MPM Bioimpact LLC Purchases 162,150 Shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

MPM Bioimpact LLC boosted its holdings in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 17.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,079,316 shares of the company's stock after purchasing an additional 162,150 shares during the period. Edgewise Therapeutics comprises approximately 4.1% of MPM Bioimpact LLC's investment portfolio, making the stock its 3rd biggest holding. MPM Bioimpact LLC owned approximately 1.14% of Edgewise Therapeutics worth $28,818,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Diadema Partners LP purchased a new position in Edgewise Therapeutics in the fourth quarter valued at $36,000. Aquatic Capital Management LLC purchased a new position in Edgewise Therapeutics in the fourth quarter valued at $77,000. Tower Research Capital LLC TRC increased its stake in shares of Edgewise Therapeutics by 1,097.4% during 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 in the last quarter. Quantbot Technologies LP purchased a new stake in shares of Edgewise Therapeutics during the fourth quarter worth about $103,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Edgewise Therapeutics during the fourth quarter worth about $182,000.

Edgewise Therapeutics Price Performance

EWTX traded up $0.33 during midday trading on Friday, reaching $14.78. 1,281,742 shares of the company's stock were exchanged, compared to its average volume of 1,169,628. The business's 50-day moving average price is $16.96 and its 200 day moving average price is $24.94. The stock has a market capitalization of $1.55 billion, a PE ratio of -9.85 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 posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.43) earnings per share for the quarter, beating analysts' consensus estimates of ($0.45) by $0.02. As a group, analysts expect that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, General Counsel John R. Moore sold 1,930 shares of the firm's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $16.45, for a total value of $31,748.50. Following the transaction, the general counsel now directly owns 6,531 shares in the company, valued at approximately $107,434.95. This trade represents a 22.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Orbimed Advisors Llc acquired 496,771 shares of the company's stock in a transaction that occurred on Thursday, April 3rd. The stock was purchased at an average cost of $20.13 per share, for a total transaction of $10,000,000.23. Following the acquisition, the director now owns 14,809,075 shares in the company, valued at approximately $298,106,679.75. This trade represents a 3.47% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 14,258 shares of company stock worth $234,544 over the last ninety days. 23.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on EWTX shares. Wedbush reissued 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 reduced their target price on shares of Edgewise Therapeutics from $56.00 to $52.00 and set an "outperform" rating on the stock in a report on Thursday, April 3rd. Scotiabank lowered shares of Edgewise Therapeutics from a "sector outperform" rating to a "sector perform" rating and reduced their target price for the stock from $50.00 to $14.00 in a report on Wednesday, April 2nd. Stifel Nicolaus initiated coverage on shares of Edgewise Therapeutics in a report on Wednesday, January 22nd. They issued a "hold" rating and a $30.00 price objective on the stock. Finally, Guggenheim initiated coverage on shares of Edgewise Therapeutics in a report on Wednesday, April 30th. They issued a "buy" rating and a $41.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Edgewise Therapeutics currently has an average rating of "Moderate Buy" and an average price target of $40.22.

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.