted its stake in Edgewise Therapeutics by 349.1% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 7,338 shares of the company’s stock valued at $80,000 after buying an additional 5,704 shares in the last quarter. Finally, Vontobel Holding Ltd. acquired a new position in shares of Edgewise Therapeutics in the fourth quarter valued at approximately $3,586,000.

Analyst Upgrades and Downgrades

EWTX has been the topic of a number of research analyst reports. Truist Financial restated a “buy” rating and set a $25.00 price objective on shares of Edgewise Therapeutics in a report on Wednesday, April 17th. Piper Sandler initiated coverage on Edgewise Therapeutics in a report on Thursday, March 7th. They set an “overweight” rating and a $48.00 price objective for the company. Royal Bank of Canada lifted their target price on Edgewise Therapeutics from $28.00 to $32.00 and gave the company an “outperform” rating in a research report on Monday, April 22nd. Finally, Wedbush reaffirmed an “outperform” rating and set a $26.00 price target on shares of Edgewise Therapeutics in a research report on Tuesday, April 16th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $31.20.

Edgewise Therapeutics Price Performance

Shares of NASDAQ EWTX opened at $17.05 on Tuesday. The business has a 50-day moving average of $16.78 and a 200-day moving average of $12.47. The stock has a market capitalization of $1.59 billion, a price-to-earnings ratio of -10.79 and a beta of 0.14. Edgewise Therapeutics, Inc. has a fifty-two week low of $5.12 and a fifty-two week high of $20.69.

Edgewise Therapeutics (NASDAQ:EWTX) last issued its quarterly earnings results on Thursday, February 22nd. The company reported ($0.47) EPS for the quarter, missing the consensus estimate of ($0.44) by ($0.03). On average, sell-side analysts expect that Edgewise Therapeutics, Inc. will post -1.76 EPS for the current year.

Insider Activity

In other Edgewise Therapeutics news, General Counsel John R. Moore sold 17,993 shares of the company’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $20.00, for a total transaction of $359,860.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Edgewise Therapeutics news, General Counsel John R. Moore sold 17,993 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $20.00, for a total transaction of $359,860.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Behrad Derakhshan sold 4,600 shares of the stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $20.01, for a total value of $92,046.00. Following the completion of the sale, the insider now owns 7,020 shares in the company, valued at approximately $140,470.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 30,622 shares of company stock valued at $612,566. 31.95% of the stock is owned by insiders.

About Edgewise Therapeutics

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.