Balyasny Asset Management L.P. Buys Shares of 23,364 Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Balyasny Asset Management L.P. acquired a new stake in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 23,364 shares of the company's stock, valued at approximately $624,000.

Other institutional investors also recently bought and sold shares of the company. Summit Investment Advisors Inc. lifted its position in Edgewise Therapeutics by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 7,594 shares of the company's stock valued at $203,000 after purchasing an additional 482 shares during the period. Alliancebernstein L.P. boosted its position in Edgewise Therapeutics by 1.7% during the fourth quarter. Alliancebernstein L.P. now owns 77,260 shares of the company's stock worth $2,063,000 after acquiring an additional 1,300 shares during the last quarter. Diadema Partners LP acquired a new position in Edgewise Therapeutics during the fourth quarter worth about $36,000. Rhumbline Advisers boosted its holdings in Edgewise Therapeutics by 1.5% in the 4th quarter. Rhumbline Advisers now owns 102,397 shares of the company's stock valued at $2,734,000 after purchasing an additional 1,525 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Edgewise Therapeutics by 4.6% in the 4th quarter. The Manufacturers Life Insurance Company now owns 40,170 shares of the company's stock valued at $1,073,000 after purchasing an additional 1,760 shares during the last quarter.

Analyst Upgrades and Downgrades

EWTX has been the topic of a number of research reports. Piper Sandler reiterated an "overweight" rating and set a $51.00 target price on shares of Edgewise Therapeutics in a report on Wednesday, April 2nd. Wedbush reissued an "outperform" rating and set a $43.00 price objective on shares of Edgewise Therapeutics in a research report on Monday, April 21st. Guggenheim started coverage on shares of Edgewise Therapeutics in a report on Wednesday, April 30th. They issued a "buy" rating and a $41.00 target price on the stock. Scotiabank downgraded shares of Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and decreased their price objective for the stock from $50.00 to $14.00 in a report on Wednesday, April 2nd. Finally, Stifel Nicolaus started 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 for the company. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, Edgewise Therapeutics has an average rating of "Moderate Buy" and an average price target of $40.22.

Insider Transactions at Edgewise Therapeutics

In other news, Director Orbimed Advisors Llc purchased 496,771 shares of the stock in a transaction that occurred on Thursday, April 3rd. The shares were acquired 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 in the company, valued at approximately $298,106,679.75. The trade was a 3.47% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Alan J. Russell sold 1,551 shares of the stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $16.45, for a total value of $25,513.95. Following the sale, the insider now owns 18,521 shares in the company, valued at approximately $304,670.45. This trade represents a 7.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 14,258 shares of company stock valued at $234,544 over the last ninety days. Insiders own 23.20% of the company's stock.

Edgewise Therapeutics Trading Down 3.2%

Shares of EWTX stock traded down $0.48 during trading hours on Wednesday, hitting $14.40. 123,208 shares of the company's stock were exchanged, compared to its average volume of 1,168,574. The company has a market capitalization of $1.51 billion, a PE ratio of -9.66 and a beta of 0.36. Edgewise Therapeutics, Inc. has a 12-month low of $10.60 and a 12-month high of $38.12. The business's 50 day simple moving average is $16.55 and its 200-day simple moving average is $24.62.

Edgewise Therapeutics (NASDAQ:EWTX - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.43) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.45) by $0.02. Equities analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

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.