Ally Bridge Group NY LLC Sells 104,519 Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Ally Bridge Group NY LLC cut its stake in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 55.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 83,176 shares of the company's stock after selling 104,519 shares during the quarter. Edgewise Therapeutics accounts for about 1.9% of Ally Bridge Group NY LLC's portfolio, making the stock its 27th largest position. Ally Bridge Group NY LLC owned about 0.09% of Edgewise Therapeutics worth $2,221,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the company. Diadema Partners LP bought a new stake in Edgewise Therapeutics during the fourth quarter valued at $36,000. Aquatic Capital Management LLC bought a new stake in Edgewise Therapeutics during the fourth quarter worth $77,000. Tower Research Capital LLC TRC boosted its position in Edgewise Therapeutics by 1,097.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 3,676 shares of the company's stock worth $98,000 after purchasing an additional 3,369 shares during the last quarter. Quantbot Technologies LP bought a new position in Edgewise Therapeutics in the 4th quarter valued at $103,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Edgewise Therapeutics during the 4th quarter valued at $182,000.

Analyst Ratings Changes

A number of research firms recently issued reports on EWTX. Wedbush restated an "outperform" rating and set a $43.00 price objective on shares of Edgewise Therapeutics in a report on Monday, April 21st. 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 report on Thursday, April 3rd. Piper Sandler reiterated an "overweight" rating and issued a $51.00 price objective on shares of Edgewise Therapeutics in a research report on Wednesday, April 2nd. Scotiabank downgraded Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and dropped their price target for the company from $50.00 to $14.00 in a research report on Wednesday, April 2nd. Finally, Guggenheim assumed coverage on shares of Edgewise Therapeutics in a research note on Wednesday, April 30th. They issued a "buy" rating and a $41.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $40.22.

Edgewise Therapeutics Stock Down 2.2 %

EWTX traded down $0.37 during midday trading on Monday, reaching $16.54. The company had a trading volume of 727,002 shares, compared to its average volume of 1,156,128. The business has a 50-day moving average of $19.32 and a two-hundred day moving average of $26.20. The company has a market cap of $1.73 billion, a P/E ratio of -11.03 and a beta of 0.36. Edgewise Therapeutics, Inc. has a 1 year low of $10.60 and a 1 year high of $38.12.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last announced its quarterly earnings data on Monday, March 3rd. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.39) by ($0.03). On average, equities research analysts predict that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Insider Buying and Selling at Edgewise Therapeutics

In other news, Director Orbimed Advisors Llc acquired 496,771 shares of the firm's stock in a transaction dated Thursday, April 3rd. The shares were acquired at an average cost of $20.13 per share, with a total value 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Alan J. Russell sold 1,200 shares of Edgewise Therapeutics stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $30.13, for a total value of $36,156.00. Following the completion of the transaction, the insider now owns 14,863 shares of the company's stock, valued at approximately $447,822.19. This represents a 7.47 % decrease in their position. The disclosure for this sale can be found here. Insiders own 24.11% of the company's stock.

About Edgewise Therapeutics

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.