Ally Bridge Group NY LLC Invests $5.01 Million in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Ally Bridge Group NY LLC purchased a new stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 187,695 shares of the company’s stock, valued at approximately $5,010,000. Edgewise Therapeutics accounts for 2.7% of Ally Bridge Group NY LLC’s portfolio, making the stock its 18th largest holding.

Other hedge funds have also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Edgewise Therapeutics by 21.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,392 shares of the company’s stock valued at $88,000 after purchasing an additional 604 shares in the last quarter. Quest Partners LLC lifted its holdings in Edgewise Therapeutics by 156.9% during the 2nd quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock valued at $31,000 after purchasing an additional 1,064 shares during the last quarter. Meeder Asset Management Inc. boosted its position in 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 buying an additional 1,361 shares in the last quarter. Chicago Partners Investment Group LLC acquired a new position in Edgewise Therapeutics in the third quarter valued at about $161,000. Finally, Quantum Private Wealth LLC grew its stake in Edgewise Therapeutics by 10.0% during the third quarter. Quantum Private Wealth LLC now owns 73,424 shares of the company’s stock worth $1,960,000 after buying an additional 6,650 shares during the last quarter.

Edgewise Therapeutics Trading Up 0.4 %

Edgewise Therapeutics stock opened at $32.20 on Thursday. The company has a market cap of $3.05 billion, a PE ratio of -21.47 and a beta of 0.14. Edgewise Therapeutics, Inc. has a 1 year low of $5.93 and a 1 year high of $38.12. The company’s 50-day moving average is $31.51 and its two-hundred day moving average is $22.97.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.36) earnings per share for the quarter, beating the consensus estimate of ($0.37) by $0.01. Research analysts forecast that Edgewise Therapeutics, Inc. will post -1.46 EPS for the current year.

Analysts Set New Price Targets

EWTX has been the topic of several recent analyst reports. JPMorgan Chase & Co. boosted their target price on Edgewise Therapeutics from $30.00 to $31.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Piper Sandler boosted their price objective on Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a research note on Friday, October 11th. Evercore ISI assumed coverage on Edgewise Therapeutics in a report on Friday, November 22nd. They issued an “outperform” rating and a $45.00 price target for the company. Truist Financial increased their price objective on shares of Edgewise Therapeutics from $33.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $32.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday, September 17th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $42.33.

Insider Transactions at Edgewise Therapeutics

In other Edgewise Therapeutics news, General Counsel John R. Moore sold 20,922 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $27.63, for a total value of $578,074.86. Following the transaction, the general counsel now owns 3,252 shares of the company’s stock, valued at approximately $89,852.76. This represents a 86.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Alan J. Russell sold 75,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $28.27, for a total value of $2,120,250.00. Following the transaction, the insider now owns 12,719 shares in the company, valued at approximately $359,566.13. This trade represents a 85.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 278,176 shares of company stock worth $7,893,316 in the last three months. Insiders own 24.11% of the company’s stock.

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.