Invesco Ltd. Sells 21,341 Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Invesco Ltd. lessened its stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) by 32.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 43,435 shares of the company’s stock after selling 21,341 shares during the period. Invesco Ltd.’s holdings in Edgewise Therapeutics were worth $1,160,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Quantbot Technologies LP bought a new stake in Edgewise Therapeutics in the fourth quarter valued at approximately $103,000. KLP Kapitalforvaltning AS bought a new stake in shares of Edgewise Therapeutics in the 4th quarter valued at $182,000. AlphaCentric Advisors LLC bought a new stake in shares of Edgewise Therapeutics in the 4th quarter valued at $275,000. Teacher Retirement System of Texas increased its position in shares of Edgewise Therapeutics by 18.9% during the fourth quarter. Teacher Retirement System of Texas now owns 11,143 shares of the company’s stock worth $298,000 after buying an additional 1,772 shares during the period. Finally, Envestnet Asset Management Inc. raised its stake in Edgewise Therapeutics by 32.0% during the fourth quarter. Envestnet Asset Management Inc. now owns 14,678 shares of the company’s stock worth $392,000 after buying an additional 3,561 shares during the last quarter.

Edgewise Therapeutics Stock Up 1.7 %

Shares of NASDAQ:EWTX opened at $16.68 on Friday. Edgewise Therapeutics, Inc. has a twelve month low of $10.60 and a twelve month high of $38.12. The stock’s 50 day moving average is $19.48 and its 200-day moving average is $26.43. The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of -11.12 and a beta of 0.32.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings data on Monday, March 3rd. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.03). Equities research analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

Insider Buying and Selling

In related news, Director Orbimed Advisors Llc acquired 496,771 shares of the firm’s stock in a transaction on Thursday, April 3rd. The stock was purchased at an average cost of $20.13 per share, with a total value of $10,000,000.23. Following the acquisition, the director now owns 14,809,075 shares of the company’s stock, valued at approximately $298,106,679.75. This trade represents a 3.47 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Kevin Koch sold 8,636 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $30.03, for a total value of $259,339.08. Following the completion of the sale, the chief executive officer now directly owns 14,478 shares of the company’s stock, valued at approximately $434,774.34. This trade represents a 37.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 24.11% of the stock is currently owned by company insiders.

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.