Frazier Life Sciences Management L.P. Reduces Stock Holdings in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Frazier Life Sciences Management L.P. cut its holdings in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) by 55.1% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,271,245 shares of the company’s stock after selling 1,561,622 shares during the quarter. Edgewise Therapeutics makes up approximately 1.4% of Frazier Life Sciences Management L.P.’s holdings, making the stock its 18th largest holding. Frazier Life Sciences Management L.P. owned about 1.34% of Edgewise Therapeutics worth $33,942,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. First Light Asset Management LLC bought a new stake in shares of Edgewise Therapeutics in the 4th quarter valued at approximately $20,843,000. Amundi boosted its position in Edgewise Therapeutics by 127.2% during the 4th quarter. Amundi now owns 341,687 shares of the company’s stock worth $8,686,000 after acquiring an additional 191,267 shares during the period. Victory Capital Management Inc. acquired a new position in Edgewise Therapeutics during the 4th quarter worth $576,000. Russell Investments Group Ltd. acquired a new position in Edgewise Therapeutics during the 4th quarter worth $883,000. Finally, Artisan Partners Limited Partnership boosted its position in Edgewise Therapeutics by 7.1% during the 4th quarter. Artisan Partners Limited Partnership now owns 1,071,596 shares of the company’s stock worth $28,612,000 after acquiring an additional 70,964 shares during the period.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Stifel Nicolaus began coverage on Edgewise Therapeutics in a research report on Wednesday, January 22nd. They set a “hold” rating and a $30.00 price target for the company. Piper Sandler reissued an “overweight” rating and issued a $51.00 price objective on shares of Edgewise Therapeutics in a research note on Wednesday, April 2nd. Royal Bank of Canada dropped their price objective on Edgewise Therapeutics from $56.00 to $52.00 and set an “outperform” rating on the stock in a research note on Thursday, April 3rd. Wedbush reissued an “outperform” rating and issued a $43.00 price objective on shares of Edgewise Therapeutics in a research note on Monday, April 21st. Finally, Guggenheim started coverage on Edgewise Therapeutics in a research note on Wednesday, April 30th. They issued a “buy” rating and a $41.00 price objective on the stock. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $40.22.

Insider Buying and Selling

In other Edgewise Therapeutics news, General Counsel John R. Moore sold 1,930 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $16.45, for a total value of $31,748.50. Following the transaction, the general counsel now directly owns 6,531 shares in the company, valued at approximately $107,434.95. This trade represents a 22.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Orbimed Advisors Llc purchased 496,771 shares of Edgewise Therapeutics stock in a transaction dated Thursday, April 3rd. The stock was bought at an average price of $20.13 per share, for a total transaction of $10,000,000.23. Following the completion of the transaction, the director now directly owns 14,809,075 shares in the company, valued at $298,106,679.75. The trade was a 3.47% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 14,258 shares of company stock worth $234,544 in the last three months. Insiders own 23.20% of the company’s stock.

Edgewise Therapeutics Stock Up 0.5%

Edgewise Therapeutics stock opened at $14.87 on Wednesday. The business has a 50 day moving average price of $16.55 and a two-hundred day moving average price of $24.62. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of -9.91 and a beta of 0.36. Edgewise Therapeutics, Inc. has a 12 month low of $10.60 and a 12 month high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.43) EPS for the quarter, beating the consensus estimate of ($0.45) by $0.02. On average, analysts expect that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current fiscal year.

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.