Rhumbline Advisers Increases Holdings in Edgewise Therapeutics, Inc. $EWTX

Rhumbline Advisers increased its holdings in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) by 6.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 108,837 shares of the company’s stock after purchasing an additional 6,440 shares during the quarter. Rhumbline Advisers owned approximately 0.10% of Edgewise Therapeutics worth $2,394,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. First Light Asset Management LLC lifted its holdings in Edgewise Therapeutics by 137.3% in the 1st quarter. First Light Asset Management LLC now owns 1,852,290 shares of the company’s stock worth $40,750,000 after purchasing an additional 1,071,651 shares in the last quarter. Siren L.L.C. lifted its holdings in shares of Edgewise Therapeutics by 131.0% in the first quarter. Siren L.L.C. now owns 1,696,444 shares of the company’s stock worth $37,322,000 after buying an additional 962,101 shares in the last quarter. Cormorant Asset Management LP boosted its position in shares of Edgewise Therapeutics by 20.4% during the first quarter. Cormorant Asset Management LP now owns 4,101,992 shares of the company’s stock worth $90,244,000 after acquiring an additional 695,458 shares during the last quarter. Eventide Asset Management LLC bought a new position in shares of Edgewise Therapeutics during the first quarter worth $12,503,000. Finally, Woodline Partners LP grew its stake in Edgewise Therapeutics by 93.4% during the first quarter. Woodline Partners LP now owns 1,096,809 shares of the company’s stock valued at $24,130,000 after acquiring an additional 529,591 shares in the last quarter.

Wall Street Analyst Weigh In

Several brokerages have commented on EWTX. Royal Bank Of Canada boosted their price target on shares of Edgewise Therapeutics from $48.00 to $49.00 and gave the stock an “outperform” rating in a research note on Friday, August 8th. Raymond James Financial initiated coverage on Edgewise Therapeutics in a research report on Wednesday, July 30th. They issued a “strong-buy” rating and a $46.00 target price on the stock. HC Wainwright initiated coverage on Edgewise Therapeutics in a report on Monday, June 30th. They set a “buy” rating and a $42.00 price target for the company. Finally, JPMorgan Chase & Co. reduced their price objective on Edgewise Therapeutics from $40.00 to $30.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $40.55.

Edgewise Therapeutics Stock Performance

Shares of NASDAQ:EWTX opened at $14.06 on Wednesday. The firm’s 50 day simple moving average is $14.09 and its 200-day simple moving average is $15.75. Edgewise Therapeutics, Inc. has a one year low of $10.60 and a one year high of $38.12. The firm has a market cap of $1.48 billion, a PE ratio of -9.07 and a beta of 0.26.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.42) by $0.08. Equities research analysts predict that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Insider Transactions at Edgewise Therapeutics

In other news, insider Alan J. Russell sold 100,000 shares of the firm’s stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $14.60, for a total transaction of $1,460,000.00. Following the transaction, the insider owned 23,400 shares in the company, valued at approximately $341,640. This trade represents a 81.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, General Counsel John R. Moore sold 2,098 shares of the company’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $13.39, for a total transaction of $28,092.22. Following the completion of the sale, the general counsel directly owned 10,214 shares of the company’s stock, valued at approximately $136,765.46. This trade represents a 17.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 116,267 shares of company stock worth $1,677,815 over the last quarter. 23.20% of the stock is owned by corporate 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.