Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Position Lessened by Fmr LLC

Fmr LLC trimmed its holdings in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) by 86.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 653,208 shares of the company’s stock after selling 4,127,355 shares during the quarter. Fmr LLC owned about 0.69% of Edgewise Therapeutics worth $17,434,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. Intech Investment Management LLC acquired a new position in Edgewise Therapeutics during the third quarter worth $531,000. Meeder Asset Management Inc. grew its position in shares of Edgewise Therapeutics by 69.9% in the third quarter. Meeder Asset Management Inc. now owns 3,307 shares of the company’s stock valued at $88,000 after purchasing an additional 1,361 shares during the last quarter. Quest Partners LLC grew its position in shares of Edgewise Therapeutics by 418.7% in the third quarter. Quest Partners LLC now owns 9,035 shares of the company’s stock valued at $241,000 after purchasing an additional 7,293 shares during the last quarter. Quantum Private Wealth LLC grew its position in shares of Edgewise Therapeutics by 10.0% in the third quarter. Quantum Private Wealth LLC now owns 73,424 shares of the company’s stock valued at $1,960,000 after purchasing an additional 6,650 shares during the last quarter. Finally, Chicago Partners Investment Group LLC acquired a new stake in shares of Edgewise Therapeutics in the third quarter valued at about $161,000.

Insider Buying and Selling at Edgewise Therapeutics

In other Edgewise Therapeutics news, CFO R Michael Carruthers sold 125,092 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $28.57, for a total value of $3,573,878.44. Following the transaction, the chief financial officer now directly owns 6,904 shares of the company’s stock, valued at $197,247.28. This represents a 94.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel John R. Moore sold 20,922 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $27.63, for a total transaction of $578,074.86. Following the completion of the transaction, the general counsel now directly owns 3,252 shares in the company, valued at approximately $89,852.76. This represents a 86.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 278,176 shares of company stock valued at $7,893,316 in the last three months. 24.11% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

EWTX has been the topic of several research analyst reports. Piper Sandler raised their price target on Edgewise Therapeutics from $48.00 to $51.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Evercore ISI initiated coverage on Edgewise Therapeutics in a research report on Friday, November 22nd. They issued an “outperform” rating and a $45.00 price target on the stock. Truist Financial raised their price target on Edgewise Therapeutics from $33.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Wedbush lifted their target price on Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $32.00 target price on shares of Edgewise Therapeutics in a research report on Tuesday, September 17th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $42.33.

Edgewise Therapeutics Trading Down 2.6 %

NASDAQ:EWTX opened at $29.46 on Wednesday. The stock has a market capitalization of $2.79 billion, a P/E ratio of -20.24 and a beta of 0.12. The firm has a 50 day moving average of $32.58 and a 200-day moving average of $23.86. Edgewise Therapeutics, Inc. has a 1 year low of $6.44 and a 1 year high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.36) EPS for the quarter, beating the consensus estimate of ($0.37) by $0.01. As a group, analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal 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.