MetLife Investment Management LLC Acquires 2,341 Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

MetLife Investment Management LLC raised its holdings in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) by 5.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 44,612 shares of the company’s stock after acquiring an additional 2,341 shares during the quarter. MetLife Investment Management LLC’s holdings in Edgewise Therapeutics were worth $1,191,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in EWTX. Pictet Asset Management Holding SA purchased a new stake in Edgewise Therapeutics during the 4th quarter worth about $8,043,000. Amundi grew its position in Edgewise Therapeutics by 127.2% during the fourth quarter. Amundi now owns 341,687 shares of the company’s stock worth $8,686,000 after buying an additional 191,267 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Edgewise Therapeutics by 146.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 158,506 shares of the company’s stock worth $4,231,000 after acquiring an additional 94,147 shares during the last quarter. Schroder Investment Management Group purchased a new stake in shares of Edgewise Therapeutics in the 4th quarter valued at about $2,518,000. Finally, Barclays PLC boosted its position in shares of Edgewise Therapeutics by 291.0% during the 3rd quarter. Barclays PLC now owns 119,350 shares of the company’s stock valued at $3,186,000 after acquiring an additional 88,826 shares during the last quarter.

Analyst Upgrades and Downgrades

EWTX has been the topic of a number of recent analyst reports. Royal Bank of Canada lowered their target price on shares of Edgewise Therapeutics from $56.00 to $52.00 and set an “outperform” rating on the stock in a research note on Thursday, April 3rd. Piper Sandler reaffirmed an “overweight” rating and set a $51.00 price objective on shares of Edgewise Therapeutics in a report on Wednesday, April 2nd. Guggenheim assumed coverage on Edgewise Therapeutics in a research note on Wednesday. They issued a “buy” rating and a $41.00 target price on the stock. Scotiabank lowered Edgewise Therapeutics from a “sector outperform” rating to a “sector perform” rating and dropped their price target for the stock from $50.00 to $14.00 in a research note on Wednesday, April 2nd. Finally, Wedbush restated an “outperform” rating and issued a $43.00 target price on shares of Edgewise Therapeutics in a research report on Monday, April 21st. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Edgewise Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $40.22.

Edgewise Therapeutics Trading Up 1.7 %

Edgewise Therapeutics stock opened at $16.68 on Friday. The firm has a market cap of $1.75 billion, a P/E ratio of -11.12 and a beta of 0.32. Edgewise Therapeutics, Inc. has a 1-year low of $10.60 and a 1-year high of $38.12. The firm has a 50-day moving average of $19.48 and a 200-day moving average of $26.43.

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

Insider Activity

In other news, Director Orbimed Advisors Llc purchased 496,771 shares of the business’s stock in a transaction dated Thursday, April 3rd. The shares were purchased at an average price of $20.13 per share, for a total transaction of $10,000,000.23. Following the completion of the acquisition, the director now directly owns 14,809,075 shares in the company, valued at $298,106,679.75. This represents a 3.47 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Alan J. Russell sold 1,200 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 14,863 shares in the company, valued at $447,822.19. This trade represents a 7.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 24.11% of the company’s stock.

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.