Orbimed Advisors Llc Purchases 496,771 Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Stock

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Director Orbimed Advisors Llc bought 496,771 shares of the stock in a transaction dated Thursday, April 3rd. The stock was bought at an average price of $20.13 per share, with a total value of $10,000,000.23. Following the purchase, the director now owns 14,809,075 shares of the company’s stock, valued at approximately $298,106,679.75. This represents a 3.47 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Edgewise Therapeutics Stock Performance

Shares of NASDAQ:EWTX opened at $11.51 on Friday. The company’s fifty day moving average is $25.20 and its two-hundred day moving average is $28.48. Edgewise Therapeutics, Inc. has a 1-year low of $11.50 and a 1-year high of $38.12. The stock has a market capitalization of $1.21 billion, a price-to-earnings ratio of -7.67 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). Sell-side analysts expect that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Institutional Trading of Edgewise Therapeutics

Several hedge funds have recently made changes to their positions in EWTX. Baker BROS. Advisors LP grew its stake in Edgewise Therapeutics by 5.4% during the 4th quarter. Baker BROS. Advisors LP now owns 6,155,940 shares of the company’s stock worth $164,364,000 after buying an additional 315,881 shares during the last quarter. Janus Henderson Group PLC grew its position in shares of Edgewise Therapeutics by 9.3% during the fourth quarter. Janus Henderson Group PLC now owns 4,983,940 shares of the company’s stock worth $133,044,000 after acquiring an additional 425,421 shares during the last quarter. Paradigm Biocapital Advisors LP increased its holdings in shares of Edgewise Therapeutics by 61.1% in the 4th quarter. Paradigm Biocapital Advisors LP now owns 4,493,929 shares of the company’s stock worth $119,988,000 after acquiring an additional 1,704,757 shares during the period. Braidwell LP lifted its position in Edgewise Therapeutics by 19.1% in the 4th quarter. Braidwell LP now owns 2,332,196 shares of the company’s stock valued at $62,270,000 after purchasing an additional 373,886 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C boosted its stake in Edgewise Therapeutics by 16.7% during the 4th quarter. Deerfield Management Company L.P. Series C now owns 2,078,509 shares of the company’s stock valued at $55,496,000 after purchasing an additional 297,503 shares during the period.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Scotiabank downgraded Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and lowered their target price for the company from $50.00 to $14.00 in a research note on Wednesday. Stifel Nicolaus started coverage on Edgewise Therapeutics in a research note on Wednesday, January 22nd. They set a “hold” rating and a $30.00 price objective for the company. Evercore ISI upped their target price on Edgewise Therapeutics from $45.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, December 17th. Royal Bank of Canada decreased their price target on shares of Edgewise Therapeutics from $56.00 to $52.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $51.00 price target on shares of Edgewise Therapeutics in a report on Wednesday. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Edgewise Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $40.38.

About Edgewise Therapeutics

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.