69,441 Shares in Edgewise Therapeutics, Inc. $EWTX Bought by Persistent Asset Partners Ltd

Persistent Asset Partners Ltd purchased a new position in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 69,441 shares of the company’s stock, valued at approximately $2,821,000. Edgewise Therapeutics comprises about 0.8% of Persistent Asset Partners Ltd’s investment portfolio, making the stock its 23rd largest position. Persistent Asset Partners Ltd owned approximately 0.06% of Edgewise Therapeutics at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Parallel Advisors LLC increased its holdings in shares of Edgewise Therapeutics by 64.9% in the first quarter. Parallel Advisors LLC now owns 1,032 shares of the company’s stock worth $33,000 after buying an additional 406 shares during the period. Canada Pension Plan Investment Board bought a new stake in shares of Edgewise Therapeutics in the 2nd quarter valued at about $45,000. Jones Financial Companies Lllp purchased a new stake in Edgewise Therapeutics during the 1st quarter valued at about $47,000. KBC Group NV purchased a new stake in Edgewise Therapeutics during the 1st quarter valued at about $49,000. Finally, Seven Fleet Capital Management LP bought a new position in Edgewise Therapeutics during the 4th quarter worth approximately $50,000.

Insider Transactions at Edgewise Therapeutics

In related news, insider Alan J. Russell sold 200,000 shares of Edgewise Therapeutics stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $39.41, for a total transaction of $7,882,000.00. Following the sale, the insider directly owned 24,555 shares in the company, valued at $967,712.55. The trade was a 89.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel John R. Moore sold 5,016 shares of the company’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $43.82, for a total value of $219,801.12. Following the completion of the sale, the general counsel directly owned 17,697 shares in the company, valued at approximately $775,482.54. The trade was a 22.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 238,329 shares of company stock worth $9,557,529 over the last 90 days. 21.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on EWTX. Leerink Partners set a $52.00 price objective on Edgewise Therapeutics in a research report on Tuesday, June 16th. Oppenheimer started coverage on shares of Edgewise Therapeutics in a report on Thursday, July 9th. They issued an “outperform” rating and a $51.00 target price on the stock. Truist Financial set a $52.00 target price on shares of Edgewise Therapeutics in a research note on Wednesday, May 6th. Evercore reiterated an “outperform” rating and set a $55.00 price target on shares of Edgewise Therapeutics in a report on Monday, July 20th. Finally, Wedbush increased their price target on shares of Edgewise Therapeutics from $46.00 to $52.00 and gave the company an “outperform” rating in a research report on Monday, June 1st. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Edgewise Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $49.08.

Edgewise Therapeutics News Roundup

Here are the key news stories impacting Edgewise Therapeutics this week:

• Neutral Sentiment: The sales were made to cover tax-withholding obligations associated with the vesting of equity awards, rather than representing stated concerns about the company’s outlook. Insiders continued to hold shares after the transactions, which reduces the negative significance of the filings. CEO SEC filing General counsel SEC filing Insider SEC filing CMO SEC filing
• Negative Sentiment: The number of transactions and the reductions in individual holdings—ranging from roughly 16% to 36%—could create modest sentiment pressure because multiple executives sold shares while EWTX was trading at elevated levels. However, the tax-related purpose makes these filings a limited signal of insider sentiment.

Edgewise Therapeutics Stock Performance

Shares of EWTX opened at $44.17 on Monday. Edgewise Therapeutics, Inc. has a 1-year low of $13.52 and a 1-year high of $48.40. The firm’s 50-day moving average price is $40.12 and its 200-day moving average price is $34.66. The firm has a market capitalization of $4.80 billion, a price-to-earnings ratio of -23.88 and a beta of 0.30.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.53) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.06). On average, research analysts forecast that Edgewise Therapeutics, Inc. will post -2.09 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.