Deep Track Capital LP Trims Stock Position in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Deep Track Capital LP reduced its position in Edgewise Therapeutics, Inc. (NASDAQ:EWTX - Free Report) by 35.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 710,421 shares of the company's stock after selling 390,115 shares during the period. Deep Track Capital LP owned 0.75% of Edgewise Therapeutics worth $18,968,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in EWTX. First Light Asset Management LLC bought a new position in shares of Edgewise Therapeutics in the 4th quarter valued at about $20,843,000. Franklin Resources Inc. lifted its position in Edgewise Therapeutics by 84.2% in the third quarter. Franklin Resources Inc. now owns 45,223 shares of the company's stock worth $1,207,000 after buying an additional 20,674 shares during the last quarter. Amundi lifted its position in Edgewise Therapeutics by 127.2% in 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 last quarter. Victory Capital Management Inc. purchased a new position in Edgewise Therapeutics during the fourth quarter worth $576,000. Finally, Russell Investments Group Ltd. bought a new position in Edgewise Therapeutics during the fourth quarter valued at $883,000.

Edgewise Therapeutics Price Performance

NASDAQ EWTX traded down $0.12 on Friday, hitting $14.58. The stock had a trading volume of 787,333 shares, compared to its average volume of 1,163,767. Edgewise Therapeutics, Inc. has a 52-week low of $10.60 and a 52-week high of $38.12. The business's fifty day moving average price is $18.25 and its 200 day moving average price is $25.63. The stock has a market cap of $1.53 billion, a price-to-earnings ratio of -9.72 and a beta of 0.36.

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, beating the consensus estimate of ($0.45) by $0.02. As a group, sell-side analysts anticipate that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on EWTX shares. Royal Bank of Canada cut their price target 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. Piper Sandler reiterated an "overweight" rating and issued a $51.00 price target on shares of Edgewise Therapeutics in a report on Wednesday, April 2nd. Guggenheim initiated coverage on Edgewise Therapeutics in a report on Wednesday, April 30th. They set a "buy" rating and a $41.00 price objective for the company. Stifel Nicolaus initiated coverage on Edgewise Therapeutics in a research note on Wednesday, January 22nd. They issued a "hold" rating and a $30.00 target price on the stock. Finally, 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. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $40.22.

Insider Buying and Selling at Edgewise Therapeutics

In other Edgewise Therapeutics news, Director Orbimed Advisors Llc purchased 496,771 shares of the stock in a transaction that occurred on Thursday, April 3rd. The shares were purchased at an average cost of $20.13 per share, for a total transaction of $10,000,000.23. Following the completion of the transaction, the director now owns 14,809,075 shares of the company's stock, valued at $298,106,679.75. The trade was a 3.47 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Alan J. Russell sold 1,551 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $16.45, for a total transaction of $25,513.95. Following the completion of the transaction, the insider now directly owns 18,521 shares in the company, valued at $304,670.45. This trade represents a 7.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 14,258 shares of company stock worth $234,544. Insiders own 24.11% of the company's stock.

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.