780,639 Shares in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) Purchased by First Light Asset Management LLC

First Light Asset Management LLC acquired a new stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 780,639 shares of the company's stock, valued at approximately $20,843,000. Edgewise Therapeutics accounts for approximately 2.0% of First Light Asset Management LLC's investment portfolio, making the stock its 18th largest holding. First Light Asset Management LLC owned about 0.82% of Edgewise Therapeutics at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Franklin Resources Inc. increased its holdings in Edgewise Therapeutics by 84.2% in the 3rd quarter. Franklin Resources Inc. now owns 45,223 shares of the company's stock worth $1,207,000 after acquiring an additional 20,674 shares in the last quarter. Amundi increased its stake in shares of 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 purchasing an additional 191,267 shares in the last quarter. Victory Capital Management Inc. acquired a new position in shares of Edgewise Therapeutics during the 4th quarter worth about $576,000. Artisan Partners Limited Partnership raised its position in shares of 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 purchasing an additional 70,964 shares during the last quarter. Finally, Russell Investments Group Ltd. purchased a new position in Edgewise Therapeutics in the 4th quarter valued at about $883,000.

Insider Activity at Edgewise Therapeutics

In other news, Director Orbimed Advisors Llc purchased 496,771 shares of the stock in a transaction on 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 acquisition, the director now directly owns 14,809,075 shares of the company's stock, valued at approximately $298,106,679.75. The trade was a 3.47 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Kevin Koch sold 8,636 shares of the stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $30.03, for a total transaction of $259,339.08. Following the completion of the sale, the chief executive officer now directly owns 14,478 shares in the company, valued at approximately $434,774.34. This represents a 37.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 34,836 shares of company stock worth $986,245. Corporate insiders own 24.11% of the company's stock.

Edgewise Therapeutics Stock Performance

NASDAQ:EWTX opened at $14.84 on Monday. Edgewise Therapeutics, Inc. has a fifty-two week low of $10.60 and a fifty-two week high of $38.12. The company has a 50 day moving average price of $20.32 and a 200 day moving average price of $26.80. The stock has a market capitalization of $1.55 billion, a P/E ratio of -9.89 and a beta of 0.32.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last issued its quarterly earnings data 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.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Scotiabank cut Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and reduced their target price for the company from $50.00 to $14.00 in a report on Wednesday, April 2nd. Piper Sandler reaffirmed an "overweight" rating and set a $51.00 target price on shares of Edgewise Therapeutics in a research note on Wednesday, April 2nd. Stifel Nicolaus assumed coverage on shares of Edgewise Therapeutics in a research report on Wednesday, January 22nd. They issued a "hold" rating and a $30.00 target price for the company. Royal Bank of Canada dropped their price objective on shares of Edgewise Therapeutics from $56.00 to $52.00 and set an "outperform" rating for the company in a research note on Thursday, April 3rd. Finally, Wedbush reiterated an "outperform" rating and issued a $43.00 price objective on shares of Edgewise Therapeutics in a report on Monday, April 21st. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $40.13.

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.

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