Braidwell LP Increases Stock Holdings in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Braidwell LP lifted its position in shares of Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 19.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,332,196 shares of the company's stock after acquiring an additional 373,886 shares during the quarter. Edgewise Therapeutics accounts for approximately 1.8% of Braidwell LP's portfolio, making the stock its 19th largest holding. Braidwell LP owned about 2.46% of Edgewise Therapeutics worth $62,270,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. First Light Asset Management LLC acquired a new stake in shares of Edgewise Therapeutics in the 4th quarter valued at approximately $20,843,000. Foresite Capital Management VI LLC purchased a new stake in shares of Edgewise Therapeutics during the 4th quarter worth $15,620,000. Baker BROS. Advisors LP grew its stake in shares of Edgewise Therapeutics by 5.4% during the 4th quarter. Baker BROS. Advisors LP now owns 6,155,940 shares of the company's stock worth $164,364,000 after purchasing an additional 315,881 shares during the period. Pictet Asset Management Holding SA purchased a new position in shares of Edgewise Therapeutics in the 4th quarter valued at about $8,043,000. Finally, Adage Capital Partners GP L.L.C. increased its holdings in shares of Edgewise Therapeutics by 1,015.8% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 240,000 shares of the company's stock valued at $6,408,000 after purchasing an additional 218,491 shares in the last quarter.

Wall Street Analyst Weigh In

EWTX has been the topic of a number of research reports. Wedbush restated an "outperform" rating and issued a $43.00 price target on shares of Edgewise Therapeutics in a report on Monday, April 21st. Stifel Nicolaus started coverage on Edgewise Therapeutics in a research report on Wednesday, January 22nd. They issued a "hold" rating and a $30.00 price target for the company. Piper Sandler reissued an "overweight" rating and issued a $51.00 price objective on shares of Edgewise Therapeutics in a research note on Wednesday, April 2nd. Scotiabank cut shares of 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 report on Wednesday, April 2nd. Finally, Guggenheim initiated coverage on shares of Edgewise Therapeutics in a research report on Wednesday, April 30th. They issued a "buy" rating and a $41.00 price target on the stock. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $40.22.

Insider Activity

In other news, CMO Joanne M. Donovan sold 5,187 shares of the business's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $16.45, for a total transaction of $85,326.15. Following the completion of the sale, the chief marketing officer now directly owns 21,588 shares of the company's stock, valued at $355,122.60. The trade was a 19.37 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Alan J. Russell sold 1,551 shares of Edgewise Therapeutics 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 completion of the transaction, the insider now owns 18,521 shares in the company, valued at $304,670.45. The trade was a 7.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 14,258 shares of company stock valued at $234,544 in the last 90 days. 24.11% of the stock is currently owned by insiders.

Edgewise Therapeutics Stock Performance

NASDAQ EWTX traded down $0.12 during mid-day trading on Friday, reaching $14.58. 787,333 shares of the stock were exchanged, compared to its average volume of 1,163,767. The stock has a market capitalization of $1.53 billion, a PE ratio of -9.72 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. The business's fifty day simple moving average is $18.25 and its 200 day simple moving average is $25.63.

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

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.