Optimize Financial Inc Acquires New Stake in Edgewise Therapeutics, Inc. $EWTX

Optimize Financial Inc bought a new position in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 27,283 shares of the company’s stock, valued at approximately $443,000.

Other institutional investors have also recently made changes to their positions in the company. Envestnet Asset Management Inc. purchased a new stake in Edgewise Therapeutics in the 3rd quarter worth about $176,000. Arizona State Retirement System boosted its position in Edgewise Therapeutics by 13.1% during the third quarter. Arizona State Retirement System now owns 15,549 shares of the company’s stock worth $252,000 after purchasing an additional 1,804 shares during the period. Y Intercept Hong Kong Ltd bought a new position in Edgewise Therapeutics during the third quarter worth about $929,000. SG Americas Securities LLC purchased a new position in shares of Edgewise Therapeutics in the third quarter worth about $160,000. Finally, HighMark Wealth Management LLC raised its position in shares of Edgewise Therapeutics by 2.1% in the third quarter. HighMark Wealth Management LLC now owns 53,179 shares of the company’s stock valued at $863,000 after purchasing an additional 1,114 shares during the period.

Wall Street Analyst Weigh In

Several research analysts recently commented on EWTX shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Edgewise Therapeutics in a report on Wednesday, January 21st. Royal Bank Of Canada increased their target price on Edgewise Therapeutics from $49.00 to $50.00 and gave the stock an “outperform” rating in a research report on Friday, November 7th. JPMorgan Chase & Co. lifted their price target on Edgewise Therapeutics from $33.00 to $34.00 and gave the company an “overweight” rating in a research report on Friday, November 14th. Wall Street Zen raised Edgewise Therapeutics from a “sell” rating to a “hold” rating in a report on Friday, January 23rd. Finally, Wedbush cut their target price on Edgewise Therapeutics from $35.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, November 7th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Edgewise Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $36.67.

Insider Activity at Edgewise Therapeutics

In related news, insider Alan J. Russell sold 100,000 shares of the company’s stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $21.12, for a total value of $2,112,000.00. Following the completion of the transaction, the insider directly owned 23,400 shares in the company, valued at approximately $494,208. The trade was a 81.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jonathan C. Fox purchased 10,700 shares of the stock in a transaction on Tuesday, November 11th. The shares were purchased at an average price of $18.64 per share, for a total transaction of $199,448.00. Following the transaction, the director directly owned 23,702 shares of the company’s stock, valued at approximately $441,805.28. This represents a 82.30% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 23.20% of the stock is currently owned by insiders.

Edgewise Therapeutics Stock Performance

Shares of EWTX stock opened at $28.47 on Thursday. The company has a market capitalization of $3.01 billion, a PE ratio of -18.02 and a beta of 0.27. Edgewise Therapeutics, Inc. has a 52-week low of $10.60 and a 52-week high of $30.48. The business’s fifty day moving average is $25.52 and its 200 day moving average is $19.30.

Edgewise Therapeutics (NASDAQ:EWTX) last announced its earnings results on Thursday, November 6th. The company reported ($0.39) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.01. On average, sell-side analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics, Inc (NASDAQ: EWTX) is a clinical-stage biopharmaceutical company headquartered in Cambridge, Massachusetts, focused on the discovery and development of precision medicines for the treatment of rare diseases. The company leverages its expertise in small-molecule chemistry and ion channel biology to address severe, unmet medical needs, particularly in the areas of kidney disorders and neuromuscular diseases.

At the core of Edgewise’s pipeline is EWTX-101, a novel, orally available inhibitor of TRPC5, a calcium channel implicated in nephrotic syndromes such as focal segmental glomerulosclerosis (FSGS) and other proteinuric kidney diseases.