Wells Fargo & Company MN Boosts Holdings in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Wells Fargo & Company MN boosted its position in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) by 51.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,918 shares of the company’s stock after purchasing an additional 11,561 shares during the quarter. Wells Fargo & Company MN’s holdings in Edgewise Therapeutics were worth $906,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the company. Artisan Partners Limited Partnership lifted its stake in Edgewise Therapeutics by 7.1% in the 4th quarter. Artisan Partners Limited Partnership now owns 1,071,596 shares of the company’s stock worth $28,612,000 after purchasing an additional 70,964 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Edgewise Therapeutics by 2.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 537,359 shares of the company’s stock valued at $14,347,000 after acquiring an additional 15,273 shares during the last quarter. Amundi increased its stake in Edgewise Therapeutics by 127.2% in the fourth quarter. Amundi now owns 341,687 shares of the company’s stock valued at $8,686,000 after acquiring an additional 191,267 shares during the last quarter. Pictet Asset Management Holding SA bought a new stake in Edgewise Therapeutics during the fourth quarter worth about $8,043,000. Finally, Moody Aldrich Partners LLC boosted its holdings in shares of Edgewise Therapeutics by 24.3% in the 4th quarter. Moody Aldrich Partners LLC now owns 187,932 shares of the company’s stock worth $5,018,000 after purchasing an additional 36,775 shares in the last quarter.

Analyst Upgrades and Downgrades

EWTX has been the subject of a number of recent research reports. Stifel Nicolaus initiated coverage on shares of Edgewise Therapeutics in a report on Wednesday, January 22nd. They issued a “hold” rating and a $30.00 price objective for the company. Royal Bank of Canada lowered their price objective on shares of Edgewise Therapeutics from $56.00 to $52.00 and set an “outperform” rating for the company in a report on Thursday, April 3rd. Wedbush restated an “outperform” rating and issued a $43.00 price objective on shares of Edgewise Therapeutics in a report on Monday, April 21st. Piper Sandler reaffirmed an “overweight” rating and issued a $51.00 target price on shares of Edgewise Therapeutics in a research note on Wednesday, April 2nd. Finally, Scotiabank downgraded shares of Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and decreased their target price for the stock from $50.00 to $14.00 in a research note on Wednesday, April 2nd. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $40.22.

Insider Activity

In related news, Director Orbimed Advisors Llc acquired 496,771 shares of the stock in a transaction on Thursday, April 3rd. The stock was acquired at an average price of $20.13 per share, for a total transaction of $10,000,000.23. Following the completion of the purchase, the director now owns 14,809,075 shares of the company’s stock, valued at $298,106,679.75. This represents a 3.47 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Alan J. Russell sold 1,200 shares of Edgewise Therapeutics stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $30.13, for a total value of $36,156.00. Following the transaction, the insider now owns 14,863 shares of the company’s stock, valued at $447,822.19. The trade was a 7.47 % decrease in their position. The disclosure for this sale can be found here. 24.11% of the stock is currently owned by company insiders.

Edgewise Therapeutics Stock Performance

EWTX stock opened at $16.40 on Thursday. The company has a market capitalization of $1.72 billion, a price-to-earnings ratio of -10.93 and a beta of 0.32. The business’s 50 day moving average price is $19.65 and its two-hundred day moving average price is $26.54. Edgewise Therapeutics, Inc. has a fifty-two week low of $10.60 and a fifty-two week high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last released its earnings results on Monday, March 3rd. The company reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.03). Sell-side analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.

Edgewise Therapeutics 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.