Baker BROS. Advisors LP Raises Stake in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Baker BROS. Advisors LP boosted its holdings in Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 5.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,155,940 shares of the company's stock after purchasing an additional 315,881 shares during the quarter. Edgewise Therapeutics comprises 1.8% of Baker BROS. Advisors LP's investment portfolio, making the stock its 11th largest holding. Baker BROS. Advisors LP owned 6.50% of Edgewise Therapeutics worth $164,364,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Balyasny Asset Management L.P. acquired a new position in Edgewise Therapeutics in the fourth quarter valued at $624,000. Bamco Inc. NY purchased a new position in shares of Edgewise Therapeutics in the 4th quarter valued at approximately $1,602,000. BNP Paribas Financial Markets purchased a new stake in shares of Edgewise Therapeutics during the fourth quarter worth approximately $883,000. Ameriprise Financial Inc. purchased a new position in Edgewise Therapeutics in the 4th quarter valued at $603,000. Finally, Algert Global LLC increased its stake in Edgewise Therapeutics by 1,073.0% in the 4th quarter. Algert Global LLC now owns 110,259 shares of the company's stock valued at $2,944,000 after buying an additional 100,859 shares during the period.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Piper Sandler restated an "overweight" rating and issued a $51.00 target price on shares of Edgewise Therapeutics in a research note on Wednesday, April 2nd. Stifel Nicolaus initiated coverage on Edgewise Therapeutics in a report on Wednesday, January 22nd. They issued a "hold" rating and a $30.00 price objective on the stock. Scotiabank downgraded Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and cut their target price for the stock from $50.00 to $14.00 in a research note on Wednesday, April 2nd. Guggenheim started coverage on Edgewise Therapeutics in a research note on Wednesday, April 30th. They issued a "buy" rating and a $41.00 price target on the stock. Finally, Royal Bank of Canada cut their price objective on Edgewise Therapeutics from $56.00 to $52.00 and set an "outperform" rating for the company in a research report on Thursday, April 3rd. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat, Edgewise Therapeutics currently has a consensus rating of "Moderate Buy" and an average price target of $40.22.

Edgewise Therapeutics Trading Down 0.5 %

Shares of NASDAQ:EWTX traded down $0.07 during midday trading on Friday, hitting $14.63. 393,848 shares of the stock were exchanged, compared to its average volume of 1,161,813. The stock has a market cap of $1.53 billion, a P/E ratio of -9.75 and a beta of 0.36. Edgewise Therapeutics, Inc. has a twelve month low of $10.60 and a twelve month high of $38.12. The company has a 50 day moving average price of $18.45 and a 200-day moving average price of $25.76.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.43) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.45) by $0.02. On average, equities research analysts expect that Edgewise Therapeutics, Inc. will post -1.45 earnings per share for the current year.

Insiders Place Their Bets

In related news, CMO Joanne M. Donovan sold 5,187 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $16.45, for a total transaction of $85,326.15. Following the sale, the chief marketing officer now owns 21,588 shares of the company's stock, valued at $355,122.60. This trade represents a 19.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Kevin Koch sold 4,276 shares of Edgewise Therapeutics stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $16.45, for a total value of $70,340.20. Following the sale, the chief executive officer now owns 20,619 shares of the company's stock, valued at approximately $339,182.55. This represents a 17.18 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 14,258 shares of company stock valued at $234,544. Corporate insiders own 24.11% of the company's stock.

Edgewise Therapeutics Company 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.