Jupiter Topco LLC Acquires New Stake in Edgewise Therapeutics, Inc. $EWTX

Jupiter Topco LLC acquired a new position in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 6,075,331 shares of the company’s stock, valued at approximately $246,945,000. Jupiter Topco LLC owned approximately 5.59% of Edgewise Therapeutics at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

EWTX has been the topic of a number of analyst reports. Raymond James Financial restated a “strong-buy” rating and set a $66.00 target price on shares of Edgewise Therapeutics in a research report on Monday, June 1st. Evercore reiterated an “outperform” rating and issued a $55.00 price target on shares of Edgewise Therapeutics in a report on Monday, July 20th. Truist Financial set a $52.00 price objective on Edgewise Therapeutics in a report on Wednesday, May 6th. JPMorgan Chase & Co. raised their price objective on Edgewise Therapeutics from $53.00 to $60.00 and gave the stock an “overweight” rating in a report on Thursday, August 20th. Finally, Oppenheimer initiated coverage on Edgewise Therapeutics in a research report on Thursday, July 9th. They issued an “outperform” rating and a $51.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $50.33.

Edgewise Therapeutics Price Performance

Shares of EWTX stock opened at $44.38 on Thursday. The firm’s 50-day simple moving average is $41.73 and its 200-day simple moving average is $35.55. Edgewise Therapeutics, Inc. has a 1-year low of $13.69 and a 1-year high of $48.40. The firm has a market cap of $4.82 billion, a P/E ratio of -23.99 and a beta of 0.30.

Edgewise Therapeutics (NASDAQ:EWTX) last released its 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). Analysts expect that Edgewise Therapeutics, Inc. will post -2.09 earnings per share for the current fiscal year.

Insider Activity at Edgewise Therapeutics

In other news, 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 transaction of $219,801.12. Following the completion of the sale, the general counsel directly owned 17,697 shares in the company, valued at $775,482.54. This represents a 22.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CMO Joanne M. Donovan sold 6,522 shares of the company’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $43.85, for a total value of $285,989.70. Following the sale, the chief marketing officer owned 11,544 shares of the company’s stock, valued at approximately $506,204.40. The trade was a 36.10% 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 have sold 238,329 shares of company stock worth $9,557,529 in the last 90 days. Company insiders own 21.30% of the company’s stock.

Edgewise Therapeutics 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.