Baker BROS. Advisors LP Grows Stock Holdings in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Baker BROS. Advisors LP increased its position in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 5.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,155,940 shares of the company's stock after buying an additional 315,881 shares during the period. Edgewise Therapeutics comprises about 1.8% of Baker BROS. Advisors LP's portfolio, making the stock its 11th biggest position. Baker BROS. Advisors LP owned 6.50% of Edgewise Therapeutics worth $164,364,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. First Light Asset Management LLC acquired a new position in Edgewise Therapeutics in the fourth quarter valued at $20,843,000. Foresite Capital Management VI LLC purchased a new stake in shares of Edgewise Therapeutics in the 4th quarter valued at about $15,620,000. Pictet Asset Management Holding SA acquired a new stake in shares of Edgewise Therapeutics in the 4th quarter valued at about $8,043,000. Adage Capital Partners GP L.L.C. grew its stake in Edgewise Therapeutics by 1,015.8% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 240,000 shares of the company's stock worth $6,408,000 after buying an additional 218,491 shares during the last quarter. Finally, Amundi increased its position in 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 buying an additional 191,267 shares during the period.

Edgewise Therapeutics Price Performance

Edgewise Therapeutics stock traded down $2.17 during mid-day trading on Tuesday, reaching $14.38. The company had a trading volume of 1,399,500 shares, compared to its average volume of 1,159,377. The stock's 50-day simple moving average is $18.90 and its 200-day simple moving average is $25.98. Edgewise Therapeutics, Inc. has a 1 year low of $10.60 and a 1 year high of $38.12. The company has a market capitalization of $1.51 billion, a P/E ratio of -9.58 and a beta of 0.36.

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 (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.03). On average, equities analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Insider Buying and Selling

In other Edgewise Therapeutics news, Director Orbimed Advisors Llc purchased 496,771 shares of Edgewise Therapeutics stock in a transaction on Thursday, April 3rd. The shares were bought at an average price of $20.13 per share, with a total value of $10,000,000.23. Following the completion of the acquisition, the director now directly owns 14,809,075 shares of the company's stock, valued at approximately $298,106,679.75. This trade represents a 3.47 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Alan J. Russell sold 1,200 shares of the stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $30.13, for a total transaction of $36,156.00. Following the completion of the sale, the insider now owns 14,863 shares in the company, valued at $447,822.19. This represents a 7.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 24.11% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on EWTX. Stifel Nicolaus assumed coverage on shares of Edgewise Therapeutics in a research report on Wednesday, January 22nd. They set a "hold" rating and a $30.00 target price on the stock. Wedbush reiterated an "outperform" rating and set a $43.00 target price on shares of Edgewise Therapeutics in a research note on Monday, April 21st. Royal Bank of Canada dropped their price target on Edgewise Therapeutics from $56.00 to $52.00 and set an "outperform" rating on the stock in a research report on Thursday, April 3rd. Guggenheim started coverage on Edgewise Therapeutics in a research report on Wednesday, April 30th. They set a "buy" rating and a $41.00 price objective for the company. Finally, Scotiabank lowered Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and dropped their target price for the company from $50.00 to $14.00 in a report on Wednesday, April 2nd. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Edgewise Therapeutics has an average rating of "Moderate Buy" and a consensus target price of $40.22.

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.